Eastroc Beverage(605499) 中邮证券·2025-03-09 12:23Investment Rating - The report maintains a "Buy" rating for the company [2][11] Core Views - The company is expected to achieve significant revenue and profit growth, with projected revenues of 158.39 billion yuan in 2024, representing a year-on-year increase of 40.63% [3][11] - The company has established a dual-engine growth model with its energy drinks and electrolyte beverages, contributing to its rapid revenue growth [4][8] - The company plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its capital strength and international brand image [9] Company Overview - The latest closing price is 228.95 yuan, with a total market capitalization of 119.1 billion yuan [2] - The company has a total share capital of 5.20 billion shares and a debt-to-asset ratio of 57.0% [2] Financial Performance - In 2024, the company achieved total revenue of 158.39 billion yuan, with a net profit of 33.27 billion yuan, reflecting a year-on-year increase of 63.09% [3][11] - The gross margin for 2024 is projected to be 44.81%, with a net profit margin of 21.00% [6][7] - The company expects to maintain a net profit growth rate of no less than 20% in 2025 [10][11] Market Expansion - The company has seen strong growth in various regions, with revenue from Guangdong, East China, and Southwest China increasing significantly [5] - The company has over 3,000 active distributors and nearly 4 million active retail outlets, indicating robust channel expansion [6] Product Strategy - The company has upgraded its product strategy to a "dual-engine + multi-category" model, focusing on energy drinks and electrolyte beverages while expanding into tea, plant protein, and coffee drinks [8] - The company has successfully launched its electrolyte drink "补水啦," capturing a significant market share in the electrolyte beverage segment [4][8]