东鹏饮料（605499.SH）2025 年一季报点评 Q1 业绩亮眼，成长势能充沛 2025 年 04 月 16 日 ➢ 事件：2025 年 4 月 15 日，公司发布 2025 年一季报，25Q1 公司实现营业 收入/归母净利润/扣非后归母净利润 48.48/9.80/9.59 亿元，分别同比 +39.23%/+47.62%/+53.55%。 ➢ 核心单品增势稳健，电解质占比突破双位数。分产品看，25Q1 公司能量饮 料营收 39.0 亿元，同比+25.7%；电解质水营收 5.7 亿元，同比+261.5%，占比 突破双位数达 11.8%，同比+7.2pct；其他饮料营收 3.7 亿元，同比+72.6%，占 比达 7.7%，同比+1.5pct。公司坚持渠道开拓及精耕，为营收高增打下坚实基础， 同时平台化布局呈加速趋势，第二曲线及新品营收贡献持续爬升，其中核心产品 东鹏特饮在网点持续开拓之外，持续通过营销投入夯实品牌力并拓展消费人群， 单点卖力不断提升，东鹏补水啦作为第二增长极终端铺货率快速爬坡，公司多品 类战略布局亦持续深化。分区域看，25Q1 广东区域营收 11.3 亿元，同比+22%； 与此同时，公司全国 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant revenue increase of 39.23% year-on-year in Q1 2025, reaching 4.848 billion yuan, with a net profit of 980 million yuan, up 47.62% [6][7] - The main business, energy drinks, saw a revenue growth of 25.7%, contributing to 80.5% of total revenue, with strong performance across various regions [6][7] - The company’s gross margin improved to 44.47%, a year-on-year increase of 1.7 percentage points, driven by economies of scale and cost improvements [5][6] Revenue and Profit Analysis - Q1 2025 revenue was 4.848 billion yuan, with a net profit of 980 million yuan, exceeding market expectations by 30% and 35% respectively [6][7] - The company’s contract liabilities reached 3.87 billion yuan, indicating a strong revenue pipeline [6][7] - The second product line, including new products, achieved a revenue growth of 152.1%, contributing 19.5% to total revenue [6][7] Financial Forecast - The company is projected to achieve revenues of 21.43 billion yuan, 27.89 billion yuan, and 34.95 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 35.3%, 30.1%, and 25.3% [7][9] - Net profit forecasts are 4.70 billion yuan, 6.39 billion yuan, and 8.25 billion yuan for the same years, with growth rates of 41.3%, 35.9%, and 29.2% [7][9] - The current price-to-earnings ratio (P/E) is projected to be 30, 22, and 17 for the years 2025, 2026, and 2027 respectively [7][9]

Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [2][10] Core Views - The company continues to deliver strong performance with revenue and net profit for Q1 2025 reaching 4.848 billion and 980 million yuan, respectively, representing year-on-year growth of 39.2% and 47.6% [6] - The decline in raw material prices has improved profitability, with gross margin and net margin at 44% and 20%, respectively, showing increases of 1.7 and 1.1 percentage points year-on-year [6] - The company is expanding its product categories and geographic reach, with significant growth in its direct sales and online channels [8] Summary by Sections Performance Overview - Q1 2025 total revenue and net profit were 4.848 billion and 980 million yuan, with year-on-year growth of 39.2% and 47.6% [6] - Gross margin and net margin improved to 44% and 20%, with increases of 1.7 and 1.1 percentage points year-on-year [6] - Operating cash flow decreased by 26.5% year-on-year to 631 million yuan due to high pre-receivable bases and increased tax payments [6] Product Performance - Revenue from energy drinks, electrolyte drinks, and other beverages for Q1 2025 were 3.901 billion, 570 million, and 375 million yuan, with year-on-year growth of 26%, 261%, and 73% respectively [7] - The main product, Dongpeng Special Drink, continues to grow rapidly, while the new product "Brew Water" is in a high-growth phase [7] Channel and Regional Growth - Revenue from distribution, direct sales, and online channels for Q1 2025 were 4.283 billion, 457 million, and 104 million yuan, with year-on-year growth of 37%, 63%, and 54% respectively [8] - Revenue from the Guangxi and Guangdong regions and other regions reached 1.503 billion and 3.342 billion yuan, with year-on-year growth of 24% and 48% respectively [8] Profit Forecast - The company is expected to continue gaining market share in the energy drink sector, with electrolyte water becoming a second growth curve [10] - The EPS forecast for 2025-2027 has been adjusted to 8.67, 11.20, and 14.18 yuan, with corresponding PE ratios of 31, 24, and 19 times [10]

