Eastroc Beverage(SH:605499) Wanlian Securities·2024-04-15 16:00Investment Rating - The investment rating for the company is "Add" [6][13]. Core Insights - In 2023, the company achieved a revenue of 11.263 billion yuan, a year-on-year increase of 32.42%, and a net profit attributable to shareholders of 2.040 billion yuan, up 41.60% year-on-year [3][4]. - The company plans to distribute a cash dividend of 25 yuan per 10 shares to all shareholders [3]. - The company is focusing on a national expansion strategy while continuing to strengthen its core market in Guangdong, with significant growth in sales from new product launches [4][10]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 2.622 billion yuan, a year-on-year increase of 40.88%, and a net profit of 384 million yuan, up 39.69% year-on-year [3][4]. - The gross profit margin for 2023 was 43.07%, an increase of 0.74 percentage points year-on-year, attributed to lower raw material costs [10]. Product and Market Development - The core product, Dongpeng Special Drink, generated a revenue of 10.336 billion yuan, a year-on-year increase of 26.48%, while other beverages saw a revenue increase of 186.65% to 914 million yuan [4]. - The company’s market share in the energy drink segment increased, with sales volume share rising from 36.70% at the end of 2022 to 43.02% in 2023 [4]. Future Projections - The company aims for a revenue and net profit growth of over 20% in 2024, with projected net profits of 2.557 billion yuan, 3.200 billion yuan, and 3.883 billion yuan for 2024, 2025, and 2026 respectively [10][11]. - The earnings per share are expected to be 6.39 yuan, 8.00 yuan, and 9.71 yuan for the same years [11].