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东鹏饮料(605499):业绩持续高增,补水啦动力强劲
ZHESHANG SECURITIES· 2025-05-05 06:08
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its long-term growth potential [6]. Core Insights - The company has demonstrated sustained high growth in its performance for 2024 and Q1 2025, with a clear platform company logic and excellent operational management [1][6]. - The energy drink segment is in an upward trend, with strong growth expected from its products "Bup Shui La" and "Guo Zhi Cha" [1][6]. - The company is actively expanding its distribution network and enhancing single-point production capabilities, which supports future growth [1][6]. Financial Performance - In Q1 2025, the company achieved revenue of 4.848 billion yuan, representing a year-on-year increase of 39.23%, and a net profit of 980 million yuan, up 47.62% [2]. - The energy drink segment generated revenue of 3.901 billion yuan in Q1 2025, a year-on-year growth of 25.71%, accounting for 80.50% of total revenue [3]. - The electrolyte drink segment saw significant growth, with revenue reaching 570 million yuan, a staggering increase of 261.46% year-on-year [3]. Channel and Regional Performance - Revenue growth was strong across major channels, with sales from distribution, key accounts, and online channels reaching 4.283 billion, 457 million, and 104 million yuan, respectively [4]. - The company's home region of Guangdong showed solid revenue growth of 21.58%, while other regions like East China and Southwest China experienced increases of 30.82% and 61.78%, respectively [4]. Profitability Metrics - The gross margin for Q1 2025 was 44.47%, an increase of 1.70 percentage points year-on-year [5]. - The net profit margin improved to 20.21%, reflecting a year-on-year increase of 1.15 percentage points [5]. - The company expects revenues to grow to 20.948 billion yuan in 2025, with a projected net profit of 4.508 billion yuan, indicating strong growth rates of 32% and 36%, respectively [6][7].