Eastroc Beverage(SH:605499) Haitong Securities·2025-03-12 02:27Investment Rating - The investment rating for the company is "Outperform the Market" [2][11] Core Insights - The company has demonstrated strong revenue and profit growth, with a projected revenue increase of over 20% for 2025 [6][11] - The dual-engine growth strategy through "Energy Drinks" and "Electrolyte Drinks" has significantly enhanced profitability [5][6] - The company is expanding its product matrix with innovative offerings across various beverage categories, including sugar-free tea and plant-based drinks [8][9] Financial Performance Summary - For 2023, the company reported revenue of 11,263 million yuan, with a year-over-year growth of 32.4% [5] - The projected revenue for 2024 is 15,839 million yuan, reflecting a growth of 40.6% [5] - Net profit for 2023 was 2,040 million yuan, with a year-over-year increase of 41.6% [5] - The projected net profit for 2024 is 3,327 million yuan, indicating a growth of 63.1% [5] - The company’s gross margin is expected to improve from 43.1% in 2023 to 48.4% by 2027 [5] Product Performance - The "Energy Drink" segment achieved revenue of 13,304 million yuan in 2024, with a year-over-year growth of 28.49% [7] - "Electrolyte Drink" sales reached nearly 1.5 billion yuan in 2024, marking a significant market entry [7] - Other beverage categories saw a revenue increase of 103.19% in 2024, with a gross margin improvement of 13.3 percentage points [8] Market Expansion - The company is actively pursuing a nationwide strategy, with significant revenue growth in various regions, including a 45.13% increase in East China [9] - Online sales channels have seen rapid growth, achieving 4.45 billion yuan in revenue, a year-over-year increase of 116.95% [9] - The company has established a comprehensive distribution network with over 3,000 distributors and nearly 4 million active retail outlets [10] Future Projections - Revenue projections for 2025, 2026, and 2027 are 20,650 million yuan, 25,813 million yuan, and 31,469 million yuan respectively [11] - Corresponding net profit projections for the same years are 4,594 million yuan, 6,076 million yuan, and 7,604 million yuan [11] - The estimated EPS for 2025 is 8.83 yuan per share, with a projected PE ratio of 30-35 times [11]