东鹏饮料：2024年年报点评：24年高质量收官，确定性与成长性兼具-20250309

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company achieved total revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.6%, and a net profit attributable to shareholders of 3.327 billion yuan, up 63.1% year-on-year [8] - The core product, Dongpeng Special Drink, generated revenue of 13.303 billion yuan, a year-on-year increase of 28.5%, while the electrolyte drink saw a remarkable growth of 280.4% [8] - The company is expanding its market presence, with revenue from regions outside Guangdong increasing by 49.6% year-on-year, and the proportion of revenue from outside Guangdong rising by 3.4 percentage points to 56.94% [8] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 11.263 billion yuan, 2024A: 15.839 billion yuan, 2025E: 20.438 billion yuan, 2026E: 25.509 billion yuan, and 2027E: 30.259 billion yuan, with respective year-on-year growth rates of 32.42%, 40.63%, 29.04%, 24.81%, and 18.62% [8] - The net profit attributable to shareholders is projected to be 2.040 billion yuan in 2023A, 3.327 billion yuan in 2024A, 4.479 billion yuan in 2025E, 5.796 billion yuan in 2026E, and 7.076 billion yuan in 2027E, with year-on-year growth rates of 41.60%, 63.09%, 34.64%, 29.39%, and 22.09% respectively [8] - The latest diluted EPS is forecasted to be 3.92 yuan in 2023A, 6.40 yuan in 2024A, 8.61 yuan in 2025E, 11.15 yuan in 2026E, and 13.61 yuan in 2027E [8] Market Position and Strategy - The company has a strong channel presence with nearly 4 million active terminal stores and over 300,000 ice cabinets deployed, enhancing channel quality [8] - The company aims for a revenue and net profit growth rate of no less than 20% for the year, supported by a solid base in the energy drink market [8] - The company is diversifying its product offerings, with plans to explore new categories such as sugar-free tea, which is expected to contribute to future growth [8]