Eastroc Beverage(605499) 中国银河·2025-01-21 08:23Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company is expected to achieve a revenue of approximately 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% [5]. - The report highlights strong sales momentum and a rapid delivery schedule, predicting cash receipts to exceed 60 billion yuan in 2024, reflecting a growth of over 60% year-on-year [5]. - The company is benefiting from a favorable cost structure and scale effects, with an expected net profit margin for Q4 2024 ranging from 14.0% to 21.0%, which is an improvement of 2.8 percentage points year-on-year [5]. Financial Forecast Summary Revenue and Profitability - Revenue (in million yuan): - 2023A: 11,262.79 - 2024E: 15,968.63 - 2025E: 20,853.17 - 2026E: 25,461.72 - Revenue Growth Rate: - 2023A: 32.42% - 2024E: 41.78% - 2025E: 30.59% - 2026E: 22.10% - Net Profit (in million yuan): - 2023A: 2,039.77 - 2024E: 3,268.41 - 2025E: 4,477.47 - 2026E: 5,539.68 - Net Profit Growth Rate: - 2023A: 41.60% - 2024E: 60.23% - 2025E: 36.99% - 2026E: 23.72% [2][7]. Key Financial Ratios - Gross Margin: - 2023A: 43.07% - 2024E: 45.20% - 2025E: 45.70% - 2026E: 45.70% - PE Ratio: - 2023A: 62.92 - 2024E: 39.26 - 2025E: 28.66 - 2026E: 23.17 [2][7]. Cash Flow and Balance Sheet - Operating Cash Flow (in million yuan): - 2023A: 3,281.27 - 2024E: 4,144.40 - 2025E: 6,112.49 - 2026E: 6,937.59 - Total Assets (in million yuan): - 2023A: 14,710.05 - 2024E: 19,336.05 - 2025E: 26,768.03 - 2026E: 35,099.85 [6][7].