China Post Securities: Maintain a "buy" rating on Dongpeng Beverage. Energy drinks show stable growth in a high base period.

The research report of China Post Securities pointed out that in the first half of 2025, Dongpeng Beverage is expected to achieve a net profit attributable to the parent company of 23.1-24.5 billion yuan, a year-on-year increase of 33.48%-41.57%, and a net profit attributable to the parent company of 13.30-14.70 billion yuan in Q2 alone, a year-on-year increase of 24.68%-37.81%. Under a high base, energy drinks in the second quarter maintained a good and steady growth rate, electrolyte water saw high-speed growth, and the performance of fruit tea exceeded expectations. The profit growth rate in a single quarter is slightly lower than the revenue growth rate, mainly due to the high net profit margin base in the same period last year, along with the pace of expense investment and the timing difference from last year. It is expected that these influencing factors will significantly weaken in the second half of the year. The price of white sugar on the cost side has fallen in the past two months, and it is expected that there will be a trend of improvement in costs. The bank has slightly raised its profit forecast, with a current stock PE ratio of 33/25/20 times, maintaining a "buy" rating.