Eastroc Beverage(SH:605499) CMS·2025-10-26 14:05Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3][5] Core Views - The company reported Q3 revenue of 6.11 billion yuan, a year-on-year increase of 30.4%, and a net profit of 1.39 billion yuan, up 41.9% year-on-year, indicating strong performance exceeding expectations [1][2][3] - The strong sales of the "Bup Shui La" product line, particularly in North China and Southwest regions, contributed significantly to the revenue growth [2][3] - The company has adjusted its EPS forecasts for 2025-2027 to 8.78, 10.91, and 12.71 yuan respectively, reflecting continued growth potential [3][5] Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 16.84 billion yuan, a 34.1% increase year-on-year, with net profit reaching 3.76 billion yuan, up 38.9% [2][4] - The Q3 gross margin was reported at 45.2%, a slight decrease of 0.6 percentage points year-on-year, while the net profit margin improved by 1.8 percentage points to 22.7% [3][4] - Cash flow from operations for Q3 was 1.39 billion yuan, reflecting an 81.3% increase year-on-year, indicating strong cash generation capabilities [2][3] Product and Regional Performance - Revenue from energy drinks, electrolyte drinks, and other beverages for the first three quarters of 2025 grew by 19.4%, 134.7%, and 76.5% respectively [2][3] - The company saw significant growth in the Southwest and North China regions, with year-on-year revenue increases of 48.9% and 72.9% respectively [2][3] Future Outlook - The company is expected to continue its high growth momentum, supported by ongoing expansion of its distribution network and product lines [3][5] - The report anticipates stable growth in the company's fundamentals, with projections for revenue growth of 33% in 2025 and 22% in 2026 [4][17]