Eastroc Beverage(605499) 国联民生证券·2025-03-12 05:05Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company reported a revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.63%. The net profit attributable to shareholders reached 3.327 billion yuan, up 63.09% year-on-year, and the net profit excluding non-recurring items was 3.262 billion yuan, growing by 74.48% year-on-year, closely aligning with previous performance forecasts [4][14] - The growth was driven by strong performance in the energy drink segment and the introduction of new products, with online sales and the North China region showing particularly strong results. The company is transitioning from a leader in energy drinks to a broader beverage platform while expanding into overseas markets, particularly Southeast Asia, which is expected to contribute additional growth [4][16] Financial Performance Summary - In 2024, the company achieved revenues of 15.839 billion yuan, with a breakdown of revenue from energy drinks at 13.304 billion yuan (up 28.49%), electrolyte drinks at 1.495 billion yuan (up 280.37%), and other beverages at 1.023 billion yuan (up 103.19%). Online sales and various regions, including North China, saw growth rates exceeding 50% [14][15] - The gross margin for 2024 was 44.81%, an increase of 1.74 percentage points year-on-year, primarily due to favorable raw material costs. The net profit margin for 2024 was 21.00%, up 2.89 percentage points year-on-year [15][16] - The company forecasts revenues of 20.613 billion yuan, 25.423 billion yuan, and 30.375 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.331 billion yuan, 5.487 billion yuan, and 6.698 billion yuan, indicating a compound annual growth rate (CAGR) of 26.27% [16][17]