智通财经记者 | 卢奕贝 智通财经编辑 | 牙韩翔 "补水啦"卖爆后，东鹏饮料正在尝试翻开新的牌面。 在近日于全国多地陆续举办的经销商会议上，东鹏披露了2026年将主推的"1+6"产品矩阵。其中能量饮料"东鹏特饮"仍为其基本盘，而电解质饮料"补水 啦"、有糖茶"果之茶"、椰汁饮料"海岛椰"、即饮奶茶"港氏奶茶"、无糖茶饮料"上茶"和咖啡饮料"大咖"则为东鹏押注的6大潜力品类。 值得注意的是，果之茶、港式奶茶分别于今年2月、10月推出，目前它们已站上"1+6"矩阵的C位，取代了此前矩阵中的植物饮料"菊花蜜"、预调鸡尾 酒"VIVI"。 东鹏饮料方面告诉智通财经，在产品品类方面，公司目前无糖茶、咖啡、椰奶、果汁茶等都有涉及，在市场有需求的情况下，公司发展多品类，可借助现有 渠道资源实现快速铺货。销售上果汁茶终端反馈是不错的，港式奶茶才刚刚推出，暂无数据披露。 上图为此前产品矩阵，2026年果之茶、港式奶茶取代了菊花蜜、鸡尾酒 图片来源：东鹏官网 有糖即饮茶，是饮料领域大品类的低调王者，是国内市场规模超过150亿元的超级赛道。马上赢数据显示，同样是在饮料类目中，有糖茶的规模在202307- 202506始终高于无糖 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown steady growth in energy drink revenue, with a 34.13% year-on-year increase in revenue to 16.844 billion yuan and a 38.91% increase in net profit to 3.761 billion yuan for the first three quarters of 2025 [1] - The company continues to deepen its market presence in Guangdong while optimizing its distribution system and business team outside the province, indicating potential for sustained growth in the national market [6] - The company's product structure shows significant growth, with the electrolyte drink "Bushi La" revenue increasing by 84.18% year-on-year, and other beverages growing by 94.53% [6] Financial Performance Summary - Total revenue is projected to reach 20.770 billion yuan in 2025, with a year-on-year growth of 31.1% [4] - The net profit attributable to the parent company is expected to be 4.258 billion yuan in 2025, reflecting a year-on-year increase of 28.0% [4] - The gross profit margin is forecasted to improve to 45.1% by 2025 [4] - The company’s EPS (Earnings Per Share) is projected to be 8.19 yuan in 2025, with a corresponding P/E ratio of 35.05 [4][6]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][25]. Core Insights - The company reported a strong performance in Q1 2025, achieving revenue of 4.848 billion yuan, a year-on-year increase of 39.23%, and a net profit of 980 million yuan, up 47.62% year-on-year [8][9]. - The company continues to expand its network rapidly, with new products being actively promoted, contributing to sales growth [8]. - The gross margin improved to 44.5%, up 1.7 percentage points year-on-year, benefiting from lower raw material costs and economies of scale [8]. - The company is expected to maintain high growth momentum throughout the year, with new product launches likely to catalyze sales during the peak consumption season [8]. Financial Summary - Total revenue projections for the company are as follows: 15.839 billion yuan in 2024, 20.271 billion yuan in 2025, 24.501 billion yuan in 2026, and 28.184 billion yuan in 2027, with respective year-on-year growth rates of 40.6%, 28.0%, 20.9%, and 15.0% [3][14]. - Net profit forecasts are 3.326 billion yuan for 2024, 4.519 billion yuan for 2025, 5.611 billion yuan for 2026, and 6.617 billion yuan for 2027, with growth rates of 63.1%, 35.9%, 24.2%, and 17.9% respectively [3][14]. - The earnings per share (EPS) are projected to be 6.40 yuan in 2024, 8.69 yuan in 2025, 10.79 yuan in 2026, and 12.72 yuan in 2027 [3][14]. - The target price for the company's stock is set at 304 yuan, with the current price at 267.58 yuan [4].