Eastroc Beverage(605499) 万联证券·2025-04-17 10:23Investment Rating - The investment rating for the company is "Add" [8] Core Views - The company has achieved high growth in performance, with a revenue of 4.848 billion yuan in Q1 2025, representing a year-on-year increase of 39.23%, and a net profit of 980 million yuan, up 47.62% year-on-year [2][3] - The company's strategy of "nationalization + multi-category" is effectively driving growth, particularly in energy drinks and electrolyte beverages, with significant revenue increases in emerging markets [3][9] Summary by Sections Performance Overview - In Q1 2025, the company's main business revenue was primarily from energy drinks, generating 3.901 billion yuan, a year-on-year increase of 25.71%, accounting for 80.50% of total revenue [3] - Electrolyte beverage revenue reached 570 million yuan, up 261.46% year-on-year, increasing its share to 11.76% [3] - Other beverage sales amounted to 375 million yuan, a 72.62% increase year-on-year, contributing 7.74% to total revenue [3] Regional Performance - The company successfully expanded into emerging markets such as North China and Southwest regions, with North China achieving sales of 746 million yuan, up 71.67% year-on-year, and Southwest region revenue of 623 million yuan, up 61.78% [3] - Revenue from Guangdong was 1.125 billion yuan, a 21.58% increase year-on-year, but its share decreased to 23.22% [3] Profitability - The gross margin increased by 1.70 percentage points to 44.47% in Q1 2025, primarily due to lower raw material prices and economies of scale [4] - The net profit margin rose by 1.14 percentage points to 20.21% [4] Financial Forecast - The company aims for over 20% growth in revenue and net profit for 2025, with projected net profits of 4.029 billion yuan, 4.937 billion yuan, and 6.107 billion yuan for 2025, 2026, and 2027 respectively [9] - Earnings per share (EPS) are expected to be 7.75 yuan, 9.49 yuan, and 11.74 yuan for the same years [9]