Eastroc Beverage(605499) 光大证券·2025-01-21 10:15Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve revenue of 157.2 to 161 billion yuan in 2024, representing a year-on-year growth of 40% to 43% [5] - The forecasted net profit attributable to shareholders is between 31.5 to 34.5 billion yuan, indicating a growth of 54% to 69% [5] - The company has shown strong cash collection performance, with over 200 billion yuan in sales cash receipts for the year, a 43.9% increase year-on-year [6] - The company is expanding its product lines and market presence, particularly with its "Bup Shui La" product, which has seen significant growth [7] Summary by Sections Revenue and Profit Forecast - Expected revenue for 2024 is between 157.2 to 161 billion yuan, with a growth rate of 40% to 43% [5] - Projected net profit attributable to shareholders is between 31.5 to 34.5 billion yuan, with a growth rate of 54% to 69% [5] - The company anticipates a net profit margin of 21% for 2024, an increase of 2.6 percentage points year-on-year [6] Product Performance - The "Dongpeng Special Drink" is expected to see double-digit growth in Q4 2024, driven by increased distribution and sales efforts [7] - The "Bup Shui La" product has achieved a revenue of 12.1 billion yuan in the first three quarters of 2024, a 292% year-on-year increase [7] Supply Chain and Market Expansion - The company is enhancing its supply chain capabilities, with new production bases in Tianjin and Changsha to support market penetration in northern China and Southeast Asia [8][10] - Plans for a new production base in Hainan are underway, which will facilitate exports to Southeast Asia [10][11] Financial Metrics - The company’s projected earnings per share (EPS) for 2024 is 6.40 yuan, with a price-to-earnings (P/E) ratio of 39x [12] - The forecasted return on equity (ROE) for 2024 is 38.47% [19]