东鹏饮料（09980）：IPO申购指南

Investment Rating - The report recommends subscription for Dongpeng Beverage (9980.HK) [1] Core Insights - Dongpeng Beverage is the largest functional beverage company in China, with a market share of 26.3% in 2024 and a compound annual growth rate (CAGR) of 41.9% from 2022 to 2024, making it the fastest-growing among the top five functional beverage companies in China [2][3] - The Chinese soft drink market is expected to grow at a CAGR of 4.7% from 2019 to 2024, with functional beverages being the fastest-growing segment at a CAGR of 8.3% during the same period [2] - The company's revenue for the first three quarters of 2023, 2024, and 2025 was 112.57 billion, 158.30 billion, and 168.38 billion CNY respectively, showing year-on-year growth of 33.81%, 42.08%, and 35.41% [3] - The net profit for the same periods was 20.40 billion, 33.27 billion, and 37.61 billion CNY, with year-on-year growth of 41.60%, 63.09%, and 38.91% [3] - The company has expanded its sales network to over 3,200 distributors and more than 4.3 million retail outlets, achieving nearly 100% coverage of prefecture-level cities [3] - The IPO price corresponds to a 2024 price-to-earnings (PE) ratio of approximately 37.46, slightly lower than the A-share valuation of 38.85 [3]