Eastroc Beverage(SH:605499)2024-10-10 06:07Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook based on strong sales performance and growth potential [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 2.6 billion to 2.73 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 57.04% to 64.89% [6][7]. - The revenue for the first three quarters of 2024 is projected to be between 12.4 billion to 12.72 billion yuan, reflecting a year-on-year increase of 43.50% to 47.21% [6][7]. - The company is successfully implementing a nationwide expansion strategy, enhancing channel management, and increasing product visibility through investments in refrigeration [6][7]. Summary by Sections Financial Performance - For 2024, the company forecasts a net profit of 3.177 billion yuan, with a year-on-year growth of 55.7% [8]. - The projected revenue for 2024 is 16.216 billion yuan, with a year-on-year growth rate of 44% [8]. - The company’s gross profit margin is expected to improve to 44.6% in 2024 [8]. Market Position - The company is enhancing its market share in the energy drink segment and is seeing significant growth from its new product line, "Brewed Water" [6][7]. - The strong performance is attributed to effective channel management and a focus on increasing sales efficiency [6][7]. Future Outlook - The company’s net profit is expected to continue growing, with forecasts of 3.975 billion yuan in 2025 and 4.807 billion yuan in 2026, indicating a sustained upward trend [8]. - The earnings per share are projected to reach 6.11 yuan in 2024, 7.64 yuan in 2025, and 9.24 yuan in 2026 [8].