Eastroc Beverage(SH:605499) Huaxin Securities·2025-01-21 01:37Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company is expected to continue its high growth momentum, with significant revenue and profit increases projected for 2024 [5][6] - The company is expanding its market presence both domestically and internationally, with plans to establish new production facilities in Southeast Asia and Hainan [6] Summary by Sections Financial Performance - The company forecasts total revenue for 2024 to be between 157.20 billion and 161.00 billion yuan, representing a year-on-year growth of 39.57% to 42.95% [5] - The expected net profit attributable to shareholders is projected to be between 31.50 billion and 34.50 billion yuan, with a year-on-year increase of 54.43% to 69.14% [5] - For Q4 2024, total revenue is anticipated to be between 31.62 billion and 35.42 billion yuan, reflecting a growth of 20.59% to 35.08% [5] Growth Drivers - The company plans to add 200,000 to 400,000 new retail outlets and increase promotional activities to boost sales [6] - A significant investment of 1.2 billion yuan is planned for a new production facility in Hainan, aimed at meeting future demand in the region [6] Earnings Forecast - The report adjusts the company's EPS estimates for 2024-2026 to 6.35, 8.58, and 10.97 yuan respectively, with corresponding PE ratios of 39, 29, and 23 times [7] - The company is expected to maintain a strong market share in the energy drink sector and continue the growth of its electrolyte water line [7] Key Financial Metrics - The company’s main revenue for 2024 is projected at 159.12 billion yuan, with a growth rate of 41.3% [10] - The net profit for 2024 is expected to be 3.30 billion yuan, indicating a growth rate of 61.8% [10] - The return on equity (ROE) is forecasted to be 41.4% for 2024 [10]