Eastroc Beverage(SH:605499) EBSCN·2025-07-28 11:02Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong revenue growth, with a 36.4% year-on-year increase in revenue for H1 2025, reaching 10.737 billion yuan, and a 37.2% increase in net profit, amounting to 2.375 billion yuan [5] - The product matrix of "dual engines + multiple categories" is continuously improving, positioning the company as a comprehensive beverage group [6][9] - The company is expanding its market presence with a robust channel network, having 3,279 distributors and reaching over 420 million active terminal points [9] Summary by Sections Revenue Performance - In H1 2025, the company achieved revenue of 10.737 billion yuan, a 36.4% increase year-on-year, and a net profit of 2.375 billion yuan, up 37.2% [5] - For Q2 2025, revenue was 5.889 billion yuan, reflecting a 34.1% year-on-year growth, with net profit at 1.395 billion yuan, a 30.8% increase [5] Product Breakdown - Energy drinks generated 8.36 billion yuan in revenue for H1 2025, a 21.9% increase, while electrolyte drinks saw a significant rise of 213.7%, reaching 1.49 billion yuan [6] - The company is expanding its product offerings, including large packaging for electrolyte drinks and new tea and coffee products [6][9] Sales Model - Revenue from distribution, key accounts, and online sales for H1 2025 was 9.35 billion yuan, 1.09 billion yuan, and 290 million yuan respectively, with growth rates of 35.1%, 47.0%, and 53.8% [6] - The key account channel showed strong performance, contributing to overall revenue growth [6] Regional Performance - Revenue from various regions showed significant growth, with North China experiencing a remarkable 73.0% increase year-on-year [6][9] Profitability and Cost Management - The company's gross margin for H1 2025 was 45.1%, a 0.5 percentage point increase year-on-year, driven by lean management and lower PET costs [8] - The net profit margin for H1 2025 was approximately 22.1%, reflecting a slight increase [8] Future Outlook - The company has raised its revenue and net profit forecasts for 2025-2027, projecting net profits of 4.553 billion yuan, 5.801 billion yuan, and 7.000 billion yuan respectively [10] - The current stock price corresponds to a PE ratio of 33x for 2025, indicating a favorable valuation [10]