东鹏饮料：业绩延续高增，多品类协同发力

Investment Rating - The investment rating for the company is "Buy-B" and is maintained [1][2] Core Views - The company continues to experience high growth, with a 44.19% year-on-year increase in revenue for the first half of 2024, reaching 78.73 billion yuan, and a 56.17% increase in net profit attributable to shareholders, amounting to 17.31 billion yuan [1] - The company is focusing on a multi-category strategy, with significant growth in its new product lines, particularly the "Dongpeng Water" series, which saw a revenue increase of 281.12% year-on-year [1][2] - The company is expected to maintain its strong performance and gradually transition from a single-category to a multi-category beverage enterprise, leveraging its brand, channel, and scale advantages [2] Revenue Analysis - In H1 2024, the Dongpeng Special Drink series generated 68.55 billion yuan in revenue, a 33.49% increase, with the 500ml gold bottle being a major contributor [1] - The company has implemented a nationwide sales strategy, achieving significant revenue growth across various regions, with the East China region seeing a 53.60% increase [1][2] Profit Analysis - The company's gross margin for Q2 2024 was 46.05%, an increase of 3.3 percentage points year-on-year, attributed to economies of scale and a decrease in raw material prices [2] - The net profit margin reached a historical high of 24.29%, reflecting effective cost control and improved financial performance [2] Financial Forecast - The company's revenue projections for 2024-2026 have been adjusted to 152.55 billion yuan, 196.66 billion yuan, and 247.64 billion yuan, respectively, with expected year-on-year growth rates of 35.4%, 28.9%, and 25.9% [2][3] - The net profit attributable to shareholders is forecasted to be 29.13 billion yuan, 38.24 billion yuan, and 48.27 billion yuan for the same period, with growth rates of 42.8%, 31.3%, and 26.2% [2][3]