东鹏饮料（605499）：一季度收入同比增长39%，第二曲线亮眼

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][19] Core Views - The company reported a revenue of 4.848 billion yuan in Q1 2025, representing a year-on-year growth of 39.2%, with a net profit of 980 million yuan, up 47.6% year-on-year [1][9] - The company continues to experience strong growth in its specialty drinks segment, maintaining over 25% growth, with the "Brewed Water" product line showing exceptional performance [2][4] - The company has optimized its cost structure, leading to improved profitability, with a gross margin of 44.5%, an increase of 1.7 percentage points year-on-year [3][10] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 48.48 billion yuan, a 39.2% increase year-on-year, and a net profit of 9.80 billion yuan, reflecting a 47.6% growth [1][9] - The cash flow from sales reached approximately 48.63 billion yuan, an increase of 18.73% year-on-year [9] - The company’s gross margin improved to 44.5%, benefiting from economies of scale and cost reductions [3][10] Product Segmentation - Specialty drinks, electrolyte water, and other beverages generated revenues of 3.901 billion, 570 million, and 375 million yuan respectively, with year-on-year growth rates of 25.7%, 261.5%, and 72.6% [2][4] - The "Brewed Water" product line has maintained high growth through flavor expansion and increased market penetration [2][4] Regional Performance - Revenue growth by region includes Guangdong (21.6%), East China (30.8%), Central China (28.6%), Guangxi (31.9%), Southwest (61.8%), North China (71.7%), online sales (54.2%), and key customer segments (53.3%) [2][4] Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting total revenues of 205.17 billion, 253.36 billion, and 300.83 billion yuan, with year-on-year growth rates of 29.53%, 23.49%, and 18.74% respectively [4][17] - The projected net profit for the same period is 45.33 billion, 59.53 billion, and 73.95 billion yuan, with growth rates of 36.25%, 31.33%, and 24.23% [4][17]