Eastroc Beverage(SH:605499) GOLDEN SUN SECURITIES·2025-10-25 11:57Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported strong financial performance for Q1-Q3 2025, with revenue of 16.844 billion yuan, a year-on-year increase of 34.13%, and a net profit attributable to shareholders of 3.761 billion yuan, up 38.91% year-on-year [1] - The energy drink segment remains robust, with significant growth in other beverage categories, indicating a strong second growth curve [1] - The company is actively expanding its product lines and overseas markets, leveraging its competitive advantages in product quality and digitalization [3] Financial Performance Summary - For Q1-Q3 2025, the company achieved revenues of 12.563 billion yuan from energy drinks, 2.847 billion yuan from electrolyte drinks, and 1.424 billion yuan from other beverages, reflecting year-on-year growth rates of 19.36%, 134.78%, and 76.41% respectively [1] - In Q3 2025, the company reported a gross margin of 45.21%, with a net profit margin of 22.70%, an increase of 1.85 percentage points year-on-year [3] - The company expects net profits to grow by 34.5%, 31.1%, and 21.2% in 2025, 2026, and 2027 respectively, reaching 4.476 billion yuan, 5.866 billion yuan, and 7.111 billion yuan [3] Regional Performance Summary - Revenue growth varied by region, with notable increases in the Southwest (48.91%) and North China (72.88%) for Q1-Q3 2025 [2] - In Q3 2025, the company reported revenue of 1.339 billion yuan from Guangdong, with a modest growth of 2.10%, while the Southwest region saw a significant increase of 67.81% [2]