Eastroc Beverage(SH:605499) Guoxin Securities·2025-03-11 05:36Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company achieved a revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.63%, with a net profit of 3.327 billion yuan, up 63.09% year-on-year [9][4] - The company is expanding its national presence in the energy drink sector, with a second revenue curve accounting for 16% of total revenue [10][4] - Cost optimization and scale effects have significantly improved profitability, with gross and net profit margins reaching 44.81% and 21.00%, respectively, in 2024 [11][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 158.39 billion yuan, a 40.63% increase year-on-year, and a net profit of 33.27 billion yuan, which is a 63.09% increase [9][4] - The fourth quarter revenue was 32.81 billion yuan, up 25.12% year-on-year, with a net profit of 6.19 billion yuan, increasing by 61.21% [9][4] - Cash received from sales in 2024 was approximately 204.30 billion yuan, reflecting a 46.98% increase [9][4] Product Segmentation - Revenue from different beverage categories in 2024 was 13.304 billion yuan from functional drinks, 1.495 billion yuan from "Water", and 1.023 billion yuan from other beverages, with respective growth rates of 28.49%, 280.37%, and 103.2% [10][4] - The company has achieved a 100% coverage rate in prefecture-level cities, with nearly 4 million sales outlets and 3,193 distributors [9][4] Profitability and Cost Management - The company's gross margin and net margin for 2024 were 44.81% and 21.00%, respectively, showing improvements of 1.74 and 2.89 percentage points year-on-year [11][4] - The sales, management, and financial expense ratios decreased to 16.93%, 2.69%, and -1.20%, respectively, benefiting from scale effects from high-growth products [11][4] Future Outlook - Revenue forecasts for 2025-2027 are adjusted to 201.70 billion yuan, 248.81 billion yuan, and 295.30 billion yuan, with year-on-year growth rates of 27.34%, 23.36%, and 18.68% [4][17] - Net profit forecasts for the same period are revised to 44.06 billion yuan, 57.25 billion yuan, and 71.18 billion yuan, with growth rates of 32.43%, 29.93%, and 24.33% [4][17]