Eastroc Beverage(605499) 华安证券·2025-04-16 09:15Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant revenue increase of 39.23% year-on-year in Q1 2025, reaching 4.848 billion yuan, with a net profit of 980 million yuan, up 47.62% [6][7] - The main business, energy drinks, saw a revenue growth of 25.7%, contributing to 80.5% of total revenue, with strong performance across various regions [6][7] - The company’s gross margin improved to 44.47%, a year-on-year increase of 1.7 percentage points, driven by economies of scale and cost improvements [5][6] Revenue and Profit Analysis - Q1 2025 revenue was 4.848 billion yuan, with a net profit of 980 million yuan, exceeding market expectations by 30% and 35% respectively [6][7] - The company’s contract liabilities reached 3.87 billion yuan, indicating a strong revenue pipeline [6][7] - The second product line, including new products, achieved a revenue growth of 152.1%, contributing 19.5% to total revenue [6][7] Financial Forecast - The company is projected to achieve revenues of 21.43 billion yuan, 27.89 billion yuan, and 34.95 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 35.3%, 30.1%, and 25.3% [7][9] - Net profit forecasts are 4.70 billion yuan, 6.39 billion yuan, and 8.25 billion yuan for the same years, with growth rates of 41.3%, 35.9%, and 29.2% [7][9] - The current price-to-earnings ratio (P/E) is projected to be 30, 22, and 17 for the years 2025, 2026, and 2027 respectively [7][9]