Eastroc Beverage(SH:605499) Wanlian Securities·2025-10-27 12:55Investment Rating - The investment rating for the company is "Add" [5] Core Insights - The company maintains high growth in performance, with Q3 2025 revenue reaching 6.107 billion yuan, a year-on-year increase of 30.36%, and net profit attributable to shareholders at 1.386 billion yuan, up 41.91% year-on-year [2][3] - The national strategy is entering a harvest period, with emerging markets like Southwest and North China showing strong growth, while traditional markets see a decline in revenue contribution [3][11] - The product matrix is diversifying, with core products continuing to grow, although at a slower pace compared to the first half of the year [4][11] Revenue and Profitability - In the first three quarters of 2025, the company achieved a total revenue of 16.844 billion yuan, a year-on-year increase of 34.13%, and a net profit of 3.761 billion yuan, up 38.91% year-on-year [2][3] - The gross margin for Q3 2025 was 45.21%, slightly down by 0.60% year-on-year, while the net margin improved to 22.68%, an increase of 1.83 percentage points year-on-year [12] Regional Performance - The Guangdong region remains the largest revenue contributor at 23.08%, while North China has surpassed East China to become the second-largest contributor with a revenue growth of 72.88% year-on-year [3][11] Product Performance - The core product, Dongpeng Special Drink, generated revenue of 12.563 billion yuan in the first three quarters, a year-on-year increase of 19.36%, while Dongpeng Water achieved 2.847 billion yuan, up 134.78% year-on-year [4][11] Future Projections - The company aims for over 20% growth in revenue and net profit for 2025, with adjusted net profit forecasts for 2025-2027 at 4.435 billion, 5.499 billion, and 6.822 billion yuan respectively [13]