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研報掘金丨太平洋證券:予東鵬飲料“買入”評級,成功打造第二成長曲線,產品矩陣逐步豐富
格隆匯 03-11 15:10
太平洋證券研報指出,東鵬飲料(605499.SH)大單品保持高增,補水啦全年實現增速280%的超預期增長。Q4進入傳統飲料淡季,高基數下收入實現穩健增長,Q4收入同比增長25.1%。全年來看能量飲料大單品在高基數上實現近30%的可觀增長,據尼爾森IQ統計,2024年東鵬特飲銷售市佔率同比提升4.9pct 至47.9%,銷售額市佔率同比提升4pct 至34.9%,連續四年成為銷售量最高的能量飲料。補水啦憑藉精準的“快速補充電解質”定位超預期放量至近15億體量,兩年時間成為“十億級”大單品。2024年公司構建東鵬特飲+補水啦為雙引擎品類,將產品從“累點”“困點”場景向“汗點”場景有效延伸,成功打造第二成長曲線,產品矩陣逐步豐富。按照2025年業績給31倍PE,一年目標價262.31元,給予“買入”評級。
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