业绩增长超预期，第二曲线成长可期

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 223.48 CNY, based on a 35x PE for 2024 [6]. Core Insights - The company reported a revenue of 11.263 billion CNY for 2023, a year-on-year increase of 32.42%, and a net profit attributable to shareholders of 2.040 billion CNY, up 41.60% [1][2]. - The main product, Dongpeng Special Drink, generated 10.336 billion CNY in revenue, reflecting a growth of 26.48%, while other beverages saw a remarkable increase of 186.65% [2]. - The company is establishing a dual growth strategy, focusing on energy drinks as the primary line and expanding into electrolyte drinks, tea beverages, pre-mixed alcohol, and ready-to-drink coffee as the secondary line [2]. - The company is expanding its national presence, with significant revenue growth in various regions, particularly in East and Central China, and an increase in active terminal outlets from 3 million to over 3.4 million [3]. - Gross margin improved to 43.07%, with net profit margin reaching a five-year high of 18.11%, attributed to lower raw material costs and increased interest income from deposits [4]. Financial Summary - Revenue projections for 2024-2026 are 14.055 billion CNY, 17.046 billion CNY, and 20.072 billion CNY, with respective growth rates of 24.79%, 21.28%, and 17.75% [5]. - Net profit forecasts for the same period are 2.554 billion CNY, 3.184 billion CNY, and 3.909 billion CNY, with growth rates of 25.22%, 24.66%, and 22.77% [5]. - The company’s EPS is expected to reach 6.39 CNY, 7.96 CNY, and 9.77 CNY for 2024, 2025, and 2026, respectively, with a three-year CAGR of 24.21% [5].