Eastroc Beverage(605499) 中国银河·2024-10-31 08:30Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company achieved a revenue of 12.56 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 45.3%. The net profit attributable to the parent company was 2.71 billion yuan, up 63.5% year-on-year [1] - The revenue growth rate of 47.3% in Q3 2024 is the highest quarterly growth since the company went public, driven by factors such as strong product value, rapid channel development, and effective brand promotion through Olympic sponsorship [2] - The company is expected to see continued growth in revenue and net profit over the next three years, with projected revenue growth rates of 42%, 30%, and 22% for 2024 to 2026, respectively [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 4.68 billion yuan, a year-on-year increase of 47.3%, and a net profit of 980 million yuan, up 78.4% year-on-year [1] - The gross profit margin in Q3 2024 was 45.8%, an increase of 4.3 percentage points year-on-year, attributed to scale benefits and a decrease in raw material prices [2] Market Dynamics - The company has seen a significant increase in the contribution of new products, with the proportion of new products rising by 9 percentage points to 16% in the first three quarters of 2024 [2] - The company’s market share has improved, particularly in the provinces outside its home region, with the share from these markets increasing by 6 percentage points to approximately 73% [2] Future Outlook - The report projects that the company will continue to benefit from strong demand in the functional beverage category, with an expected increase in consumer base and market expansion [3] - The company is anticipated to enter a new growth phase in Q4 2024, supported by strong sales momentum and reduced channel inventory [3]