研報掘金丨華源證券:首予東鵬飲料“增持”評級,國產功能飲料龍頭持續進化
華源證券研報指出,東鵬飲料爲功能飲料行業龍頭,公司基本面快速增長。分品類來看,公司當前產品結構逐步趨於多元化,能量飲料/電解質飲料/其他飲料25H1分別實現收入83.61/14.93/8.77億元,分別同比增速21.91%/213.71%/66.24%。公司第二曲線“補水啦”精準定位大量出汗後急需補充電解質的消費場景,鎖定運動人羣和學生羣體,並持續豐富口味和規格來滿足多樣化消費需求,自推出以來便持續維持較高增速,公司電解質飲料25Q2單季度實現收入9.23億元,同比增速達190.05%,Q2單季度營收佔比對比去年同期提升8.42pct至15.68%,對營收增速的推動作用愈發明顯,預計未來隨着產品口味規格不斷豐富和銷售渠道的進一步拓展,“補水啦”單品高增勢能有望延續。另外,數字化體系賦能公司多元拓展,強終端掌控能力助力公司平臺化發展。選取可比公司歡樂家、百潤股份、農夫山泉25年平均PE值35倍,考慮到公司基本面高增勢能延續,首次覆蓋,給予“增持”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.