Eastroc Beverage(SH:605499) Dongguan Securities·2025-07-29 08:11Investment Rating - The report assigns a "Buy" rating to the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [1][9]. Core Insights - The company reported a total revenue of 10.737 billion yuan for H1 2025, reflecting a year-on-year growth of 36.37%, with a net profit attributable to shareholders of 2.375 billion yuan, up 37.22% year-on-year [6]. - In Q2 2025, the company maintained a high revenue growth rate, achieving 5.889 billion yuan in revenue, a 34.10% increase year-on-year, and a net profit of 1.395 billion yuan, growing 30.75% year-on-year [6]. - The company is expanding its national presence, with significant revenue growth across various regions, including a 20.6% increase in Guangdong and a remarkable 73.0% increase in North China [6]. - The company is focusing on optimizing its product and channel structure, which is expected to support stable long-term operations [6]. Financial Summary - For H1 2025, the core product, energy drinks, generated 8.361 billion yuan in revenue, a 21.9% increase year-on-year, while electrolyte drinks and other beverages saw substantial growth of 213.7% and 66.1%, respectively [6]. - The company's gross margin for Q2 2025 was 45.70%, a slight decrease of 0.35 percentage points year-on-year, primarily due to the impact of new product launches [6]. - The projected earnings per share for 2025 and 2026 are 8.60 yuan and 10.86 yuan, respectively, with corresponding PE ratios of 34 times and 27 times [6][7].