Eastroc Beverage(SH:605499) Soochow Securities·2025-07-13 06:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has announced a performance forecast for the first half of 2025, expecting revenue of 10.63 to 10.84 billion yuan, representing a year-on-year growth of 35.0% to 37.7%. The net profit attributable to the parent company is expected to be between 2.31 to 2.45 billion yuan, a year-on-year increase of 33.5% to 41.6% [8] - The company continues to focus on driving sales and expanding its national strategy, with an expected increase in the number of distribution points to over 4 million [8] - The company is actively exploring multi-category development, with new products like fruit juice tea contributing to sales growth [8] - Despite a slight decline in net profit margin due to increased marketing expenses and a high base from the previous year, the long-term growth momentum remains intact [8] Financial Summary - Total revenue forecast for 2023 is 11.263 billion yuan, with a year-on-year growth of 32.42%. The net profit attributable to the parent company is projected at 2.04 billion yuan, a year-on-year increase of 41.60% [1] - For 2024, total revenue is expected to reach 15.839 billion yuan, with a growth rate of 40.63%, and net profit is forecasted at 3.327 billion yuan, reflecting a 63.09% increase [1] - The company anticipates a total revenue of 20.856 billion yuan in 2025, with a year-on-year growth of 31.67%, and net profit of 4.654 billion yuan, a 39.90% increase [1] - The projected earnings per share (EPS) for 2025 is 8.95 yuan, with a price-to-earnings (P/E) ratio of 32.39 based on the current price [1]