Group 1 - BrandFinance's report ranks Eastroc (东鹏饮料) among the top ten global non-alcoholic beverage brands for the first time, with a brand value of $3.1 billion, highlighting the strength of Chinese beverage brands on the international stage [1][2] - The report indicates that Chinese brands are increasingly important in the global food and beverage market due to rapid growth and strong leadership across categories [3] - Eastroc has significantly increased its market share in the domestic functional beverage sector and is accelerating its expansion into Southeast Asia [3] Group 2 - Eastroc's product portfolio includes high-quality offerings such as Eastroc Energy Drink, Eastroc Hydration, Eastroc Coffee, and various tea products, catering to diverse consumer needs [3] - The company has exported products to 25 countries and regions, leveraging international events like the Asian Games and World Cup to enhance brand visibility [3] - In 2024, Eastroc's revenue is projected to reach 15.8 billion yuan, reflecting a year-on-year growth of over 40%, demonstrating strong brand resilience and high-quality growth [3]

Core Insights - Dongpeng Beverage has established a vast sales network covering over 4.2 million active terminal points across China, reaching more than 250 million unique consumers [1][4][12] - The company aims to achieve a "drink whenever you want" consumer experience by ensuring product availability in various locations [2][5] - Dongpeng is transitioning from a single product focus to a multi-category ecosystem, enhancing its brand positioning in the market [4][5][10] Distribution Network - Dongpeng has built a deep and extensive channel network, with over 3,200 distributors and significant growth in sales points compared to previous years [1][4] - The company is exploring new channels such as dining, social e-commerce, and live streaming, while also deploying smart vending machines in high-frequency consumption areas [4][10] - The "frozen display" strategy is emphasized as a key tactic for enhancing product visibility and sales conversion [10][15] Product Strategy - New product launches like "Brewed Coconut" and "Electrolyte Water" are aimed at capturing emerging consumer trends in health and wellness [5][7] - The introduction of sugar-free drinks targets the growing health-conscious demographic, injecting new vitality into the core brand [5][7] Digital Transformation - Dongpeng has implemented a digital ecosystem that integrates production, warehousing, logistics, and channels, enhancing operational efficiency [8][12] - The company has developed a comprehensive digital management system to analyze consumer data and optimize marketing strategies [8][12] International Expansion - Dongpeng is leveraging its domestic market experience to expand into Southeast Asia, establishing partnerships with local distributors and retailers [14] - The company is also exploring AI technology to improve customer service and enhance product recognition capabilities [14] Channel Ecosystem - The "channel profit-sharing" mechanism is designed to create a symbiotic relationship among manufacturers, distributors, and retailers, promoting long-term network health [15] - Dongpeng's extensive terminal network is seen as a model for deep market penetration in the fast-moving consumer goods sector [15]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 309.05 RMB per share based on a 35x PE valuation for 2025 [7][12]. Core Insights - The company achieved a revenue of 15.84 billion RMB in 2024, representing a year-over-year growth of 40.63%, and a net profit attributable to shareholders of 3.33 billion RMB, up 63.09% year-over-year [12]. - The company plans to achieve at least 20% growth in both revenue and net profit for 2025 [12]. - The growth in revenue and profitability is driven by a refined channel strategy and the successful launch of new products, including the 500ml gold bottle and "Dongpeng Hydration" [12]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 20.65 billion RMB, 25.81 billion RMB, and 31.47 billion RMB for 2025, 2026, and 2027 respectively [7][12]. - **Net Profit Forecast**: Expected net profits attributable to shareholders are 4.59 billion RMB, 6.08 billion RMB, and 7.60 billion RMB for the same years [7][12]. - **Earnings Per Share (EPS)**: Projected EPS for 2025, 2026, and 2027 are 8.83 RMB, 11.69 RMB, and 14.62 RMB respectively [7][12]. - **Gross Profit Margin**: The gross profit margin is expected to improve from 44.8% in 2024 to 48.4% by 2027 [10]. Product and Market Strategy - The company is focusing on a "dual-engine + multi-category" product strategy, strengthening its position in the energy drinks market while expanding into new categories such as electrolyte drinks and sugar-free teas [12]. - The core product, "Dongpeng Special Drink," achieved revenue of 13.30 billion RMB in 2024, with a market share increase in the energy drink segment from 43.0% in 2023 to 47.9% in 2024 [3][12]. - The "Dongpeng Hydration" product line generated nearly 1.5 billion RMB in revenue in 2024, marking a significant market entry with a year-over-year sales growth of 280.37% [3][12]. Regional and Channel Expansion - The company has implemented a nationwide strategy, achieving significant revenue growth across various regions, with the East and Central regions seeing increases of 45.13% and 48.17% respectively [5][12]. - Online sales channels have also seen rapid growth, with revenue increasing by 116.95% in 2024 [5][12]. - The company has established a comprehensive distribution network with over 3,000 distributors and nearly 400,000 active retail outlets nationwide [6][12].

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 2024年至今，食品饮料行业整体下跌，食品饮料指数从2024年1月至今跌幅已近10%。 而在整体下跌的趋势之中，东鹏饮料却以超过80%的涨幅，位列A股整个食品饮料行业前列。 尽管伴随着诸多争议，东鹏饮料的股价相比2021年发行价已经上涨近5倍，市值也超过1200亿元，成为国内能量饮料企业绝对的龙 头。 靠着一句"累了困了，喝东鹏特饮"，在饮料行业"低糖化"和"健康化"的风潮之下，东鹏饮料能否继续维持"稳稳的幸福"？ 01 而当今年的业绩落地，对于部分提前进场的投资者来说，恰恰是到了获利离场的时刻。 最近，东鹏饮料发布2024年业绩。 全年实现营业收入158.39 亿元，同比增加40.63%；归母净利润33.27亿元，同比增长63.09%。 收入与利润增速，均落在了此前业绩预告偏高的区间，也创下了上市以来的最佳表现。 东鹏特饮在能量饮料市场的规模也逐渐扩大。 尼尔森IQ数据显示，东鹏饮料的能量饮料市占率从2023年的43%提升至47.9%，销售额份额突破34.9%，500ml瓶装单品稳居全国 前三。 能量饮料市场，华彬红牛的收入仍旧 ...