Eastroc Beverage(SH:605499) Hua Yuan Zheng Quan·2025-08-01 06:04Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is a leading player in the functional beverage industry, showing rapid growth in its fundamentals. In the first half of 2025, the company achieved revenue of 10.737 billion yuan, 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 [6] - The product structure is diversifying, with revenue from energy drinks, electrolyte drinks, and other beverages in the first half of 2025 reaching 8.361 billion yuan, 1.493 billion yuan, and 877 million yuan respectively, with year-on-year growth rates of 21.91%, 213.71%, and 66.24% [6] - The company is expanding its energy drink business and the second growth curve "Bushi La" is accelerating. The energy drink segment achieved revenue of 4.46 billion yuan in Q2 2025, a year-on-year increase of 18.77% [6] - The digital management system is a core driver of the company's continuous growth, with a comprehensive digital operation system covering the entire product lifecycle [6] - The company is expected to achieve net profits of 4.34 billion yuan, 5.65 billion yuan, and 7.024 billion yuan from 2025 to 2027, with corresponding year-on-year growth rates of 30.46%, 30.19%, and 24.32% [6] Financial Summary - As of July 31, 2025, the company's closing price is 281.30 yuan, with a total market capitalization of 146,279.66 million yuan and a total share capital of 520.01 million shares [3] - The company's asset-liability ratio is 61.86%, and the net asset per share is 16.80 yuan [3] - The projected revenue for 2025 is 20.886 billion yuan, with a year-on-year growth rate of 31.86% [7] - The projected earnings per share (EPS) for 2025 is 8.35 yuan, with a price-to-earnings (P/E) ratio of 33.70 [7]