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研報掘金丨國泰君安:東鵬飲料回調之後性價比凸顯,維持“增持” 評級
格隆匯 02-24 15:47

國泰君安研報指出,東鵬飲料(605499.SH)近期股價有所調整,主因大股東減持以及春節錯位導致短期發貨數據降速,不過拉長時間維度看,在能量飲料及補水啦雙輪驅動帶動下我們認為公司成長無虞,預計2025年公司收入增長30%,歸母淨利潤增長35%,當前市值對應2025年25X,PEG 僅0.7X,回調之後性價比凸顯。維持“增持” 評級及目標價319元。展望未來,考慮到公司兩廣以外市場無論是網點佈局還是單點售力都有巨大提升潛力,認為依託於公司產品/渠道/品牌力的同步提升,中長期超額收益可期,預計到2026年,東鵬特飲收入體量有望超過200億,成為自可口可樂、紅牛及農夫山泉之後的第四大200 億級大單品。2025年公司將加大補水啦品牌力的塑造力度,將補水啦從電解質水的定位進一步升級至清淡型功能飲料的定位,實現消費人羣、消費場景的進一步擴充,同時考慮到補水啦當前在特飲網點的覆蓋率僅6成,且特飲本身仍在持續擴網點,認為在渠道/品牌雙輪驅動帶動下補水啦中期有望成長為公司的第二增長引擎。

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