Eastroc Beverage(SH:605499) Zhongyuan Securities·2025-04-16 06:18Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][14]. Core Insights - The company reported a revenue of 15.839 billion yuan for 2024, representing a year-on-year increase of 40.63%, with a net profit attributable to the parent company of 3.327 billion yuan, up 74.48% year-on-year [6][10]. - The energy drink segment continues to drive growth, with revenue of 13.304 billion yuan, a year-on-year increase of 28.49%, accounting for 92.03% of total revenue [8][9]. - The company has seen a significant increase in cash received from sales in Q4, with a year-on-year growth of 74.4%, indicating strong sales momentum into Q1 2025 [8]. - The company's sales volume reached 4.2165 million tons in 2024, a 47.58% increase from 2023, with key regions like Guangdong and Guangxi contributing significantly to sales [8][9]. - The gross profit margin improved by 1.74 percentage points to 44.81%, while the net profit margin rose to 21%, an increase of 2.89 percentage points year-on-year [9]. Financial Summary - The company forecasts earnings per share (EPS) of 8.20 yuan, 10.10 yuan, and 12.91 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 32.61, 26.50, and 20.72 [9][10]. - The projected revenue growth rates for the next few years are 29.00% for 2025, 24.00% for 2026, and 22.00% for 2027 [10].