Eastroc Beverage(SH:605499) Founder Securities·2024-03-05 16:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [1][6]. Core Insights - The company is focusing on investments in upstream and downstream quality listed companies within the domestic and international industrial chain, with a total investment amount not exceeding 1.5 billion RMB [1]. - The company has achieved the highest sales volume in the domestic energy drink market for three consecutive years and is implementing a multi-category strategy to enhance its growth trajectory [1][2]. - The company plans to launch new products to expand consumption scenarios and demographics, with the "Brewed Water" product already gaining market recognition [1][2]. Financial Performance - The company’s revenue is projected to grow from 11.14 billion RMB in 2023 to 16.91 billion RMB in 2025, with corresponding net profits expected to rise from 2.03 billion RMB to 3.28 billion RMB during the same period [2][3]. - The gross margin is expected to improve from 42.33% in 2022 to 43.90% in 2025, while the net profit margin is projected to increase from 16.94% to 19.40% [3]. Strategic Developments - The company is advancing its national layout with the establishment of a new production base in Tianjin, which is expected to support its expansion into the northern market [1][2]. - The company is actively pursuing a "1+6" multi-category strategy, which includes the introduction of new products such as cocktails and teas to diversify its offerings [1][2].