Eastroc Beverage(SH:605499) KAIYUAN SECURITIES·2025-07-30 06:49Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has maintained a strong growth momentum in H1 2025, with revenue reaching 10.74 billion yuan, a year-on-year increase of 36.4%. The net profit attributable to shareholders was 2.37 billion yuan, reflecting a growth of 37.2% [4][5] - The company plans to distribute a semi-annual dividend of 2.5 yuan per share for H1 2025, indicating confidence in its financial performance [4] - The growth in the electrolyte water segment remains robust, supporting the "Outperform" rating [4] Financial Performance Summary - In Q2 2025, the company reported a revenue of 5.89 billion yuan, a year-on-year increase of 34.1%, with net profits of 1.395 billion yuan, up 30.8% [4][5] - The company forecasts net profits for 2025-2027 to be 4.228 billion, 5.214 billion, and 5.745 billion yuan respectively, with corresponding EPS of 8.13, 10.03, and 11.05 yuan [4][9] - The current stock price corresponds to a P/E ratio of 35.3, 28.6, and 26.0 for 2025-2027 [4][9] Product Performance - The company's energy drink segment saw a revenue increase of 22.0% year-on-year, while the "Bup Shui La" product line experienced a remarkable growth of 213.7% due to rapid expansion in distribution and product offerings [5] - Other beverage products also performed well, with a year-on-year increase of 65.2% [5] Regional Performance - Revenue growth varied by region, with significant increases in Guangdong (19.4%), East China (34.0%), and North China (74.1%) [5] Profitability Metrics - The sales net profit margin slightly decreased by 0.6 percentage points to 23.7% in Q2 2025, attributed to high base effects [6] - The gross profit margin also saw a minor decline of 0.35 percentage points, although the decrease in raw material prices is expected to positively impact margins [6] New Product Development - The company has matured its new product development model, with established products growing at 15%-20% and new products like juice tea performing well [7]