证券研究报告 | 2025年04月16日 东鹏饮料（605499.SH） 优于大市 第一季度收入同比增长 39%，第二曲线亮眼 公司 2025 年一季度收入同比增长 39%。东鹏饮料发布 2025 年一季报， 2025Q1 实现收入 48.48 亿元，同比增长 39.2%，归母净利润 9.80 亿元， 同比增长 47.6%。现金流方面，2025Q1 公司合同负债 38.70 亿元，同比增 加 12 亿元，环比下降 8.9 亿元，主要系新旧财年切换 2024Q4 合同负债同比 /环比增加 21/24 亿元。回款方面，2025Q1 公司销售商品收到的现金 48.63 亿元，同比+18.73%。 风险提示：原辅材料价格波动风险，行业竞争加剧，地缘政治风险。 投资建议：2025Q1 公司第二曲线延续高增，且成本费用优化卓有成效，考 虑公司后续规模效益仍有望持续释放，我们上修未来 3 年盈利预测。我们预 计 2025-2027 年公司实现营业总收入 205.17/253.36/300.83 亿元（前预 测值为 201.70/248.81/295.30 亿元），同比增长29.53%/23.49%/18.74%； 2025 ...

Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [2][10] Core Views - The company continues to deliver strong performance with revenue and net profit for Q1 2025 reaching 4.848 billion and 980 million yuan, respectively, representing year-on-year growth of 39.2% and 47.6% [6] - The decline in raw material prices has improved profitability, with gross margin and net margin at 44% and 20%, respectively, showing increases of 1.7 and 1.1 percentage points year-on-year [6] - The company is expanding its product categories and geographic reach, with significant growth in its direct sales and online channels [8] Summary by Sections Performance Overview - Q1 2025 total revenue and net profit were 4.848 billion and 980 million yuan, with year-on-year growth of 39.2% and 47.6% [6] - Gross margin and net margin improved to 44% and 20%, with increases of 1.7 and 1.1 percentage points year-on-year [6] - Operating cash flow decreased by 26.5% year-on-year, totaling 631 million yuan [6] Product Performance - Revenue from energy drinks, electrolyte drinks, and other beverages for Q1 2025 were 3.901 billion, 570 million, and 375 million yuan, with year-on-year growth of 26%, 261%, and 73% respectively [7] - The main product, Dongpeng Special Drink, continues to grow rapidly, while the new product "Brew Water" is in a high-growth phase [7] Channel and Regional Growth - Revenue from distribution, direct sales, and online channels for Q1 2025 were 4.283 billion, 457 million, and 104 million yuan, with year-on-year growth of 37%, 63%, and 54% respectively [8] - Revenue from the Guangxi and Guangdong regions and other regions were 1.503 billion and 3.342 billion yuan, with year-on-year growth of 24% and 48% respectively [8] Profit Forecast - The company is expected to continue increasing its market share in the energy drink sector, with electrolyte water becoming a second growth curve [10] - The EPS forecast for 2025-2027 has been adjusted to 8.67, 11.20, and 14.18 yuan, with corresponding PE ratios of 31, 24, and 19 times [10]

