Eastroc Beverage(605499) 开源证券·2025-01-23 07:02Investment Rating - The investment rating for Dongpeng Beverage is maintained at "Outperform" [1] Core Views - The company is expected to achieve a revenue of 15.72 to 16.1 billion yuan in 2024, representing a year-on-year growth of 40% to 43% [4] - The net profit attributable to shareholders is projected to be between 3.15 to 3.45 billion yuan, indicating a year-on-year increase of 54% to 69% [4] - The company anticipates a strong performance in Q4 2024, with revenue expected to grow by 21% to 35% year-on-year [4] - The company is focusing on expanding its distribution channels and launching new products, including plans to enter overseas markets [7] Financial Summary - Revenue for 2022 was 8.505 billion yuan, increasing to an estimated 15.816 billion yuan in 2024, with a year-on-year growth rate of 40.4% [9] - The net profit attributable to shareholders is projected to rise from 1.441 billion yuan in 2022 to 3.363 billion yuan in 2024, reflecting a growth rate of 64.9% [9] - The gross margin is expected to improve from 42.3% in 2022 to 45.8% in 2024, while the net margin is projected to increase from 16.9% to 21.3% [9] - The earnings per share (EPS) is forecasted to grow from 2.77 yuan in 2022 to 6.47 yuan in 2024 [9] Product Performance - The energy drink segment is expected to continue its strong growth, with an estimated increase of around 30% in 2024 due to a growing consumer base and effective marketing strategies [5] - The new electrolyte water product is also showing strong growth potential, contributing to the overall revenue increase [5] - The market share dynamics are shifting, with Dongpeng gaining ground while Red Bull's share is slightly declining [5]