Eastroc Beverage(SH:605499) GF SECURITIES·2025-01-21 02:59Investment Rating - The investment rating for the company is "Buy" with a current price of 246.79 CNY and a fair value of 302.98 CNY [4]. Core Views - The company has achieved a historical high in cash collection, with sales cash exceeding 20 billion CNY, representing a year-on-year growth of over 44% [9]. - The growth momentum of the company's main products has exceeded market expectations, with a significant increase in revenue from its core product line [9]. - The company is expected to maintain strong brand momentum and improve profitability in 2025 due to favorable cost conditions and scale effects [9]. - The forecast for the company's net profit for 2024-2026 is 32.6 billion CNY, 45.0 billion CNY, and 56.4 billion CNY, respectively, with year-on-year growth rates of 60.0%, 38.0%, and 25.4% [9]. Financial Summary - Revenue for 2022 was 8,505 million CNY, projected to grow to 24,809 million CNY by 2026, with a compound annual growth rate (CAGR) of 21.8% [3]. - EBITDA is expected to increase from 2,054 million CNY in 2022 to 7,568 million CNY in 2026, reflecting a strong growth trajectory [3]. - The net profit attributable to the parent company is forecasted to rise from 1,441 million CNY in 2022 to 5,644 million CNY in 2026, with a CAGR of 25.4% [3]. - The company's earnings per share (EPS) is projected to grow from 3.60 CNY in 2022 to 10.85 CNY in 2026 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 49.40 in 2022 to 22.74 in 2026, indicating improving valuation metrics [3].