Eastroc Beverage(SH:605499) Huaxin Securities·2024-10-10 03:30Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance continues to exceed expectations, with significant growth in its second growth curve [2] - The revenue forecast for Q1-Q3 2024 is estimated to be between 12.4 billion to 12.72 billion yuan, representing a year-on-year increase of 43.50% to 47.21% [2] - The net profit attributable to shareholders is expected to be between 2.6 billion to 2.73 billion yuan, with a year-on-year growth of 57.04% to 64.89% [2] - The company is successfully implementing its second growth curve strategy, with strong sales performance from its new product line [2] Summary by Sections Performance Overview - The company reported an expected revenue of 4.527 billion to 4.847 billion yuan for Q3 2024, reflecting a year-on-year increase of 42.32% to 52.38% [2] - The net profit for Q3 is projected to be between 869 million to 999 million yuan, with a year-on-year growth of 58.80% to 82.55% [2] - The net profit margin for Q3 is expected to be 19.91%, an increase of 2.70 percentage points year-on-year [2] Growth Strategy - The company has a clear strategy for its second growth curve, with effective sales validation [2] - The new product "Bushi La" is gaining traction, and the company aims to achieve its annual targets smoothly [2] - The company is enhancing its channel and brand strength while optimizing its product offerings to adapt to market changes [2] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 7.92, 10.14, and 12.74 yuan respectively, with corresponding price-to-earnings (PE) ratios of 27, 21, and 17 times [2] - The company is expected to continue increasing its market share in the energy drink sector while rapidly growing its new electrolyte water products [2]