东鹏饮料_2026 年开局强劲，具备长期增长潜力并启动全球化第一步；给予买入评级（覆盖名单）

5 February 2026 | 9:05PM HKT Equity Research Eastroc Beverage (605499.SS): Strong start in 2026 with long-run growth potential and initial step for going global; Buy (on CL) Goldman Sachs Eastroc Beverage (605499.SS) 2026E to further boost per-PoS sales into peak season. 3) the company's robust channel capability to maintain investment efficiency. We expect the sports drink TAM in Mainland China to reach Rmb43.5bn in 2025E, growing at mid-teens% yoy, with per capita consumption at 3.9L in 2025, progressing ...