东鹏饮料：全国表现优异，收入利润双高增

Investment Rating - The investment rating for the company is "Buy" [2][4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.6 billion to 2.73 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 57.04% to 64.89% [1][3] - Revenue for the first three quarters of 2024 is projected to be between 12.4 billion and 12.72 billion yuan, reflecting a year-on-year growth of 43.5% to 47.21% [2][4] - The company maintains a high growth rate in Q3 2024, with expected revenue of 4.538 billion to 4.868 billion yuan, a year-on-year increase of 42.68% to 52.74% [2][4] Summary by Sections Financial Performance - The company anticipates a net profit margin of 21% to 21.5% for the first three quarters of 2024, an increase of 1.8 percentage points to 2.3 percentage points year-on-year [3] - For Q3 2024, the expected net profit is between 880 million and 1.011 billion yuan, with a year-on-year growth of 60.89% to 84.64% [3] - The company is projected to achieve total revenue of 16.172 billion yuan in 2024, with a year-on-year growth of 43.6% [5] Growth Drivers - The company is focusing on deepening its market presence in Guangdong while optimizing its distribution system nationwide, which is expected to support growth in energy drinks and new product lines [4] - The introduction of new products, such as "Dongpeng Water," has led to a significant increase in revenue from other beverages, which grew by 194% to 630 million yuan in Q2 2024 [2][4] Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 6.42 yuan, 7.98 yuan, and 9.01 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 34, 27, and 24 times based on the closing price of 217 yuan per share on October 10, 2024 [4][5]