Eastroc Beverage(SH:605499) Huaxin Securities·2024-10-30 07:31Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Views - The company's performance continues to exceed expectations, with significant revenue and profit growth. For the first three quarters of 2024, total revenue reached 12.558 billion yuan, a year-on-year increase of 45.34%, while net profit attributable to shareholders was 2.707 billion yuan, up 63.53% [2][3]. - The main product, Dongpeng Special Drink, shows rapid growth, contributing significantly to revenue, while the new product line "Bushi La" is gaining momentum [3][4]. - The company is expected to maintain its market share in the energy drink sector and continue the growth trajectory of its electrolyte water segment, which is seen as a second growth curve [4]. Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue was 12.558 billion yuan, with a net profit of 2.707 billion yuan. In Q3 alone, revenue was 4.685 billion yuan, and net profit was 977 million yuan, reflecting year-on-year increases of 47.29% and 78.42%, respectively [2][3]. - The gross margin for Q1-Q3 2024 was 45.05%, with a net margin of 21.56%, showing improvements from the previous year [2][3]. Product and Market Analysis - Revenue from Dongpeng Special Drink, Bushi La, and other beverages for Q1-Q3 2024 was 10.507 billion yuan, 1.211 billion yuan, and 812 million yuan, respectively. Dongpeng Special Drink's revenue grew by 31.43% year-on-year [3]. - The company has expanded its distribution channels, with significant growth in direct sales and online channels, achieving year-on-year increases of 79% and 140%, respectively [3]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 6.28 yuan, 8.23 yuan, and 10.28 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 35, 27, and 22 times [4][6].