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研報掘金丨華鑫證券:東鵬飲料業績高增符合預期,維持“買入”評級
格隆匯 07-14 17:12

華鑫證券研報指出,東鵬飲料業績高增符合預期,全國化多品類戰略成效顯著。2025H1歸母淨利潤23.10-24.50億元(同增33%-42%),其中2025Q2歸母淨利潤13.30-14.70億元(同增25%-38%),利潤增速放緩主要系二季度加大冰凍化投入帶來銷售費用增加所致,短期費用確認節奏影響利潤表現,預計全年費用率保持平穩。渠道方面,公司保持市場精耕細作,加速推動全國銷售網絡建設,大力投入冰凍化建設,加強冰櫃投放與貨架優化,提高全品項產品曝光率,拉動終端動銷。目前,公司已形成能量飲料和電解質飲料雙引擎,茶飲料、咖啡飲料、果蔬汁、植物蛋白類飲料等多品類覆蓋的產品矩陣,隨着多品類協同放量,公司業績有望保持穩健增長。公司延續一貫增勢,以半年超百億的營收印證其全國化+多品類發展戰略的高成長性與可持續性,隨着渠道深耕優化與多品類協同放量,公司業績有望保持穩健增長。維持“買入”投資評級。

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