Eastroc Beverage(605499) 国元证券·2025-03-11 11:09Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Views - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, with a net profit of 3.327 billion yuan, up 63.09% year-on-year [1]. - The electrolyte beverage segment saw significant growth, with revenue increasing by 280.37% year-on-year [2]. - The company is planning to issue H shares to support its international business development [4]. Revenue Growth - The company's revenue from energy drinks, electrolyte drinks, and other beverages for 2024 was 13.304 billion, 1.495 billion, and 1.023 billion yuan, respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - Revenue from various channels showed comprehensive growth, with distribution, key accounts, online, and other channels achieving revenues of 13.607 billion, 1.744 billion, 0.445 billion, and 0.026 billion yuan, respectively, with year-on-year growth rates of 37.28%, 57.59%, 116.95%, and -2.48% [3]. - The company’s revenue in Guangdong and nationwide reached 4.360 billion and 9.010 billion yuan, respectively, with year-on-year growth of 15.93% and 49.57% [3]. Profitability Improvement - The company's net profit margin and gross margin for 2024 were 21.00% and 44.81%, respectively, with increases of 2.89 and 1.74 percentage points year-on-year [5]. - In Q4 2024, the net profit margin was 18.88%, reflecting a year-on-year increase of 4.23 percentage points [5]. Future Projections - The company is projected to achieve net profits of 4.350 billion, 5.584 billion, and 6.810 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 30.75%, 28.37%, and 21.95% [6].