东鹏饮料（605499）：如期收官，期待新年

Investment Rating - The investment rating for the company is "Buy-A/Buy-H" [4] Core Views - The company reported a revenue of RMB 20.88 billion for 2025, reflecting a year-on-year growth of 31.8%, and a net profit attributable to shareholders of RMB 4.42 billion, up 32.7% year-on-year [8] - The company has achieved the highest market share in both sales and volume for its flagship product, Dongpeng Special Drink, with respective increases of 3.4% and 3.7% year-on-year [8] - The company is expanding its product diversification, with significant growth in its other beverage lines, including a 119% increase in revenue for its water brand [8] - The company is expected to maintain strong profit growth, with net profit projections of RMB 5.65 billion, RMB 6.78 billion, and RMB 8.04 billion for 2026, 2027, and 2028 respectively, indicating growth rates of 28.1%, 19.8%, and 18.7% [8] Financial Summary - Revenue projections for the company are as follows: RMB 15.84 billion for 2024, RMB 20.88 billion for 2025, RMB 26.18 billion for 2026, RMB 32.07 billion for 2027, and RMB 37.82 billion for 2028, with growth rates of 40.6%, 31.8%, 25.4%, 22.5%, and 17.9% respectively [2][8] - EBITDA is projected to grow from RMB 4.19 billion in 2024 to RMB 10.33 billion in 2028 [2] - The earnings per share (EPS) are expected to increase from RMB 6.40 in 2024 to RMB 14.24 in 2028 [2] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 38.8 in 2024 to 14.4 in 2028, indicating improving valuation [2]