Eastroc Beverage(SH:605499) Huaan Securities·2025-04-16 06:27Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant revenue increase of 39.23% year-on-year in Q1 2025, reaching 4.848 billion yuan, and a net profit increase of 47.62%, amounting to 980 million yuan, exceeding market expectations by 30% and 35% respectively [6][7] - The company's gross margin improved to 44.47%, up 1.7 percentage points year-on-year, driven by scale effects and cost improvements [5] - The main business, energy drinks, saw a revenue growth of 25.7% year-on-year, contributing to 80.5% of total revenue, with significant growth in various regions [6][7] Revenue Highlights - Q1 2025 revenue reached 4.848 billion yuan, a 39.23% increase year-on-year, with net profit at 980 million yuan, up 47.62% [6] - The energy drink segment grew by 25.7% year-on-year, with regional performance showing strong growth across multiple areas [6][7] Profit Analysis - The company achieved a net profit margin of 20.21%, an increase of 1.14 percentage points year-on-year, indicating a continuous improvement in profitability [5] - The company maintained stable control over its expenses, with sales, management, R&D, and financial expense ratios showing minor fluctuations [5] Investment Suggestions - The report suggests maintaining a "Buy" rating, with adjusted revenue forecasts for 2025-2027 reflecting expected growth driven by successful new product launches [7] - Projected revenues for 2025, 2026, and 2027 are 21.43 billion yuan, 27.89 billion yuan, and 34.95 billion yuan respectively, with corresponding net profits of 4.70 billion yuan, 6.39 billion yuan, and 8.25 billion yuan [7][9]