Eastroc Beverage(605499) 平安证券·2025-03-10 03:18Investment Rating - The report maintains a "Recommended" rating for the company [1][10][15] Core Views - The company achieved a revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [4][10] - The company is expanding its product matrix to meet diverse consumer needs, focusing on energy drinks and electrolyte beverages as its main revenue sources [9][10] - The company is experiencing a significant improvement in profit margins due to cost reductions and economies of scale, with a gross margin of 44.81% in 2024, up 1.74 percentage points year-on-year [9][10] Financial Performance Summary - Revenue projections for 2025-2027 are 20.603 billion yuan, 25.653 billion yuan, and 30.722 billion yuan, with respective year-on-year growth rates of 30.1%, 24.5%, and 19.8% [7][10] - Net profit forecasts for the same period are 4.390 billion yuan, 5.537 billion yuan, and 6.774 billion yuan, with year-on-year growth rates of 32.0%, 26.1%, and 22.4% [7][10] - The company’s return on equity (ROE) is projected to be 43.4% in 2025, 42.1% in 2026, and 40.1% in 2027 [13] Market and Strategic Insights - The company is focusing on a national expansion strategy, with significant revenue growth in regions such as North China and Southwest China, achieving year-on-year growth rates of 83.85% and 54.65% respectively [9][10] - The company’s sales channels are diversified, with significant contributions from distribution, key accounts, and online sales, showing rapid growth in the latter two [9][10]