Eastroc Beverage(605499) 信达证券·2025-04-20 07:28Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company has shown strong revenue growth, achieving a revenue of 4.848 billion yuan in Q1 2025, representing a year-on-year increase of 39.23%. The net profit attributable to the parent company reached 980 million yuan, up 47.61% year-on-year [2][5] - The company is expected to maintain good growth in the energy drink market nationwide, supported by its pricing and channel advantages [5] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023A: 11.263 billion yuan - 2024A: 15.839 billion yuan - 2025E: 21.527 billion yuan - 2026E: 27.832 billion yuan - 2027E: 35.390 billion yuan - Year-on-year growth rates for total revenue are projected at: - 2023A: 32.4% - 2024A: 40.6% - 2025E: 35.9% - 2026E: 29.3% - 2027E: 27.2% [4] - Net profit attributable to the parent company is projected as follows: - 2023A: 2.040 billion yuan - 2024A: 3.327 billion yuan - 2025E: 4.636 billion yuan - 2026E: 6.231 billion yuan - 2027E: 8.229 billion yuan - Year-on-year growth rates for net profit are projected at: - 2023A: 41.6% - 2024A: 63.1% - 2025E: 39.4% - 2026E: 34.4% - 2027E: 32.1% [4] Profitability Metrics - The gross margin is expected to improve from 43.1% in 2023A to 48.2% in 2027E [4] - Return on Equity (ROE) is projected to increase from 32.3% in 2023A to 60.4% in 2027E [4] - Earnings per Share (EPS) projections are as follows: - 2023A: 3.92 yuan - 2024A: 6.40 yuan - 2025E: 8.92 yuan - 2026E: 11.98 yuan - 2027E: 15.82 yuan [4] Investment Recommendations - The company is expected to continue contributing to revenue growth based on its competitive advantages in pricing and distribution channels. The projected PE ratios for 2025 are 31, 23, and 18 for the years 2025, 2026, and 2027 respectively [5]