Eastroc Beverage(605499) 信达证券·2025-03-14 08:23Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company achieved a revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, with a net profit attributable to the parent company 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 overall revenue growth [2]. Financial Summary - Total revenue for 2023 was 11.263 billion yuan, with a year-on-year growth of 32.4%. The projected revenue for 2025 is 21.386 billion yuan, reflecting a growth rate of 35.0% [3]. - The net profit attributable to the parent company for 2023 was 2.040 billion yuan, with a year-on-year increase of 41.6%. The forecast for 2025 is 4.475 billion yuan, indicating a growth of 34.5% [3]. - The gross margin for 2024 is projected to be 44.8%, with a gradual increase to 47.8% by 2027 [3]. - The earnings per share (EPS) for 2024 is estimated at 6.40 yuan, with projections of 8.61 yuan for 2025 and 10.77 yuan for 2026 [3].