Eastroc Beverage(SH:605499) Soochow Securities·2025-10-25 13:36Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage [3] Core Views - Dongpeng Beverage is expected to leverage its platform strategy to accelerate growth and expand into international markets, particularly in Southeast Asia. The company is experiencing strong growth in its key product lines, including the "Special Drink" and "Water" segments, with significant revenue increases projected for the coming years [3] - The updated net profit forecasts for 2025 to 2027 are 46.01 billion, 58.47 billion, and 70.51 billion RMB, respectively, with corresponding P/E ratios of 34, 27, and 22 times [3] Financial Performance Summary - For the first three quarters of 2025, Dongpeng Beverage reported total revenue of 168.44 billion RMB, a year-on-year increase of 34.13%, and a net profit of 37.61 billion RMB, up 38.91% year-on-year. In Q3 2025 alone, revenue reached 61.07 billion RMB, reflecting a 30.36% year-on-year growth [9] - The revenue growth for key products in Q3 2025 was as follows: "Special Drink" increased by 14.59%, "Water" surged by 83.81%, and other beverages grew by 95.63%. The "Special Drink" segment achieved a total revenue of 125.63 billion RMB for the first three quarters, marking a 19.36% increase year-on-year [9] - The sales net profit margin improved by 1.83 percentage points to 22.68% in Q3 2025, attributed to better gross sales margins and increased non-operating income [9] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2023 to 2027 are projected at 3.92, 6.40, 8.85, 11.24, and 13.56 RMB, respectively [3] - The company's total revenue is expected to grow from 11,263 million RMB in 2023 to 30,820 million RMB by 2027, with a compound annual growth rate (CAGR) of 18.52% [3]