东鹏饮料（605499）：补水啦高速增长，果之茶表现可期

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company 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 attributable to shareholders of 2.375 billion yuan, up 37.22% year-on-year [1] - The company continues to perform well in the beverage market, particularly with its "Water Boost" product line, which saw significant growth in revenue [4] - The company is expected to maintain good growth in the energy drink market nationwide, driven by its competitive pricing and channel advantages [4] Financial Summary - The total revenue for 2023 is projected at 11.263 billion yuan, with a year-on-year growth of 32.4% [3] - The net profit attributable to shareholders for 2023 is estimated at 2.040 billion yuan, reflecting a year-on-year increase of 41.6% [3] - The gross profit margin is expected to be 43.1% in 2023, with a gradual increase to 47.7% by 2027 [3] - The earnings per share (EPS) for 2023 is projected at 3.92 yuan, increasing to 15.19 yuan by 2027 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 73.98 in 2023 to 19.11 in 2027, indicating improving valuation [3]