东鹏饮料（605499）：三季报点评：业绩持续亮眼，成本红利及规模效应支撑盈利能力进一步提升

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of 4.685 billion yuan for Q3 2024, representing 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 company's performance is supported by cost advantages and scale effects, which further enhance profitability [2][6] - The energy drink market is steadily expanding, and the company is making progress in national expansion, transitioning from a leader in energy drinks to a broader beverage platform [2][6] Financial Performance - For the first three quarters of 2024, the company achieved a 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] - The gross margin for Q3 2024 was 45.81%, an increase of 4.29 percentage points year-on-year, primarily due to low raw material costs [6] - The company expects revenue growth rates of 41.84%, 26.71%, and 21.46% for 2024, 2025, and 2026, respectively, with corresponding net profit growth rates of 57.10%, 30.61%, and 25.20% [6][7] Product and Regional Performance - In Q3 2024, the company's main products, including Dongpeng Special Drink and other beverages, achieved revenues of 3.652 billion yuan and 281 million yuan, respectively, with year-on-year growth rates of 27.73% and 107.04% [6] - Revenue from various regions showed significant growth, with Guangdong, East China, and Central China experiencing year-on-year increases of 30.47%, 43.60%, and 57.90%, respectively [6] Future Outlook - The company is projected to continue its strong growth trajectory, with expected revenues of 15.975 billion yuan in 2024, 20.242 billion yuan in 2025, and 24.586 billion yuan in 2026 [7] - The report emphasizes the company's ability to leverage cost advantages and scale effects to enhance profitability further [6][7]