Eastroc Beverage(605499) 国联证券·2024-10-30 10:14Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a strong performance in Q3 2024, achieving revenue of 4.685 billion yuan, a year-on-year increase of 47.29%, and a net profit attributable to shareholders of 977 million yuan, up 78.42% year-on-year, slightly exceeding previous forecasts [2][6] - The growth is supported by cost advantages and scale effects, with the company transitioning from a leader in energy drinks to a broader beverage platform [2][6] - The company is expected to continue its revenue growth trajectory, with projected revenues of 15.975 billion yuan, 20.242 billion yuan, and 24.586 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 41.84%, 26.71%, and 21.46% [6][7] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 12.558 billion yuan, a year-on-year increase of 45.34%, and a net profit of 2.707 billion yuan, up 63.53% year-on-year [6] - Q3 2024 saw revenue from East Peng Special Drink, Water, and Other Beverages at 3.652 billion yuan, 735 million yuan, and 281 million yuan respectively, with year-on-year growth rates of 27.73%, 299.58%, and 107.04% [6] - The gross margin for Q3 2024 was 45.81%, an increase of 4.29 percentage points year-on-year, attributed to low raw material costs [6] Market Expansion - The company is experiencing steady expansion in the energy drink market and is making progress in national distribution, with significant growth in various regions including Guangdong, East China, and Central China [6] - The company is also focusing on increasing advertising and promotional investments to support its growth strategy [6] Future Projections - The company forecasts net profits of 3.204 billion yuan, 4.185 billion yuan, and 5.240 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 57.10%, 30.61%, and 25.20% [7] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 36, 27, and 22 respectively, indicating a favorable valuation outlook [6][7]