Eastroc Beverage(605499) 华鑫证券·2025-03-09 07:48Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [1] Core Views - Dongpeng Beverage continues to demonstrate high growth in performance, with total revenue and net profit for 2024 reaching 15.839 billion and 3.327 billion yuan, respectively, representing year-on-year increases of 40.6% and 63.1% [5] - The company is expected to expand its product categories and international presence, particularly targeting the Southeast Asian market [10][11] Summary by Sections Performance Overview - The company's performance aligns with previous forecasts, maintaining a high growth trajectory. In Q4 2024, total revenue and net profit were 3.281 billion and 619 million yuan, respectively, with year-on-year growth of 25.1% and 61.2% [5] - Gross margin and net margin for 2024 were 44.8% and 21.0%, showing improvements of 1.7 and 2.9 percentage points year-on-year [5] Product Growth - Revenue from Dongpeng Special Drink reached 13.304 billion yuan in 2024, up 28.5% year-on-year, with a gross margin increase of 2.9 percentage points to 48.3% [6] - The electrolyte beverage segment saw significant growth, with revenue of 1.495 billion yuan, a 280.4% increase year-on-year, and a market share rise to 6.7% in sales volume [7] Channel Development - Revenue from distribution, direct sales, and online channels for 2024 was 13.607 billion, 1.744 billion, and 445 million yuan, respectively, with notable growth rates of 39.4%, 38.4%, and 117.0% [10] - The company has established a robust distribution network with 3,193 distributors and nearly 4 million retail outlets, facilitating its national expansion [10] Profit Forecast - The report projects EPS for 2025-2027 to be 8.46, 10.78, and 13.26 yuan, with corresponding PE ratios of 27, 21, and 17 times [11]