Eastroc Beverage(SH:605499)2024-10-10 06:30Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company is expected to achieve revenue of 12.4 to 12.72 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 44% to 47%, and a net profit attributable to shareholders of 2.6 to 2.73 billion yuan, reflecting a year-on-year growth of 57% to 65% [2] - The revenue growth rate for Q3 2024 is projected to be the highest in the company's history for a single quarter, driven by strong sales momentum and various factors including macroeconomic recovery and brand strength from Olympic sponsorship [2] - The company's profitability is expected to improve significantly in Q3 2024, with net profit margins projected between 19.2% and 20.6%, an increase of 2 to 3.4 percentage points year-on-year [2] Summary by Sections Financial Performance - For Q3 2024, the company anticipates revenue of 4.53 to 4.85 billion yuan, with a year-on-year increase of 42% to 52%, and a net profit of 870 to 1,000 million yuan, reflecting a year-on-year growth of 59% to 83% [2] - The company forecasts a net profit margin of 19.2% to 20.6% for Q3 2024, which is an improvement from the previous year [2] Growth Drivers - Key growth drivers include the high cost-performance advantage of products, rapid development of distribution networks, and strong terminal sales, particularly in the energy drink segment [2] - The brand's visibility has been enhanced through Olympic sponsorship, contributing to market share growth [2] Investment Recommendations - The report suggests an upward revision of profit forecasts, with expected revenue growth rates of 42%, 28%, and 22% for 2024 to 2026, respectively [2] - The company is positioned for accelerated growth post-revenue surpassing 10 billion yuan, supported by strong demand and expansion of consumer demographics [2]