CICC: Lowered the target price of Dongpeng Beverage A stock to 273 yuan, maintaining an "outperform" rating in the industry.

CICC released a research report indicating that Dongpeng Beverage's revenue in 2025 will be 20.88 billion yuan, with an annual growth rate of 31.8%; the net profit attributable to the mother will be 4.41 billion yuan, with an annual growth rate of 32.7%; the non-net profit will be 4.18 billion yuan, with an annual growth rate of 28.3%. Among them, the revenue in the fourth quarter was 4.03 billion yuan, with an annual growth rate of 22.9%; the net profit attributable to the mother was 650 million yuan, with an annual growth rate of 5.5%; the non-net profit was 640 million yuan, with an annual growth rate of 7.6%, lower than the bank's expectations, mainly due to higher expenses in the last quarter. Considering the downward shift in valuation center, the bank has lowered Dongpeng Beverage's A-share target price by 17% to 273 yuan, maintaining its "outperform industry" rating.