东鹏饮料（605499）：新品延续高增长，看好公司平台化发展

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company continues to experience high growth with new products, and it is expected to develop into a comprehensive beverage group in China, with steady progress in overseas expansion, particularly in Southeast Asia [4][15] Financial Performance - In the first half of 2025, the company achieved a revenue of 10.737 billion yuan, a year-on-year increase of 36.37% - The net profit attributable to the parent company was 2.375 billion yuan, up 37.22% year-on-year, while the net profit after deducting non-recurring gains and losses was 2.270 billion yuan, an increase of 33.02% year-on-year [13] - For Q2 2025, the operating revenue was 5.889 billion yuan, with a year-on-year growth of 34.10%, and the net profit attributable to the parent company was 1.395 billion yuan, up 30.75% year-on-year [4][13] Product Performance - The company has established a diversified product matrix with a "dual-engine + multi-category" approach, which includes high-growth new products like "Bubbling Water" and strong performance from "Fruit Tea" [4][15] - In Q2 2025, the revenue from energy drinks, electrolyte drinks, and other beverages was 4.460 billion yuan, 0.923 billion yuan, and 0.503 billion yuan respectively, with year-on-year growth rates of 18.77%, 190.05%, and 61.78% [13] Regional Performance - The company's main market in Guangdong showed steady growth, while northern markets like North China performed exceptionally well, with year-on-year revenue growth rates of 74.1% in North China and 53.6% online [13] Cost and Profitability - The gross margin for Q2 2025 was 45.70%, slightly down by 0.35 percentage points year-on-year, primarily due to product mix effects [14] - The net profit margin after deducting non-recurring gains and losses was 22.27%, down by 2.38 percentage points year-on-year [14] Future Outlook - The company is projected to achieve revenues of 20.973 billion yuan, 25.901 billion yuan, and 30.961 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 32.42%, 23.49%, and 19.53% [15] - The net profit attributable to the parent company is expected to be 4.509 billion yuan, 5.709 billion yuan, and 6.972 billion yuan for the same years, with year-on-year growth rates of 35.53%, 26.62%, and 22.13% [15]