Eastroc Beverage(605499) 申万宏源·2025-03-09 08:25Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 15.84 billion yuan, a year-on-year increase of 40.6%, and net profit attributable to shareholders at 3.33 billion yuan, up 63.1% [7] - The company is expected to continue its growth trajectory in 2025, with projected net profit of 4.31 billion yuan, representing a year-on-year growth of 29.5% [7] - The company is focusing on expanding its market share in the energy drink sector and developing a second growth curve with its "Brewed Water" product line [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 11.26 billion yuan - 2024: 15.84 billion yuan - 2025E: 20.43 billion yuan - 2026E: 25.28 billion yuan - 2027E: 30.93 billion yuan - The year-on-year growth rates are 32.4%, 40.6%, 29.0%, 23.7%, and 22.3% respectively [6][9] - Net profit attributable to shareholders is forecasted as follows: - 2023: 2.04 billion yuan - 2024: 3.33 billion yuan - 2025E: 4.31 billion yuan - 2026E: 5.46 billion yuan - 2027E: 6.73 billion yuan - The year-on-year growth rates are 41.6%, 63.1%, 29.5%, 26.6%, and 23.3% respectively [6][9] - The company's gross margin is projected to improve slightly, reaching 45.1% in 2025 [6] Market Performance - The company's stock closed at 228.95 yuan on March 7, 2025, with a market capitalization of 119.06 billion yuan [2] - The price-to-earnings (PE) ratios for the upcoming years are projected to be 28, 22, and 18 for 2025, 2026, and 2027 respectively [7]