研報掘金丨信達證券:東鵬飲料Q2預計收入持續高增,維持“買入”評級
信達證券研報指出,東鵬飲料預計上半年實現歸母淨利潤23.1~24.5億元,同比+33.48%~41.57%;其中預計2025Q2收入57.82~59.92億元,同比+31.67%~36.46%。Q2預計收入持續高增,新品表現可期。2025Q1公司補水啦收入同比+261.46%至5.70億元,補水啦以外的其他飲料收入同比+72.62%至3.75億元。展望二季度,認爲補水啦有望延續一季度高增的趨勢。此外,公司2025年年初上市果之茶新品,認爲有望受益於公司渠道優勢貢獻收入增量。認爲核心原因在於Q2處於飲料消費旺季,公司增加冰箱投入所致。公司在廣東省內持續深耕,而省外不斷優化經銷體系、完善業務團隊,認爲公司能量飲料有望在全國市場保持較好增長。展望2025年下半年,認爲在“東鵬補水啦”自身價格優勢和渠道優勢的基礎上,有望繼續貢獻收入增量。我們預計公司2025-2027年EPS分別爲9.02、11.82、14.57元,對應2025年7月16日收盤價(291.7元/股)PE爲32、25、20倍,維持“買入”評級。
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