东鹏饮料：首次覆盖，评级“增持”目标价315港元-20260226

Group 1 - The report initiates coverage on Dongpeng Beverage (09980) with a rating of "Overweight" [1] - The core view is that Dongpeng's market share growth in China will enable it to continue outperforming its peers [1] - The preliminary earnings forecast for 2025 indicates an average revenue growth rate of 25% and a core net profit growth rate of 16% for Q4 [1] Group 2 - For 2026, the expected year-on-year growth rates for energy drinks, sports drinks, and other products are projected to be 15%, 42%, and 50% respectively, supporting a total revenue growth of 22% [1] - The target price set for Dongpeng Beverage is HKD 315 [1]