Eastroc Beverage(605499) 平安证券·2025-03-09 10:25Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][10]. Core Insights - The company achieved a revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [4][10]. - The company is focusing on a multi-category product matrix to meet diverse consumer demands, with energy drinks being the main revenue source, contributing 13.304 billion yuan, accounting for 84.08% of total revenue [9]. - The company has seen a significant improvement in profit margins due to cost reductions and economies of scale, with a gross margin of 44.81% in 2024, up 1.74 percentage points year-on-year [9]. - The company is expanding its national strategy, with strong growth in regions outside its home base of Guangdong, particularly in North China and Southwest regions, which saw revenue growth of 83.85% and 54.65% respectively [9]. Financial Forecasts - The company is expected to achieve net profits of 4.39 billion yuan, 5.537 billion yuan, and 6.774 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 8.44, 10.65, and 13.03 yuan [10][12]. - The projected P/E ratios for 2025, 2026, and 2027 are 27.1, 21.5, and 17.6 respectively, indicating a favorable valuation trend [10][12]. - The company’s revenue is forecasted to grow to 20.603 billion yuan in 2025, reflecting a year-on-year growth of 30.1% [12].