东鹏饮料：多元化成效显著，业绩强势高增-20250309

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [3]. Core Insights - The company achieved a revenue of 15.839 billion RMB in 2024, representing a year-on-year growth of 40.6%. The net profit attributable to shareholders reached 3.327 billion RMB, up 63.1% year-on-year [1]. - The multi-category strategy has led to accelerated revenue expansion, with significant growth in various product lines, including a 280.37% increase in the "Water" category [1][2]. - The company is expected to continue its growth trajectory with projected net profits of 4.411 billion RMB, 5.596 billion RMB, and 6.928 billion RMB for 2025, 2026, and 2027, respectively [3]. Performance Analysis - The company reported a net profit margin of 21.0% for 2024, an increase of 2.9 percentage points year-on-year, driven by cost reductions and scale effects [2]. - The gross profit margin for electrolyte beverages reached 29.7%, reflecting a 3.2 percentage point increase year-on-year [2]. - The company has expanded its distribution network significantly, with nearly 400,000 active retail outlets and over 30,000 refrigerators deployed by the end of 2024 [1]. Financial Projections - Revenue is projected to grow to 20.607 billion RMB in 2025, with a growth rate of 30.1% [6]. - The diluted earnings per share are expected to increase from 6.397 RMB in 2024 to 8.482 RMB in 2025 [6]. - The return on equity (ROE) is forecasted to remain strong, with a projected 41.85% in 2025 [6].