Eastroc Beverage(SH:605499) Shenwan Hongyuan Securities·2025-04-02 13:12Investment Rating - The investment rating for the company is maintained at "Outperform" [2][7]. Core Insights - The recent launch of the new product "Fruit Tea" focuses on large packaging tea drinks, which is expected to drive sales growth. The product line includes flavors such as lemon black tea, peach oolong, and grapefruit jasmine, emphasizing the concept of "real fruit" and "real tea" [7]. - The company is projected to achieve significant revenue growth, with total revenue expected to reach 20.43 billion in 2025, reflecting a year-on-year growth rate of 29.0% [6][7]. - The company plans to increase its freezer placements significantly, with an estimated 300,000 freezers by 2025, which is expected to enhance product visibility and sales performance [7]. Financial Data and Profit Forecast - Total revenue is forecasted to grow from 11.26 billion in 2023 to 30.93 billion by 2027, with a compound annual growth rate (CAGR) of approximately 22.3% [6][9]. - The net profit attributable to the parent company is expected to increase from 2.04 billion in 2023 to 6.73 billion in 2027, with a CAGR of 23.3% [6][9]. - The company's gross margin is projected to improve slightly from 43.1% in 2023 to 45.4% by 2027, indicating effective cost management and pricing strategies [6][9].