Eastroc Beverage: APAC Consumer & Leisure Corporate Day 2026 Takeaways - 2Q on weather/macro pressure but outperforming industry

研报英文原文证据摘录

Eastroc Beverage: APAC Consumer & Leisure Corporate Day 2026 Takeaways - 2Q on weather/macro pressure but outperforming industry

Goldman Sachs Eastroc Beverage

Rmb2.0bn A-share buyback program, of which c.Rmb1.0bn has already been

completed, while considering L-T commitment on dividend payout. The company

A-share is trading at 17x/15x 2025/26EP/E vs. 15% 2026-28E earnings CAGR.

Reiterate Buy.

The authors would like to thank Lily Qi for her contribution to this report.

Also read:

Eastroc Beverage (605499.SS): Cautious outlook for 2Q given weather/macro

headwinds, while market share gains and L-T multi-category expansion on track; Buy

Key Takeaways

1. 2Q26 energy drink shipments slowed on weather and capacity constraints, but

mgmt believes 3Q26 re-acceleration is fairly visible: Mgmt noted that special

drink retail sales growth slowed to slight positive in 2Q26 per Mashangying due to

adverse weather across region (per Mashangying), though continuing to outperform

the declining industry, while shipment growth was reduced to SD% with some

capacity bottlenecks (shifting to Guozhicha). Into 3Q, mgmt expects energy drink

to accelerate on the back of: 1) likely less adverse weather, with the company

observing a sharp rebound in retail sales during warmer, non-rainy days in late May;

2) healthy channel inventory across categories, and stimulated by 3) more

events/holiday promotions. For New energy drink SKU Oriental Dapeng launched in

June, mgmt noted the low-sugar canned new SKU targets young and

mid-to-high-end consumers to compete directly with Red Bull, prioritizing

CVS/Commerce channels to avoid cannibalization of special drinks.

2. Multi-category strategy continue to deliver strong results, led by

Guozhicha/Bushuila/Daka outperformance: Guozhicha is the best performer YTD