Eastroc Beverage(SH:605499) Huafu Securities·2024-09-03 01:40Investment Rating - The report maintains a "Hold" rating for Dongpeng Beverage [5][11] Core Views - Dongpeng Beverage has shown strong growth in its 2024 H1 performance, with revenue reaching 7.873 billion yuan, a year-on-year increase of 44.19%, and net profit attributable to shareholders of 1.731 billion yuan, up 56.17% [2] - The company is experiencing a dual growth engine through regional expansion and new product launches, particularly with the "Dongpeng Water" product showing remarkable growth [3] - The company's gross margin improved due to a decrease in raw material costs, leading to a net profit margin increase of 3.72 percentage points to 24.29% [3] Financial Performance Summary - For 2024, the company expects net profits of 3.006 billion yuan, 3.995 billion yuan, and 5.004 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 32, 24, and 19 [4][8] - Revenue is projected to grow from 11.263 billion yuan in 2023 to 25.296 billion yuan by 2026, reflecting a compound annual growth rate of approximately 26% [4][8] - The company's earnings per share (EPS) is expected to increase from 5.10 yuan in 2023 to 12.51 yuan in 2026 [4][8] Product and Regional Performance - The core product, Dongpeng Special Drink, generated 6.855 billion yuan in revenue in 2024 H1, a 33.49% increase year-on-year, while the new product "Dongpeng Water" achieved revenue of 476 million yuan, up 281.12% [3] - Regional performance showed that the national area revenue reached 4.698 billion yuan, a 57.02% increase year-on-year, with significant growth in regions such as Central China and Southwest China [3]