Eastroc Beverage(SH:605499) Wanlian Securities·2025-03-20 10:30Investment Rating - The investment rating for the company is "Add" [4][11]. Core Views - The company achieved significant growth in 2024, with revenue reaching 15.839 billion yuan, a year-on-year increase of 40.63%, and a net profit attributable to shareholders of 3.327 billion yuan, up 63.09% year-on-year [2][11]. - The company has successfully implemented a diversified product strategy, leading to increased sales in various categories, particularly in energy and electrolyte drinks [3][11]. - The company aims for a revenue and net profit growth of over 20% in 2025, with adjusted profit forecasts indicating net profits of 4.029 billion yuan in 2025 [11]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.281 billion yuan and a net profit of 619 million yuan, with year-on-year growth rates of 25.12% and 61.21%, respectively [2]. - The gross margin for 2024 was 44.81%, an increase of 1.74 percentage points year-on-year, attributed to lower raw material costs and effective expense management [10]. Product and Market Strategy - The company has focused on a multi-channel strategy, leading to a significant increase in sales of new products like the 500ml gold bottle and "Dongpeng Water" [3]. - The market share of Dongpeng energy drinks increased from 43.0% in 2023 to 47.9% in 2024, maintaining its position as the top-selling energy drink in China [3]. Regional Performance - Revenue from the Guangdong region was 4.360 billion yuan, a year-on-year increase of 15.93%, while other regions such as East China and Central China saw growth rates of 45.13% and 48.17%, respectively [3][9]. Future Projections - The company forecasts revenues of 20.154 billion yuan in 2025, with a growth rate of 27.24%, and net profits of 4.029 billion yuan, reflecting a growth rate of 21.11% [11][13].