Eastroc Beverage(SH:605499) EBSCN·2024-10-30 08:45Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong performance in Q3, exceeding expectations, with a revenue of 46.8 billion yuan in Q3 2024, representing a year-on-year growth of 47.3% [3] - The company is progressing steadily with its multi-category and national strategy, aiming to become a comprehensive beverage group [7] - The second growth curve, "Brew Water," has achieved significant revenue growth, reaching 12.1 billion yuan in the first three quarters of 2024, a year-on-year increase of 292% [3][7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 125.6 billion yuan, up 45.3% year-on-year, and a net profit of 27.1 billion yuan, up 63.5% year-on-year [3] - The gross profit margin for Q3 2024 was 45.8%, an increase of 4.3 percentage points year-on-year, driven by lower raw material costs [5][6] Product Performance - The main product, "Dongpeng Special Drink," generated 105.1 billion yuan in revenue in the first three quarters, a 31% increase year-on-year, accounting for 83.9% of total revenue [3] - The "Brew Water" product line has expanded its market share significantly, contributing to the company's growth [7] Sales Channels - Revenue from distribution, direct sales, and online channels for the first three quarters of 2024 was 107.3 billion yuan, 14.5 billion yuan, and 3.3 billion yuan, respectively, with year-on-year growth rates of 41.7%, 62.4%, and 113.0% [4] - The company is actively expanding its offline channel network while leveraging online platforms like Douyin and Xiaohongshu to capture traffic [4] Regional Performance - Revenue from various regions in the first three quarters of 2024 showed significant growth, with Guangdong, East China, and North China achieving year-on-year increases of 19.7%, 49.9%, and 83.5%, respectively [4] Future Outlook - The company has adjusted its profit forecasts for 2024-2026, increasing the net profit estimates to 32.44 billion yuan, 42.33 billion yuan, and 52.18 billion yuan, reflecting a positive outlook on its core products and market strategies [7]