Eastroc Beverage(SH:605499) Haitong Securities·2024-10-31 01:12Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][10]. Core Views - The company reported a revenue of 12.558 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 45.34%, and a net profit attributable to shareholders of 2.707 billion yuan, up 63.53% year-over-year [4][5]. - In Q3 2024 alone, the company achieved a revenue of 4.685 billion yuan, marking a 47.29% increase year-over-year, with a net profit of 977 million yuan, reflecting a 78.42% year-over-year growth [6][7]. - The company's core product, "Dongpeng Special Drink," generated sales revenue of 10.507 billion yuan in the first three quarters, a 31.43% increase year-over-year, while the new product "Dongpeng Water" reached sales of 1.211 billion yuan, increasing its share from 3.58% to 9.66% [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross profit margin increase of 2.53 percentage points due to a decrease in raw material prices, leading to a gross profit increase of 53.99% year-over-year [5]. - In Q3 2024, the gross profit margin rose by 4.29 percentage points, resulting in a gross profit increase of 62.53% year-over-year [6]. - The company’s net profit margin for Q3 2024 was 20.85%, up 3.64 percentage points year-over-year [6]. Market Expansion - The company continues to expand its market presence, with revenue from the Guangdong region growing by 27.35% year-over-year, while national revenue increased by 55.10% [9]. - Direct sales revenue saw a significant increase of 69.87%, indicating successful channel expansion [9]. Future Projections - Revenue projections for 2024-2026 are 15.841 billion yuan, 20.733 billion yuan, and 26.131 billion yuan respectively, with net profits expected to be 3.305 billion yuan, 4.453 billion yuan, and 5.789 billion yuan [10][12]. - The estimated EPS for 2024-2026 is projected to be 6.36 yuan, 8.56 yuan, and 11.13 yuan respectively [10][12].