研報掘金丨中泰證券:維持東鵬飲料“買入”評級,整體動銷呈現高速增長態勢
中泰證券研報指出,今年來隨着整體能量飲料消費需求向好,東鵬飲料(605499.SH)作為中國能量飲料頭部品牌,整體動銷呈現高速增長態勢。2024Q1-3東鵬特飲系列實現營業收入105.07億元,同增31.43%,補水啦實現營業收入12.11億元,同增292.11%,銷售佔比達到9.66%,同增6.09pcts。渠道反饋來看,11月份以來東鵬延續高速增長態勢,部分渠道出現爆單及供不應求的現象。認為公司此次擴產計劃一方面為補充因動銷表現較旺導致產能不足的情況,另一方面我們預計東鵬或開啟海外佈局新篇章,為公司帶來海外增長曲線。隨着公司持續深化全渠道戰略佈局,優化區域結構,在夯實能量飲料的基礎上積極培育和發展多元化產品矩陣,考慮到公司前三季度收入利潤表現遠超年初制定的年度基本經營目標,同時考慮到東鵬2024 年全國化網點拓展順利,新品佈局較為成功,維持“買入”評級。
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