Eastroc Beverage(SH:605499)2025-01-21 01:47Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 3.15 to 3.45 billion yuan in 2024, representing a year-on-year growth of 54% to 69% [6] - The company maintains strong channel expansion and operational capabilities, with a focus on nationwide development and cultivating a second growth curve [6] - The company is exploring overseas market opportunities, including establishing a sales company in Indonesia and a production base in Hainan [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 11.26 billion yuan in 2023 to 19.82 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 25% [5][8] - Net profit attributable to shareholders is expected to increase from 2.04 billion yuan in 2023 to 3.98 billion yuan in 2025, reflecting a CAGR of about 25% [5][8] - The company's gross margin is forecasted to remain stable, with slight improvements from 43.1% in 2023 to 45.4% in 2026 [5]