格隆汇12月19日｜国泰海通证券研报指出，认为东鹏饮料通过持续提升管理效率将大量利润节约下来回 馈给渠道及消费者，因此所有品类均能突出高质价比，迎合了饮料行业消费者对于价格敏感度逐渐提升 的大趋势，因此其未来有望成长为平台型饮料企业，品类扩张将超市场预期。总成本领先战略与信息化 赋能相辅相成，构建公司真正护城河。总计而言，在饮料大行业增速逐渐放缓背景下，未来行业将是效 率为王，高效的企业将逐步取得超额收益，因此看好东鹏饮料持续挖掘出新的增长曲线，品类扩张将超 市场预期。管理效率充分释放带动下公司凭借高质价比的打法以及渠道的扩张逐渐做大能量饮料/运动 饮料/咖啡等行业，从而保障中长期超额收益。参考可比公司给予2026年1.03X PEG，对应每股合理估值 341.71元，维持"增持"评级。 ...

来源：猛哥看商业 核心观点 导读： 管理效率持续提升助力东鹏将大量利润节约下来回馈给渠道及消费者，迎合了饮料行业消费者对于高质 价比愈加重视的大趋势，因此公司品类扩张将超市场预期。 核心观点： 东鹏品类扩张有望超预期。市场认为东鹏饮料凭借产品的高质价比打法以及渠道的全国化扩张有望紧跟 能量饮料及运动饮料行业龙头步伐，逐步成长为细分赛道的龙二，但当前全国化扩张基本完成，因此未 来成长空间有限；我们认为公司通过持续提升管理效率将大量利润节约下来回馈给渠道及消费者，因此 所有品类均能突出高质价比，迎合了饮料行业消费者对于价格敏感度逐渐提升的大趋势，因此其未来有 望成长为平台型饮料企业，品类扩张将超市场预期。 总成本领先战略与信息化赋能相辅相成，构建公司真正护城河。公司通过生产端降本增效与渠道端信息 化赋能的持续强化，将越来越多的利润节约下来回馈给渠道及消费者，从而使得"消费者愿意买、渠道 愿意卖"的效果愈加显著，因此带动了公司产品力及渠道力的同步提升，也为公司各类新品的陆续放量 奠定了基础。 引领舶来品本土化+红海市场抢份额并行，品类扩张逐步推进。一方面，公司在能量饮料/运动饮料/无 糖茶/咖啡等舶来新兴赛道依靠高 ...

东鹏饮料（605499）深度报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 徐洋(分析师) | 021-38032032 | xuyang6@gtht.com | S0880520120008 | 本报告导读： 管理效率持续提升助力东鹏将大量利润节约下来回馈给渠道及消费者，迎合了饮料 行业消费者对于高质价比愈加重视的大趋势，因此公司品类扩张将超市场预期。 投资要点： 效率为王，平台型饮料巨头呼之欲出 东鹏饮料(605499) 风险提示：行业陷入恶性价格战；原材料价格大幅波动；食品安全 风险等 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- ...

Summary of Dongpeng Beverage Conference Call Company Overview - **Company**: Dongpeng Beverage - **Industry**: Beverage Industry, specifically focusing on energy drinks, hydration products, and coffee Key Points and Arguments Cost Management and Efficiency - Dongpeng Beverage employs a total cost leadership strategy, achieving a unit manufacturing cost of **216 RMB/ton** in 2024, significantly lower than competitors' **500-600 RMB/ton** [2][3] - A potential increase in manufacturing costs to **300 RMB/ton** could reduce net profit margins by **10 percentage points**, impacting market strategy [2][3] - The company has seen a consistent decline in unit manufacturing costs from **2020 to 2024**, attributed to scale production, scientific scheduling, and a digital system for real-time sales monitoring [2][3] Sales and Marketing Efficiency - Sales expense ratio decreased from **33% in 2018** to **17% in 2024**, enhancing advertising efficiency and profit release [2][4] - Dongpeng's energy drink strategy targets new demographics, such as urban blue-collar workers, rather than competing directly with Red Bull [2][5] Market Expansion and Product Growth - Dongpeng's energy drink sales grew from **2.8 billion RMB in 2018** to **13.3 billion RMB in 2024**, with potential to exceed Red Bull's **22 billion RMB** sales ceiling [5][6] - The company has expanded its product lines, including hydration and juice tea, with strong growth expected in the coffee segment [5][12] Competitive Advantages - Dongpeng's hydration product, priced at **5 RMB for 1 liter**, offers a **93% channel profit margin**, significantly higher than competitors [7][8] - The company has established a vast distribution network, covering **4 million outlets**, positioning it among the top tier in the beverage industry [3][11] Future Outlook - Dongpeng is expected to surpass competitors like **Pulsate**, with projected sales exceeding **6 billion RMB** in 2024 [9] - The coffee segment is anticipated to grow rapidly, especially in lower-tier cities, with a competitive price point of **7 RMB for 500ml** [12][13] Strategic Positioning - Dongpeng's strategy focuses on high efficiency and cost savings, allowing for competitive pricing and higher channel profits, which is crucial in a market where consumers increasingly seek value [14] Additional Important Insights - The company’s marketing strategy includes engaging high-profile endorsements and sponsoring popular events to enhance brand visibility [8] - Dongpeng's product positioning has evolved to cover a broader range of consumption scenarios, enhancing market potential [8][10]