研報掘金丨招商證券:維持東鵬飲料“強烈推薦”評級,目標價256元
招商證券研報指出,東鵬飲料(605499.SH)24年收入/歸母淨利潤同比+40.6%/+63.1%,落在此前業績預告偏上區間,現金流在報表高增下更顯亮眼。展望後續,東鵬特飲基本盤穩固,渠道精耕持續,公司積極品類探索和出海嘗試,看好渠道精細化背景下,400萬終端的潛在成長空間。24年公司經營性現金流同比+76.4%至57.9億。同時,24年公司現金分紅比例由49%提升至78%,成長期分紅提升彰顯與股東共享成果的誠意。25年目標實現營收/淨利潤不低於+20%/+20%,與24年保持一致。給予目標價256元,維持“強烈推薦”評級。
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