Eastroc Beverage(SH:605499)2024-04-23 02:32Investment Rating - The report maintains an "Outperform" rating for the company [8] Core Views - The company reported Q1 2024 revenue of 3.482 billion, a year-on-year increase of 39.8%, and a net profit of 664 million, up 33.5% year-on-year, exceeding revenue expectations and meeting profit forecasts [8] - The company is expected to achieve net profits of 2.676 billion, 3.353 billion, and 4.060 billion for 2024, 2025, and 2026 respectively, with growth rates of 31%, 25%, and 21% [8] - The energy drink segment continues to grow significantly, with Q1 2024 revenue of 3.1 billion, a 30% increase year-on-year, while other beverages saw a remarkable 257% growth [8] Summary by Sections Market Data - Closing price: 195.6 yuan - Market capitalization: 31.153 billion yuan - Price-to-earnings ratio (PE) for 2024E: 29 [2][3] Financial Performance - Q1 2024 gross margin: 42.76%, a decrease of 0.75 percentage points year-on-year - Q1 2024 net profit margin: 19.07%, down 0.88 percentage points year-on-year [9] - Revenue forecast for 2024E: 14.528 billion, with a year-on-year growth rate of 29% [10] Product and Market Expansion - The company is focusing on nationwide expansion and developing a second growth curve, with significant market share gains in energy drinks and the introduction of new products like "Electrolyte Water" and "Sugar-Free Tea" [8] - Revenue from other beverages increased from 4.24% to 10.84% of total revenue, with "Dongpeng Water" and "Dongpeng Coffee" contributing significantly [8]