Eastroc Beverage(605499) 长江证券·2024-11-04 07:40Investment Rating - The investment rating for the company is "Buy" and is maintained [7][5]. Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2024, with total revenue reaching 12.558 billion yuan, a year-on-year increase of 45.34%, and net profit attributable to shareholders of 2.707 billion yuan, up 63.53% year-on-year [4][5]. - The company is transitioning towards a platform-based model, with strong growth in new product categories and a focus on digital system development to enhance product distribution and market penetration [4][5]. Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue was 12.558 billion yuan, with a net profit of 2.707 billion yuan and a non-recurring net profit of 2.663 billion yuan, reflecting increases of 45.34%, 63.53%, and 77.3% respectively [4][5]. - In Q3 2024 alone, total revenue was 4.685 billion yuan, with net profit reaching 977 million yuan, marking increases of 47.29% and 78.42% year-on-year [4][5]. Product and Market Analysis - Revenue from the main product, Dongpeng Special Drink, was 10.507 billion yuan for Q1-Q3 2024, up 31.43% year-on-year, while the new product "Brew Water" saw a staggering increase of 292.11% to 1.211 billion yuan [4][5]. - Online sales channels generated 327 million yuan in revenue, reflecting a year-on-year increase of 112.99% [4][5]. Regional Performance - Revenue growth varied by region, with Guangdong at 3.427 billion yuan (up 19.65%), East China at 1.802 billion yuan (up 49.88%), and North China at 1.503 billion yuan (up 83.54%) for Q1-Q3 2024 [4][5]. Profitability Metrics - The net profit margin improved by 3.64 percentage points to 20.85%, and the gross margin increased by 4.29 percentage points to 45.81% in Q3 2024 [5]. - The company is experiencing enhanced scale effects and cost reductions, contributing to improved profitability metrics [5]. Future Outlook - The company is expected to achieve net profits of 3.26 billion yuan and 4.26 billion yuan for 2024 and 2025 respectively, with corresponding EPS of 6.27 yuan and 8.20 yuan [5].