东鹏饮料（605499）：收入保持高增，经营符合预期

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a total revenue of 16.844 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 34.13%. The net profit attributable to the parent company was 3.761 billion yuan, up 38.91% year-on-year [6] - The company is expected to achieve net profits of 4.505 billion, 5.610 billion, and 6.758 billion yuan for the years 2025 to 2027, with respective year-on-year growth rates of 35.4%, 24.5%, and 20.5% [6] - The company is focusing on nationwide expansion of its energy drink business and rapid growth of its second growth curve represented by its electrolyte water product line [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 20.578 billion yuan in 2025, 25.617 billion yuan in 2026, and 30.856 billion yuan in 2027, with year-on-year growth rates of 29.9%, 24.5%, and 20.5% respectively [5] - The gross profit margin is projected to improve gradually, reaching 46.1% by 2027 [5] - The company’s return on equity (ROE) is expected to be 41.4% in 2025, declining to 38.8% by 2027 [5] Revenue Breakdown - For the first three quarters of 2025, revenue from energy drinks, electrolyte drinks, and other beverages was 12.563 billion, 2.847 billion, and 1.424 billion yuan respectively, with year-on-year growth rates of 19.36%, 134.78%, and 76.41% [6] - The revenue share of energy drinks decreased by 9.27 percentage points to 74.63%, while the share of electrolyte drinks increased by 7.25 percentage points to 16.91% [6] Regional Performance - Revenue from various regions for the first three quarters of 2025 was as follows: Guangdong (3.885 billion yuan), East China (2.395 billion yuan), Central China (2.208 billion yuan), and Southwest (2.027 billion yuan), with respective year-on-year growth rates of 13.5%, 32.76%, 28.15%, and 48.91% [6] Margin and Cost Analysis - The gross margin for the first three quarters of 2025 was 45.17%, with a net profit margin of 22.33%, reflecting a year-on-year increase of 0.77 percentage points [6] - The sales expense ratio was 15.52%, down 0.9 percentage points year-on-year, contributing to the improvement in net profit margin [6]