东鹏饮料（605499）：2024年年报点评：“双子星”产品力突出，海外业务有序推进

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved a revenue of 15.839 billion yuan, representing a year-on-year increase of 40.6%. The net profit attributable to shareholders was 3.33 billion yuan, up 63.1% year-on-year, while the net profit excluding non-recurring items was 3.26 billion yuan, reflecting a 74.5% increase year-on-year. In Q4 alone, revenue reached 3.28 billion yuan, a 25.1% increase year-on-year, with net profit of 620 million yuan, up 61.2% year-on-year [2][6]. Summary by Sections Financial Performance - The company reported a total revenue of 15.839 billion yuan for 2024, with a gross profit margin of 44.8%, an increase of 1.8 percentage points year-on-year. The net profit margin increased by 2.9 percentage points to 21% [10][14]. - The company’s cash flow from operations grew by 47% year-on-year, with Q4 showing a 74.4% increase, indicating strong product demand [10]. Product Strategy - The company has developed a "Twin Star" product matrix with its two main products, Dongpeng Special Drink and Buliangla, generating revenues of 13.304 billion yuan and 1.495 billion yuan respectively, with year-on-year growth of 28.5% and 280.4% [10]. - The sales proportion of Dongpeng Special Drink increased from 30.9% to 34.9%, while Buliangla's sales proportion rose by 4.1 percentage points to 5.5% [10]. Market Expansion - The company is actively exploring overseas markets, particularly in Southeast Asia and the Middle East, where it aims to leverage its product strength and cost-effectiveness to achieve breakthroughs [10]. - By the end of 2024, the company had nearly 4 million distribution points and over 30,000 freezers, with more than 3,000 distributors, indicating a rich channel resource [10]. Future Outlook - The company forecasts EPS of 8.71 yuan, 11.20 yuan, and 13.93 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26X, 20X, and 16X [10].