Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first half of 2025, the company achieved total revenue of 10.737 billion yuan, an increase of 36.37%, and a net profit attributable to shareholders of 2.375 billion yuan, up 37.22% [2][4] - The company is expanding its distribution channels and launching new products, with significant growth in its electrolyte beverage segment [10] - The company is increasing its investment in ice-freezing equipment, which is expected to impact short-term profitability but is seen as a necessary step for long-term growth [10] Summary by Sections Financial Performance - In Q2 2025, the company reported total revenue of 5.889 billion yuan, a year-on-year increase of 34.1%, and a net profit of 1.395 billion yuan, up 30.75% [2][4] - The revenue structure for H1 2025 shows that the electrolyte beverage segment generated 1.493 billion yuan, a remarkable increase of 213.71% year-on-year [10] Market Expansion - The company has expanded its dealer network to 3,279, covering over 4.2 million active outlets, reaching more than 250 million consumers [10] - The company is actively exploring overseas markets, particularly in Southeast Asia and the Middle East, with plans for a new base in Hainan [10] Profitability - The net profit margin for H1 2025 improved by 0.14 percentage points to 22.12%, with a gross margin of 45.15% [10] - In Q2 2025, the net profit margin slightly declined to 23.69% due to increased promotional expenses, particularly for channel promotion [10] Future Outlook - The company expects continued growth in both domestic and international markets, with projected EPS of 8.92 yuan and 11.47 yuan for 2025 and 2026, respectively [10]

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].