丨证券研究报告丨 报告要点 [Table_Summary] 东鹏饮料 2025 年上半年实现营业总收入 107.37 亿元（+36.37%）；归母净利润 23.75 亿元 （+37.22%），扣非净利润 22.7 亿元（+33.02%）。其中 2025Q2，公司实现营业总收入 58.89 亿元（+34.1%）；归母净利润 13.95 亿元（+30.75%），扣非净利润 13.12 亿元（+21.17%）。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 公司研究丨点评报告丨东鹏饮料（605499.SH） [Table_Title] 东鹏饮料 2025 年半年报点评：渠道扩张、新品 放量，冰柜费用阶段性增加 %% %% %% %% research.95579.com 1 东鹏饮料（605499.SH） cjzqdt11111 [Table_Title 东鹏饮料 2025 2] 年半年报点评：渠道扩张、新品 放量，冰柜费用阶段性增 ...

涨跌幅比较 | 2025 年 03 月 09 日 | | --- | 评级 买入 评级变动 维持 交易数据 当前价格（元） 228.95 52 周价格区间（元） 180.41-286.00 总市值（百万） 119056.98 | 流通市值（百万） | 119056.98 | | --- | --- | | 总股本（万股） | 52001.30 | | 流通股（万股） | 52001.30 | | 130% | 东鹏饮料 | | 饮料乳品 | | | --- | --- | --- | --- | --- | | 80% | | | | | | 30% | | | | | | -20% | | | | | | 2024-03 | 2024-06 | 2024-09 | 2024-12 | 2025-03 | | % | | 1M | 3M | 12M | | 东鹏饮料 | | -2.37 | 3.60 | 67.74 | | 饮料乳品 | | 2.04 | -4.13 | 4.51 | 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 1 东 ...

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [2][10]. Core Views - The report highlights that the company's performance continues to show strong growth, driven by the release of platform efficiencies and sustained high revenue growth [4][6]. - The company achieved a revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [6][8]. - The report anticipates continued revenue growth, projecting revenues of 20.339 billion yuan in 2025, 24.666 billion yuan in 2026, and 29.840 billion yuan in 2027, with respective growth rates of 28.41%, 21.28%, and 20.98% [4][8]. Financial Performance Summary - The company's main revenue sources include the flagship product, Dongpeng Special Drink, which generated 13.304 billion yuan in 2024, a growth of 28.49%, accounting for 84.08% of total revenue [6][8]. - The electrolyte drink segment saw significant growth, achieving 1.495 billion yuan in revenue, a remarkable increase of 280.37% [6]. - The gross profit margin for 2024 was 44.81%, an increase of 1.74% year-on-year, attributed to lower raw material costs and economies of scale [8]. Market Position and Expansion - Dongpeng Special Drink maintained its leading market share in China's energy drink market, with sales volume share increasing from 43.0% in 2023 to 47.9% in 2024 [6]. - The company has expanded its distribution channels significantly, with revenue from distributors, key accounts, and online channels growing by 37.28%, 57.59%, and 116.95% respectively [6][8]. - The number of active distributors increased to 3,193, a growth of 7.11%, with the average revenue per distributor rising to 4.26 million yuan, up 28.16% [6]. Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) of 6.40 yuan in 2024, 8.41 yuan in 2025, and 10.27 yuan in 2026, reflecting strong growth in profitability [4][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 35.79 in 2024 to 22.30 in 2026, indicating improving valuation metrics as earnings grow [4][8]. - The company plans to issue H shares and list on the Hong Kong Stock Exchange, which is expected to open new growth avenues [8].