Eastroc Beverage(SH:605499) Guoyuan Securities·2025-03-11 09:51Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Views - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, with a net profit of 3.327 billion yuan, up 63.09% year-on-year [1]. - The electrolyte beverage segment saw significant growth, with revenue increasing by 280.37% to 1.495 billion yuan in 2024 [2]. - The company plans to issue H shares to support its international business development and global strategy [4]. Revenue Growth - Revenue from energy drinks, electrolyte drinks, and other beverages in 2024 was 13.304 billion yuan, 1.495 billion yuan, and 1.023 billion yuan, respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - All major channels experienced revenue growth, with the distribution channel growing by 37.28% to 13.607 billion yuan in 2024 [3]. - The company’s revenue in Guangdong reached 4.360 billion yuan, a year-on-year increase of 15.93%, while national revenue grew by 49.57% to 9.010 billion yuan [3]. Profitability Improvement - The company's net profit margin and gross margin improved to 21.00% and 44.81%, respectively, driven by lower raw material prices and reduced expense ratios [5]. - In Q4 2024, the net profit margin was 18.88%, reflecting a year-on-year increase of 4.23 percentage points [5]. Future Projections - The company is projected to achieve net profits of 4.350 billion yuan, 5.584 billion yuan, and 6.810 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 30.75%, 28.37%, and 21.95% [6].