东鹏饮料（ [Table_StockNameRptType] 605499） 公司点评 再度超预期，成绩斐然 ——东鹏饮料 25Q1 点评 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-04-16 | [Table_BaseData] 收盘价（元） | 267.58 | | --- | --- | | 近 12 个月最高/最低 | 278.49/152.98 | | （元） | | | 总股本（百万股） | 520 | | 流通股本（百万股） | 520 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 1,391 | | 流通市值（亿元） | 1,391 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% 10% 41% 71% 101% 4/24 7/24 10/24 1/25 东鹏饮料 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 [Table_CompanyReport] 相关报告 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [14]. Core Insights - The company reported a revenue of 15.839 billion yuan for 2024, representing a year-on-year increase of 40.63%, with a net profit attributable to the parent company of 3.327 billion yuan, up 74.48% year-on-year [6][10]. - The energy drink segment continues to drive growth, contributing 13.304 billion yuan in revenue, a 28.49% increase, and accounting for 92.03% of total revenue [8]. - The company has seen a significant increase in cash received from sales in Q4, with a year-on-year growth of 74.4%, suggesting strong sales momentum into Q1 2025 [8]. - The company’s gross profit margin improved by 1.74 percentage points to 44.81%, while the net profit margin rose to 21%, an increase of 2.89 percentage points year-on-year [9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.839 billion yuan, with a growth rate of 40.63% compared to 2023 [10]. - The net profit for 2024 was 3.327 billion yuan, reflecting a growth rate of 63.09% [10]. - Earnings per share (EPS) for 2024 was reported at 6.40 yuan [10]. Market Position - The company’s market share in the energy drink sector increased from 43.0% in 2023 to 47.9% in 2024, indicating a strong competitive position [9]. - The company’s sales volume reached 4.2165 million tons in 2024, a 47.58% increase from the previous year, with significant contributions from key regions [8]. Future Projections - The report forecasts EPS for 2025, 2026, and 2027 to be 8.20 yuan, 10.10 yuan, and 12.91 yuan respectively, with corresponding price-to-earnings ratios of 32.61, 26.50, and 20.72 [9][10].

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 公司保持较快增长，盈利增强 ——东鹏饮料(605499)年报点评 证券研究报告-年报点评 增持(首次) 市场数据(2025-04-15) | 收盘价(元) | 267.58 | | --- | --- | | 一年内最高/最低(元) | 286.00/190.95 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.07 | | 流通市值(亿元) | 1,391.45 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 16.65 | | 每股经营现金流(元) | 1.21 | | 毛利率(%) | 44.47 | | 净资产收益率_摊薄(%) | 11.32 | | 资产负债率(%) | 61.81 | | --- | --- | | 总股本/流通股(万股) | 52,001.30/52,001.30 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 买入|维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-02 2025-04 -25% -13% -1% 11% 23% 35% 47% 59% 71% 83% 东鹏饮料 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 267.58 | | --- | --- | | 总股本/流通股本（亿股）5.20 | / 5.20 | | 总市值/流通市值（亿元）1,391 | / 1,391 | | 52 周内最高/最低价 | 286.00 / 190.95 | | 资产负债率(%) | 66.1% | | 市盈率 | 41.83 | | 第一大股东 | 林木勤 | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 东鹏饮料(605499) 25Q1 收入利润超预期，增长势头强劲 l 事件 市场有风 ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 东鹏饮料(605499) 买入|维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-02 2025-04 -25% -13% -1% 11% 23% 35% 47% 59% 71% 83% 东鹏饮料 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 267.58 | | --- | --- | | 总股本/流通股本（亿股）5.20 | / 5.20 | | 总市值/流通市值（亿元）1,391 | / 1,391 | | 52 周内最高/最低价 | 286.00 / 190.95 | | 资产负债率(%) | 66.1% | | 市盈率 | 41.83 | | 第一大股东 | 林木勤 | 研究所 25Q1 收入利润超预期，增长势头强劲 l 事件 公司发布 ...