Eastroc Beverage(SH:605499) Tianfeng Securities·2025-11-15 15:16Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company has shown strong revenue and net profit growth in Q1-Q3 2025, with revenues of 168.44 billion yuan and net profit of 37.61 billion yuan, representing year-on-year increases of 34.13% and 38.91% respectively [1]. - The company is expected to maintain steady growth through product expansion and market penetration, with projected revenues of 206 billion yuan, 258 billion yuan, and 316 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 30%, 25%, and 23% [3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenues of 61.07 billion yuan and a net profit of 13.86 billion yuan, with year-on-year growth of 30.36% and 41.91% respectively [1]. - The gross margin and net margin for Q3 2025 were 45.21% and 22.68%, showing a year-on-year increase in net margin by 1.83 percentage points [3]. Market Expansion - The company has seen growth across all regions, with North China and Southwest regions experiencing growth rates exceeding 50% in Q3 2025 [2]. - The number of distributors increased by 278 to a total of 3,271, indicating a significant improvement in distributor quality, with average distributor sales increasing by 19% to 1.87 million yuan per distributor [2]. Product Development - The electrolyte beverage segment has shown rapid growth, with Q3 revenues exceeding 13 billion yuan, accounting for 22% of total revenue, an increase of 6 percentage points from the previous quarter [1]. - The share of other beverages has risen to 9.0%, contributing to a total of 31% for the combined category of hydration and other beverages, reflecting a year-on-year increase of 9.45 percentage points [1].