Eastroc Beverage(605499) 信达证券·2025-04-20 08:23Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company achieved a revenue of 4.848 billion yuan in Q1 2025, representing a year-on-year increase of 39.23%, with a net profit attributable to shareholders of 980 million yuan, up 47.61% year-on-year [2][5] - The company continues to deepen its market presence in Guangdong while optimizing its distribution system and business team outside the province, indicating strong growth potential for its energy drinks nationwide [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 shareholders 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] - The gross profit margin is expected to improve from 43.1% in 2023A to 48.2% in 2027E [4] Earnings Per Share (EPS) and Valuation Metrics - Projected EPS for the company is as follows: - 2025E: 8.92 yuan - 2026E: 11.98 yuan - 2027E: 15.82 yuan - Corresponding P/E ratios based on the closing price of 280.8 yuan per share on April 18, 2025, are projected at: - 2025E: 31.49 - 2026E: 23.44 - 2027E: 17.75 [5][4]