Eastroc Beverage(605499) Guotai Junan Securities·2025-02-27 08:40Investment Rating - The report maintains an "Accumulate" rating for Dongpeng Beverage (605499) with a target price of 319.00, unchanged from the previous rating [2][12]. Core Views - Short-term adjustments have limited impact, and long-term growth remains assured, driven by the dual engines of energy drinks and hydration products [3][12]. - The company is expected to achieve significant revenue growth, with projected revenues of 16.23 billion in 2024, 21.12 billion in 2025, and 26.57 billion in 2026, reflecting growth rates of 44.1%, 30.1%, and 25.8% respectively [5][13]. - Net profit attributable to the parent company is forecasted to reach 3.28 billion in 2024, 4.43 billion in 2025, and 5.68 billion in 2026, with year-on-year growth rates of 60.8%, 35.1%, and 28.2% respectively [5][13]. Financial Summary - Revenue for 2022 was 8.51 billion, with a year-on-year growth of 21.9%, and is expected to grow to 11.26 billion in 2023, representing a 32.4% increase [5][13]. - The net profit for 2022 was 1.44 billion, with a year-on-year growth of 20.8%, projected to increase to 2.04 billion in 2023, a growth of 41.6% [5][13]. - The earnings per share (EPS) for 2022 was 2.77, expected to rise to 3.92 in 2023, and further to 6.31 in 2024 [5][13]. Market Position and Growth Drivers - The energy drink market is anticipated to grow at a rate of 12.3% in 2024, with Dongpeng positioned to capture market share due to its high cost-performance ratio and enhanced channel capabilities [12]. - The hydration product "Bushi La" is expected to become a second growth engine, with a projected CAGR of 17% from 2021 to 2024, driven by increased consumer demand for electrolyte replenishment [12].