东鹏饮料（605499）：H股发行更近一步，重申三大逻辑

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has received a significant milestone with the issuance of the Hong Kong stock issuance filing notice, indicating progress in its internationalization strategy [7] - The company reported strong growth in Q3 2025, with notable performance from its new product lines, particularly the "补水啦" (Brew Water) brand, which is expected to reach annual revenues of 3-3.5 billion yuan [8][9] - The issuance of H shares is expected to alleviate market concerns regarding dilution, as the proposed issuance of up to 66.446 million shares represents only 11.3% of the total post-issuance share capital [9] - The company aims to utilize the funds raised from the H share issuance for overseas capacity expansion, supply chain optimization, and brand marketing [9] - The company is focusing on diversifying its product offerings and enhancing its market presence, with plans to launch new products such as fruit juice tea and Hong Kong-style milk tea [9] Financial Projections - The company is projected to achieve revenues of 215.2 billion yuan in 2025, 270.1 billion yuan in 2026, and 331.3 billion yuan in 2027, with year-on-year growth rates of 35.9%, 25.5%, and 22.7% respectively [10] - The net profit attributable to the parent company is expected to reach 46.2 billion yuan in 2025, 58.3 billion yuan in 2026, and 73.3 billion yuan in 2027, with growth rates of 38.9%, 26.3%, and 25.7% respectively [10] - The current price-to-earnings (P/E) ratios are projected to be 30, 24, and 19 for the years 2025, 2026, and 2027, respectively, indicating a relatively low valuation compared to historical levels [10] Investment Recommendations - The report emphasizes that the current valuation has reached a near historical low, reinforcing the "Buy" recommendation [13] - The company is positioned for long-term growth through its national, platform, and international strategies, with the H share issuance signaling potential breakthroughs in both innovation and overseas expansion [13]