Eastroc (H/A): Revenue expectation reset but growth still well above peers; reiterate Buy

研报英文原文证据摘录

Eastroc (H/A): Revenue expectation reset but growth still well above peers; reiterate Buy

iQprofile SM Eastroc (H/A)

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(CNY Millions) Soft Drinks

Sales 15,839 20,875 24,131 27,278 30,160

Gross Profit 6,937 9,155 10,665 11,435 12,854

Sell General & Admin Expense (3,169) (4,048) (4,706) (5,224) (5,701) Company Description Operating Profit 3,768 5,107 5,959 6,211 7,153

Net Interest & Other Income 339 478 514 585 653 Eastroc, the China's energy drink leader, was founded in

Associates NA NA NA NA NA 1994 and completed the restructuring from a state-owned

Pretax Income 4,107 5,584 6,473 6,796 7,806 enterprise to a private company in 2003. Eastroc is a top

Tax (expense) / Benefit (781) (1,170) (1,357) (1,424) (1,636) player in China's energy industry. Eastroc Super Drink is the

Net Income (Adjusted) 3,327 4,415 5,117 5,372 6,170

company's bestselling product, with production capacities

Average Fully Diluted Shares Outstanding 676 676 734 734 734

across the country. It has been approved by State Food and

Key Cash Flow Statement Data

Drug Administration.

Net Income 3,327 4,415 5,117 5,372 6,170

Depreciation & Amortization 343 467 526 589 647

Change in Working Capital 2,455 1,930 626 693 608

Deferred Taxation Charge NA NA NA NA NA Investment Rationale

Other Adjustments, Net (336) (638) 0 0 0 While we see limited challenges from new entrants in this

Cash Flow from Operations 5,789 6,174 6,269 6,655 7,426 well-regulated industry and Red Bull also continues to

Capital Expenditure (1,687) (2,269) (2,000) (1,500) (1,575) suffer from the trademark issues, Eastroc is on a fast track

(Acquisition) / Disposal of Investments (5,383) (2,095) 0 0 0

to expand on a national scale and gain new market share,