Eastroc Beverage(SH:605499) Soochow Securities·2025-01-21 01:37Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a revenue of 157.2 to 161.0 billion yuan in 2024, representing a year-on-year growth of 40% to 43%. The net profit attributable to the parent company is projected to be between 31.5 to 34.5 billion yuan, indicating a year-on-year increase of 54% to 69% [2][3] - The fourth quarter of 2024 is anticipated to see revenue of 31.6 to 35.4 billion yuan, with a year-on-year growth of 20.6% to 35.1%. The net profit for this quarter is expected to be between 4.4 to 7.4 billion yuan, showing a year-on-year increase of 15.2% to 93.3% [2][3] Financial Performance Summary - For 2024, the company forecasts total revenue of 16,017 million yuan, a 42.21% increase from the previous year. The net profit attributable to the parent company is expected to reach 3,351 million yuan, reflecting a 64.31% year-on-year growth [1][10] - The earnings per share (EPS) for 2024 is projected to be 6.45 yuan, with a price-to-earnings (P/E) ratio of 38.29 based on the latest diluted figures [1][10] - The company has shown strong cash flow, with operating cash flow expected to be 5,152 million yuan in 2024, indicating robust financial health [10] Market Position and Strategy - The company is expanding its domestic production capacity and has a long-term vision for overseas market growth, positioning itself as a leading beverage brand in new first-tier cities [9] - The report highlights the company's proactive channel and terminal strategies, with a focus on enhancing brand strength and expanding its product matrix [9]