Eastroc Beverage(SH:605499) Soochow Securities·2024-10-10 02:34Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has announced a performance forecast for the first three quarters of 2024, indicating strong revenue and profit growth, with Q3 revenue and net profit exceeding expectations [3] - The company is benefiting from a combination of national expansion, frozen product strategy, and a diversified product matrix, leading to robust sales growth [3] - The company is experiencing significant scale effects and a decrease in sugar costs, resulting in a notable improvement in profitability [3] - The company is positioned as a leading player in the beverage sector, with strong long-term investment value due to its innovative product offerings and market penetration strategies [3][4] Summary by Relevant Sections Earnings Forecast and Valuation - The company is expected to achieve total revenue of 161.2 billion, 202.0 billion, and 244.6 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 43%, 25%, and 21% [4] - The forecasted net profit attributable to the parent company is 32.4 billion, 42.4 billion, and 52.8 billion yuan for the same years, with year-on-year growth rates of 59%, 31%, and 25% [4] - The current market valuation corresponds to a P/E ratio of 33.8x, 25.8x, and 20.7x for 2024, 2025, and 2026 respectively [4] Financial Data - For the first nine months of 2024, the company is projected to achieve revenue between 124.0 billion and 127.2 billion yuan, representing a year-on-year increase of 43.50% to 47.21% [3] - The estimated net profit for the same period is expected to be between 26.0 billion and 27.3 billion yuan, reflecting a year-on-year growth of 57.04% to 64.89% [3] - The company’s gross profit margin is projected to be 44.07% in 2024, with a net profit margin of 20.07% [4][12]