Eastroc Beverage(SH:605499) Ping An Securities·2025-07-29 07:16Investment Rating - The report maintains a "Recommended" investment rating for Dongpeng Beverage (605499.SH) [1][9][13] Core Views - Dongpeng Beverage achieved a revenue of 10.737 billion yuan in the first half of 2025, representing a year-on-year increase of 36.37%, and a net profit of 2.375 billion yuan, up 37.22% year-on-year [5][9] - The company is focused on building a diversified beverage group with a "dual-engine + multi-category" product matrix, primarily driven by energy drinks and electrolyte drinks [8][9] - The company has shown strong growth in regions outside Guangdong, with North China and Southwest regions experiencing revenue growth of 73.03% and 39.76% respectively [8] Financial Performance - Revenue projections for Dongpeng Beverage are expected to reach 20.603 billion yuan in 2025, with a net profit of 4.39 billion yuan, reflecting a year-on-year growth of 30.1% and 32.0% respectively [7][9] - The gross margin for the first half of 2025 was 45.15%, an increase of 0.55 percentage points year-on-year, while the net margin rose to 22.12%, up 0.14 percentage points [8] - The company’s return on equity (ROE) is projected to be 46.0% in 2025, indicating strong profitability [11] Market Position - Dongpeng Beverage's main revenue source is energy drinks, which accounted for 77.91% of total revenue in the first half of 2025 [8] - The company is transitioning from a single-category focus to a comprehensive beverage group, enhancing its market competitiveness [8][9] - The total market capitalization of Dongpeng Beverage is approximately 156 billion yuan, with a total share capital of 520 million shares [1]