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研報掘金丨華鑫證券:維持東鵬飲料“買入”評級,業績有望保持穩健增長
華鑫證券研報指出,2025H1東鵬飲料營收穩健增長,主要系公司在廣東區域繼續實行全渠道精耕策略,同時積極開拓全國銷售渠道,帶動500ml金瓶及補水啦等新品銷量增長。分區域看,2025H1廣東/華北區域收入分別同增21%/73%至25.46/17.08億元,廣東區域作爲大本營在高基數下增速仍超20%,華北市場拓展成效顯著,各區受益於渠道拓展與新品擴張,均實現高速增長。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。根據2025年半年報,預計2025-2027年EPS分別爲8.67/11.20/14.18元,當前股價對應PE分別爲35/27/21倍,維持“買入”投資評級。
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