Guosen Securities: Maintains a "outperform" rating on Dongpeng Beverage, the trend of high growth in sales continues.

Guosen Securities research report pointed out that Dongpeng Beverage achieved a net profit attributable to the parent company of 2.37 billion yuan in the first half of the year, an increase of 37.2% year-on-year; the net profit attributable to the parent company in Q2 2025 was 1.395 billion yuan, an increase of 30.75% year-on-year. The increase in expenses and the impact of new product launches slightly affected Q2 performance compared to revenue, but the potential for profit improvement for the whole year is sufficient. Special drinks still maintained a 22% growth, while rehydration continued to show high growth. In the first half of 2025, the company's revenue continued to grow at a high rate, while increasing investment in expenses to enhance strength. Considering that the company's subsequent scale benefits are expected to continue to be released, the bank slightly raised its profit forecast for the next 3 years. The company is a scarce growth target in the food and beverage industry, with the expansion of product categories nationwide still ongoing. Based on relative valuation, a P/E ratio of 29-30x for 2026 is given, and the company's reasonable valuation range is raised to 335-347 yuan, maintaining an "outperform" rating compared to the overall market.