Eastroc Beverage(SH:605499)2024-09-03 00:01Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 7.87 billion yuan for H1 2024, a year-on-year increase of 44.2%, and a net profit attributable to shareholders of 1.73 billion yuan, up 56.2% year-on-year, slightly exceeding the upper limit of the earnings forecast [2] - In Q2 2024, revenue reached 4.39 billion yuan, reflecting a year-on-year growth of 47.9%, with net profit attributable to shareholders at 1.07 billion yuan, a 74.6% increase year-on-year [2] - The company is expected to achieve high growth in H2 2024, driven by strong sales momentum and sufficient orders, with a historical high level of contract liabilities at 2.5 billion yuan as of June [3] Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 15.38 billion yuan, with a growth rate of 36.59% [4] - The net profit attributable to shareholders is expected to be 2.92 billion yuan in 2024E, reflecting a growth rate of 43.16% [4] - The report forecasts a diluted EPS of 7.30 yuan for 2024E, with a PE ratio of 31.22 [4] - The gross profit margin for Q2 2024 was 46.1%, an increase of 3.3 percentage points year-on-year, benefiting from a decrease in raw material prices [2][3]