Eastroc Beverage(605499) 天风证券·2025-03-11 08:25Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 15.84 billion yuan and a net profit of 3.33 billion yuan in 2024, representing year-on-year growth of 40.63% and 63.09% respectively [1][3]. - The company aims for a revenue and net profit growth target of no less than 20% for 2025, with specific expectations for its flagship product, Dongpeng Special Drink, to maintain steady growth [3][4]. - The company plans to enhance its capital strength and international brand image by issuing H shares and distributing a cash dividend of 1.3 billion yuan to shareholders [3]. Financial Performance - In 2024, the company reported revenue from Dongpeng Special Drink, Electrolyte Water, and other beverages of 13.30 billion yuan, 1.50 billion yuan, and 1.02 billion yuan respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - The gross margin and net margin improved to 44.81% and 21.00% respectively, with a notable decrease in sales and management expense ratios [2][4]. - The company’s revenue is projected to grow to 20.61 billion yuan in 2025, with a net profit of 4.50 billion yuan, reflecting growth rates of 30.11% and 35.29% respectively [4][11]. Market Position - Dongpeng Special Drink holds a 47.9% market share in the energy drink segment, with a sales revenue share of 34.9%, maintaining a strong position in the market [2]. - The company has expanded its distribution network significantly, adding 212 new distributors, bringing the total to 3,193, and increasing active terminal points to nearly 4 million [2][3]. Future Outlook - The company is expected to continue its growth trajectory with new product launches in the health beverage segment, including herbal teas and plant-based drinks [2][3]. - The projected revenue growth rates for 2025 to 2027 are 30%, 25%, and 23% respectively, with corresponding net profit growth rates of 35%, 28%, and 25% [3][4].