Eastroc Beverage(SH:605499) Soochow Securities·2025-07-26 15:07Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in H1 2025 met expectations, with a revenue of 10.737 billion yuan, a year-on-year increase of 36.37%, and a net profit of 2.375 billion yuan, up 37.22% year-on-year [8] - The company is continuing to execute its platform strategy, with significant growth in its second product line and steady progress in national expansion [8] - The report maintains profit forecasts for 2025-2027, projecting net profits of 4.654 billion yuan, 6.010 billion yuan, and 7.349 billion yuan respectively, with year-on-year growth rates of 39.90%, 29.14%, and 22.27% [8] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 11.263 billion yuan, with a year-on-year growth of 32.42% [1] - The net profit for 2023 is expected to be 2.040 billion yuan, reflecting a year-on-year increase of 41.60% [1] - The latest diluted EPS for 2023 is estimated at 3.92 yuan per share [1] Revenue Breakdown - In Q2 2025, revenue from East Peng's main products showed significant growth, with East Peng Special Drink, electrolyte drinks, and other beverages generating revenues of 4.46 billion yuan, 0.92 billion yuan, and 0.50 billion yuan respectively, with year-on-year growth rates of 18.8%, 190%, and 61.8% [8] - Revenue growth across regions in Q2 2025 was robust, with notable increases in areas such as North China (74.1% year-on-year) and online sales (53.6% year-on-year) [8] Profitability Metrics - The gross profit margin for Q2 2025 was 45.7%, a slight decrease of 0.35 percentage points year-on-year [8] - The net profit margin for Q2 2025 was 23.7%, down 0.61 percentage points year-on-year, primarily due to narrowing gross sales differences [8] Valuation Metrics - The current P/E ratio based on the latest diluted EPS is 76.46 for 2023, decreasing to 21.22 by 2027 [1] - The projected P/B ratio for 2024 is 20.29, decreasing to 7.55 by 2027 [9]