Eastroc Beverage(605499) 华创证券·2025-03-09 10:30Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 260 yuan [9][34]. Core Views - The company has shown rapid national expansion and is initiating an international strategy, with a significant increase in revenue and profit for 2024 [2][9]. - The company achieved total revenue of 15.839 billion yuan in 2024, a year-on-year increase of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [2][9]. - The report highlights strong cash flow and a substantial increase in sales collections, indicating robust demand and inventory replenishment [9][10]. Financial Performance Summary - Total revenue for 2024 reached 15.839 billion yuan, with a year-on-year growth of 40.63% [2][10]. - The net profit attributable to shareholders was 3.327 billion yuan, reflecting a year-on-year increase of 63.09% [2][10]. - The company plans to distribute dividends of approximately 2.5 yuan per share, with a total payout of around 2.3 billion yuan, resulting in a dividend payout ratio of about 69% [2][9]. Regional Performance Summary - Revenue from Guangdong reached 4.36 billion yuan, with a year-on-year growth of 16.0%, while other regions showed even higher growth rates [9][13]. - The company has expanded its online presence significantly, with a 117% year-on-year increase in online sales [9][10]. - The report notes that the company has increased its distribution network from 3.4 million to nearly 4 million outlets [9][10]. Product Performance Summary - Revenue from energy drinks reached 13.3 billion yuan, with a year-on-year increase of 28.5%, while electrolyte drinks saw a remarkable growth of 280.4% [9][10]. - The company has successfully launched new products, contributing to an increase in revenue share from its new offerings [9][10]. Future Outlook - The company is expected to maintain high growth rates, with projected revenues of 20.149 billion yuan in 2025 and 24.451 billion yuan in 2026, reflecting year-on-year growth rates of 27.2% and 21.3% respectively [10][21]. - The report anticipates continued expansion in both domestic and international markets, with plans for an H-share issuance to support its international strategy [9][10].