Eastroc Beverage(605499) 开源证券·2025-03-11 08:25Investment Rating - The investment rating for Dongpeng Beverage is maintained at "Outperform" [1] Core Views - The company is expected to achieve a revenue of 15.84 billion yuan in 2024, representing a year-on-year increase of 40.6%. The net profit attributable to shareholders is projected to be 3.33 billion yuan, up 63.1% year-on-year [4][6] - In 2025, the company aims for a revenue and net profit growth of no less than 20%, with a focus on consolidating market presence and seeking new growth points through product expansion and overseas market entry [7] Financial Performance Summary - In 2024, the company's revenue reached 15.84 billion yuan, with a net profit of 3.33 billion yuan, reflecting significant growth compared to 2023 [9] - The gross margin improved to 44.8% in 2024, up 1.74 percentage points year-on-year, driven by lower raw material costs and economies of scale [6] - The net profit margin for 2024 was 21.0%, an increase of 2.89 percentage points year-on-year [6] Market Performance - The energy drink segment saw a revenue increase of 28.7% in 2024, with sales volume up 29.3% [5] - The electrolyte water segment experienced a remarkable revenue growth of 280.4%, with sales volume increasing by 279.8% [5] - Regional performance showed significant growth, with the East China market growing by 57.2% and the North China market by 83.8% [5] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025 is adjusted to 3.996 billion yuan, with further projections of 4.757 billion yuan in 2026 and 5.210 billion yuan in 2027 [4][9] - The earnings per share (EPS) are projected to be 7.68 yuan for 2025, 9.15 yuan for 2026, and 10.02 yuan for 2027 [4][9]