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研報掘金丨中郵證券:維持東鵬飲料“買入”評級 高基數下能量飲料穩健增長

中郵證券研報指出,2025年上半年東鵬飲料實現歸母淨利潤23.1-24.5億元,同比增長33.48%-41.57%,單Q2實現歸母淨利潤13.30-14.70億元,同比增長24.68%-37.81%。高基數下單二季度能量飲料增速較好穩健,電解質水高速增長、果之茶表現超預期。單季度利潤增速略低於收入增速,主因去年同期淨利率基數較高,疊加費用投放節奏與去年錯期(今年冰櫃投放預計數量顯著高於去年、且二季度估計投放並確認較多冰櫃費用),預計下半年該影響因素會顯著減弱。成本端白砂糖價格過去兩個月有所回落,預計成本端保持改善的趨勢。該行略調高盈利預測,對應當前股價PE爲33/25/20倍,維持“買入”評級。

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