Eastroc Beverage(SH:605499) Tianfeng Securities·2025-03-11 08:10Investment Rating - The report maintains a "Buy" rating for the company, with a target price set for the next six months [5][16]. Core Insights - The company achieved a revenue of 15.84 billion yuan and a net profit of 3.33 billion yuan in 2024, representing year-on-year growth of 40.63% and 63.09% respectively [1][4]. - The company aims for a revenue and net profit growth rate of no less than 20% in 2025, with specific expectations for its flagship product, Dongpeng Special Drink, to continue stable growth [3][4]. Revenue and Profitability - In 2024, the revenue breakdown includes 13.30 billion yuan from Dongpeng Special Drink, 1.50 billion yuan from electrolyte water, and 1.02 billion yuan from other beverages, with respective year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - The gross margin improved to 44.81%, and the net margin reached 21.00%, reflecting a year-on-year increase of 1.74 and 2.89 percentage points respectively [2][4]. Market Position and Expansion - Dongpeng Special Drink holds a 47.9% market share in the energy drink segment, with a sales revenue share of 34.9%, marking an increase of 4.9 and 4.0 percentage points year-on-year [2]. - The company has expanded its distribution network, adding 212 new distributors, bringing the total to 3,193, and increasing active terminal points to nearly 4 million [2][3]. Financial Forecast - The company forecasts revenue growth rates of 30%, 25%, and 23% for 2025, 2026, and 2027 respectively, with net profit growth rates of 35%, 28%, and 25% for the same years [3][4]. - The projected earnings per share (EPS) for 2025 is 8.65 yuan, with a corresponding price-to-earnings (P/E) ratio of 26 [4].