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研報掘金丨國泰君安:東鵬飲料業績超預期,維持“增持”評級

國泰君安研報指出,東鵬飲料(605499.SH)發佈前三季度業績預增公吿,實現歸母淨利潤26~27.3億元,同比+57%~65%;Q3單季度預計公司淨利率落於19.2%~20.6%區間,同比增長2~3.4pct,盈利能力改善預計主要歸功於毛利率的改善。總體而言,在消費者提神抗疲勞訴求提升背景下,公司通過加快全國化佈局的推進以及精細化渠道管理+冰凍化陳列加大提升單點售力,從而實現了市場份額的加速提升,再加上引領電解質水行業的擴容,因此公司業績超市場預期。參考農夫山泉、燕京啤酒及安井食品給與公司2025年1.01X PEG,上調目標價至249.5元(前值為206.78元),維持“增持”評級。

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