东鹏饮料：乘时好风起，万里东鹏飞

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has successfully transitioned from a single product focus to a diversified beverage group, achieving a compound annual growth rate (CAGR) of 27.9% in revenue from 2019 to 2023, with revenue reaching 11.26 billion yuan in 2023 [6][34] - The energy drink market in China is expanding, with significant growth potential in the younger demographic, and the company is well-positioned to capture this market [6][42] - The company is leveraging digital transformation and a robust marketing strategy to enhance brand recognition and market share [6][17] Summary by Sections 1. Company Overview - The company has developed a comprehensive product matrix centered around energy drinks, with significant revenue growth from 4.21 billion yuan in 2019 to 11.26 billion yuan in 2023 [6][34] - The company has established a national sales network covering 3.6 million active stores, reflecting a 9.09% year-on-year increase [6][15] 2. Market Performance - The energy drink market in China was valued at 57.57 billion yuan in 2023, with a projected CAGR of 11.8% from 2013 to 2028 [42] - The company has achieved a market share of 43.02% in the energy drink segment, ranking first in sales volume [25][51] 3. Financial Performance - The company's revenue is projected to reach 16.16 billion yuan in 2024, with a year-on-year growth of 43.5% [16][150] - The net profit is expected to grow to 3.28 billion yuan in 2024, reflecting a 61% increase compared to the previous year [16][150] 4. Product Strategy - The company has implemented a "1+6+N" multi-category strategy, introducing new products such as electrolyte drinks and low-sugar tea, which have shown significant revenue growth [6][25] - The electrolyte drink "Brew Water" achieved a revenue of 1.21 billion yuan in the first three quarters of 2024, marking a 292% increase year-on-year [6][16] 5. International Expansion - The company plans to establish a production base in Indonesia to enhance its presence in the Southeast Asian market, which is expected to reach a market size of 2.64 billion USD by 2025 [6][125] - The company has already entered 23 countries and regions, with overseas revenue contributing 0.14% to total revenue in the first half of 2024 [6][142] 6. Investment Outlook - The company is expected to maintain a strong growth trajectory, with projected revenues of 20.68 billion yuan and 25.18 billion yuan for 2025 and 2026, respectively [16][150] - The report emphasizes the company's solid brand, product, and channel advantages, which create a robust competitive moat in the beverage industry [6][152]