Eastroc Beverage(605499) 天风证券·2025-01-26 14:23Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is expected to achieve a revenue of 15.72-16.1 billion yuan in 2024, representing a year-on-year growth of 40-43% [1] - The forecasted net profit attributable to the parent company for 2024 is between 3.15-3.45 billion yuan, indicating a year-on-year increase of 54%-69% [1] - The company emphasizes "sales-driven operations" as a core strategy for 2024, focusing on national expansion and channel management [1] - The company is actively exploring product diversification and new growth points while maintaining steady growth in its flagship product [2] Financial Performance Summary - Revenue for 2022 was 8.51 billion yuan, with a growth rate of 21.89%, and is projected to reach 15.96 billion yuan in 2024, with a growth rate of 41.67% [4] - The net profit attributable to the parent company is expected to grow from 1.44 billion yuan in 2022 to 3.27 billion yuan in 2024, reflecting a growth rate of 60.40% [4] - The company has a total production capacity exceeding 3.35 million tons, supporting its product development and expansion [2] Product Strategy - The company continues to solidify its flagship product, Dongpeng Special Drink, while diversifying its product line with new offerings such as electrolyte water and coffee drinks [2] - The "1+6" product strategy aims to enhance product variety and market presence [2] Market Expansion - The company is pursuing international market opportunities, including a joint venture in Indonesia with an investment of up to 200 million USD [2] - The company aims to strengthen its overseas market presence amid increasing competition in the functional beverage sector [2]