Eastroc Beverage(605499) 财通证券·2025-03-19 03:28Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 15.84 billion yuan in 2024, representing a year-on-year growth of 40.6%, and a net profit of 3.33 billion yuan, up 63.1% year-on-year [6] - The company plans to maintain a high growth target for 2025, aiming for revenue and net profit growth of no less than 20% [6] - The company is expanding its product matrix and enhancing its market presence, with significant growth in various beverage categories [6] Financial Performance Summary - Revenue Forecast: - 2023A: 11.26 billion yuan - 2024A: 15.84 billion yuan - 2025E: 20.73 billion yuan (growth rate of 30.9%) - 2026E: 26.27 billion yuan (growth rate of 26.7%) - 2027E: 32.96 billion yuan (growth rate of 25.4%) [5][7] - Net Profit Forecast: - 2023A: 2.04 billion yuan - 2024A: 3.33 billion yuan - 2025E: 4.34 billion yuan (growth rate of 30.3%) - 2026E: 5.64 billion yuan (growth rate of 30.0%) - 2027E: 7.20 billion yuan (growth rate of 27.7%) [5][7] - Earnings Per Share (EPS) Forecast: - 2023A: 3.92 yuan - 2024A: 6.40 yuan - 2025E: 8.34 yuan - 2026E: 10.84 yuan - 2027E: 13.84 yuan [5][7] - Profitability Metrics: - Return on Equity (ROE) is projected to increase from 32.3% in 2023A to 55.3% in 2027E [5][7] - The company’s gross margin is expected to improve from 43.1% in 2023A to 47.4% in 2027E [7] Market and Operational Insights - The company has expanded its distribution network, with 3,193 distributors and nearly 4 million active terminals by the end of 2024, an increase of 212 distributors and 600,000 terminals from 2023 [6] - The electrolyte beverage segment has shown remarkable growth, with a revenue increase of 280.4% year-on-year in 2024 [6] - The company is also diversifying its product offerings in coffee and tea beverages [6]