Eastroc Beverage(605499) 中邮证券·2025-01-21 08:23Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company is expected to achieve a revenue of 15.72-16.10 billion yuan in 2024, representing a year-on-year growth of 40%-43%. The net profit attributable to the parent company is projected to be 3.15-3.45 billion yuan, with a year-on-year increase of 54%-69% [5][6] - The company emphasizes a sales-driven approach to guide its operations, focusing on national expansion and refined channel management to enhance operational capabilities and product visibility [6] - The performance of sales cash collection exceeded expectations, indicating strong sales momentum and positive dealer payment enthusiasm [6] Financial Summary - The company’s revenue projections for 2024-2026 are 15.90 billion, 20.37 billion, and 25.07 billion yuan, with year-on-year growth rates of 41.17%, 28.08%, and 23.12% respectively. The net profit attributable to the parent company is expected to be 3.28 billion, 4.40 billion, and 5.63 billion yuan, with growth rates of 60.99%, 34.07%, and 27.89% respectively [7][10] - The earnings per share (EPS) are projected to be 6.31, 8.47, and 10.83 yuan for the years 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 39, 29, and 23 times [7][10] - The company’s gross profit margin is expected to improve from 43.1% in 2023 to 46.9% in 2026, while the net profit margin is projected to increase from 18.1% to 22.5% over the same period [13]