Eastroc Beverage(605499) 光大证券·2025-03-11 03:26Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.6%, and a net profit of 3.327 billion yuan, up 63.1% year-on-year [4][10] - The product matrix of "dual engines + multiple categories" is gradually improving, with significant growth in both the Eastroc Energy Drink and the Eastroc Hydration product lines [10][11] - The company plans to expand its product offerings to include herbal teas and plant-based beverages, aligning with health trends in the industry [10] Revenue Performance - In 2024, the company reported a revenue of 158.39 billion yuan, with a net profit of 33.27 billion yuan, and a non-recurring net profit of 32.62 billion yuan [4][5] - The fourth quarter of 2024 saw a revenue of 32.81 billion yuan, a 25.1% increase year-on-year, and a net profit of 6.19 billion yuan, up 61.2% year-on-year [4][5] Product Performance - The Eastroc Energy Drink generated revenue of 133.04 billion yuan in 2024, a 28% increase year-on-year, accounting for 84.1% of total revenue [5] - The Eastroc Hydration product line achieved revenue of 14.95 billion yuan, a remarkable 280% increase year-on-year, capturing 9.5% of total revenue [5] - Other beverages contributed 10.2 billion yuan in revenue, reflecting a 103% year-on-year increase [5] Sales Channels - Revenue from distribution, key accounts, online, and other channels reached 136.1 billion, 17.4 billion, 4.5 billion, and 0.3 billion yuan respectively, with significant growth in online sales [6] - The number of active distributors exceeded 3,000, with nearly 4 million active sales points, supporting the company's channel expansion strategy [6][7] Regional Performance - Revenue by region in 2024: Guangdong (4.36 billion yuan), East China (2.20 billion yuan), Central China (2.07 billion yuan), Guangxi (1.15 billion yuan), Southwest (1.72 billion yuan), and North China (1.86 billion yuan), with notable growth in North China and Southwest regions [6][7] Profitability - The company's gross margin improved to 44.8% in 2024, up 1.7 percentage points year-on-year, driven by lower raw material costs [9] - The net profit margin reached 21.0%, an increase of 2.9 percentage points year-on-year [9] Future Outlook - The company aims for a revenue growth of at least 20% in 2025, with net profit also expected to grow by at least 20% [11] - The projected net profit for 2025 is 4.483 billion yuan, with an EPS of 8.62 yuan [12]