Eastroc Beverage(605499) 德邦证券·2024-11-01 02:35Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved significant revenue and profit growth in 2024 Q1-Q3, with revenue reaching 12.558 billion yuan (+45.34% YoY) and net profit attributable to parent company reaching 2.707 billion yuan (+63.53% YoY) [3] - In Q3 2024, the company's revenue was 4.668 billion yuan (+47.29% YoY), with net profit attributable to parent company reaching 977 million yuan (+78.42% YoY) [3] - The company's second curve products, particularly "Dongpeng Bula," showed explosive growth, with Q1-Q3 revenue reaching 1.211 billion yuan (+292.11% YoY) and Q3 revenue accounting for 61% of the total [4] - The company is making significant progress in national expansion, with all regions outside Guangdong achieving over 40% YoY growth in Q3 2024 [4] Financial Performance - The company's gross profit margin improved to 45.05% in Q1-Q3 2024 (+2.53pct YoY) and 45.81% in Q3 2024 (+4.29pct YoY) [5] - Net profit margin increased to 21.56% in Q1-Q3 2024 (+2.40pct YoY) and 20.85% in Q3 2024 (+3.64pct YoY) [5] - The company's expense control improved, with sales/management/R&D/financial expense ratios decreasing in Q1-Q3 2024 [5] Future Outlook - The company is expected to achieve revenue of 16.18 billion yuan (+43.7% YoY) in 2024, 20.74 billion yuan (+28.1% YoY) in 2025, and 25.25 billion yuan (+21.8% YoY) in 2026 [6] - Net profit is forecasted to reach 3.24 billion yuan (+58.9% YoY) in 2024, 4.28 billion yuan (+32.1% YoY) in 2025, and 5.34 billion yuan (+24.7% YoY) in 2026 [6] - The company will continue to improve its national production and sales network, strengthen channel penetration, and actively develop other health-functional beverages [6] Market Performance - The company's stock showed strong performance with absolute gains of 12.38%, 22.07%, and 20.17% over 1M, 2M, and 3M respectively [2] - Relative gains were 7.32%, 4.92%, and 4.69% over the same periods [2]