Eastroc Beverage(SH:605499) Hua Yuan Zheng Quan·2025-10-27 12:10Investment Rating - The investment rating for the company is "Accumulate" (maintained) due to sustained revenue momentum and solid fundamentals [5]. Core Views - The company is expected to achieve net profits attributable to shareholders of 4.563 billion, 5.936 billion, and 7.374 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 37.17%, 30.08%, and 24.22% respectively. The current stock price corresponds to P/E ratios of 34.27, 26.34, and 21.21 for the same years [6]. - The company has shown rapid growth in its fundamentals, with a revenue increase of 34.13% year-on-year in the first three quarters of 2025, reaching 16.844 billion yuan, and a net profit increase of 38.91% year-on-year, totaling 3.761 billion yuan [8]. Financial Performance Summary - Revenue for 2025 is projected at 21.375 billion yuan, with a year-on-year growth rate of 34.96%. The net profit for the same year is expected to be 4.563 billion yuan, reflecting a growth rate of 37.17% [6][9]. - The company achieved a gross margin of 45.21% in Q3 2025, with a slight decrease of 0.6 percentage points compared to the previous year, primarily due to changes in product mix [8]. - The sales expense ratio significantly improved, leading to a net profit margin increase of 1.83 percentage points to 22.68% [8].