Eastroc Beverage(605499) 信达证券·2025-03-14 08:22Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Insights - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, and a net profit attributable to shareholders of 3.327 billion yuan, up 63.09% year-on-year [2]. - The company is focusing on deepening its market presence in Guangdong while optimizing its distribution system and business team outside the province, which is expected to support good growth in the energy drink segment nationwide [2][3]. - The "Dongpeng Water" product line has shown excellent performance, with a revenue increase of 114.2% year-on-year in Q4 2024, contributing significantly to the overall revenue growth [2]. Financial Performance Summary - Total revenue for 2023 was 11.263 billion yuan, with a year-on-year growth of 32.4%. The projected revenues for 2025, 2026, and 2027 are 21.386 billion yuan, 25.713 billion yuan, and 28.841 billion yuan, respectively [3]. - The net profit attributable to shareholders for 2023 was 2.040 billion yuan, with a year-on-year growth of 41.6%. The projected net profits for the next three years are 4.475 billion yuan, 5.599 billion yuan, and 6.529 billion yuan [3]. - The gross profit margin for 2024 is expected to be 44.8%, with a gradual increase projected in the following years [3]. - The company’s EPS (Earnings Per Share) for 2024 is estimated at 6.40 yuan, with projections of 8.61 yuan, 10.77 yuan, and 12.55 yuan for 2025, 2026, and 2027, respectively [3].