研報掘金丨東吳證券:維持東鵬飲料“買入”評級,第二曲線持續發力
東吳證券研報指出,東鵬飲料收入符合預期,第二曲線持續發力。25Q2公司收入預告同比增長中樞約+34%,保持良好增勢,2025年公司堅持動銷爲先,持續推進全國化戰略,通過精細化渠道管理,不斷加強渠道運營能力,預計全年網點數量可突破400餘萬家,同時公司持續加大冰凍化建設,提高全品項產品的曝光率、拉動終端動銷,核心單品動銷穩步向全年目標邁進。此外,特飲基本盤基礎之上,公司積極探索多品類發展,培育新的增長點,其中補水啦網點規模持續擴大,旺季動銷環比已顯提速態勢,Q1推出果汁茶新品,渠道反饋目前鋪貨網點近200萬個,日銷持續爬坡、逐步貢獻銷售增量,持續驗證公司大單品打造能力。伴隨天氣轉暖以及鋪市率提升,公司第二曲線產品補水啦、果汁茶日均動銷提速明顯,且今年公司加大資源支持,包括代言人邀請、全國分衆新潮梯媒廣告、全國大型賽事、馬拉鬆等項目贊助,品牌曝光持續提升,短期增速略有回落不改長期增長勢頭,維持“買入”評級。
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