Recently, Dongpeng Beverage (Group) shares *** 605499SH, Dongpeng Beverage) released its 2023 annual performance forecast, showing that in 2023, the company is expected to achieve revenue of 11057-113.1.2 billion yuan, a year-on-year increase of 30%-33%; It is expected to achieve a net profit attributable to the parent company of 1989-20.6.1 billion yuan, a year-on-year increase of 38%-43%; It is expected to achieve a non-net profit of 1825-18.9.3 billion yuan, a year-on-year increase of 35%-40%. The announcement pointed out that in 2023, the company will continue to promote the national strategy, deepen and refine channel outlets, continuously strengthen channel operation capabilities, and continue to enhance the first-class rate of products and terminal sales; While consolidating the basic plate of Dongpeng Special Drink and continuing to maintain growth, it actively carried out multi-category layout, cultivated second growth curve products, and further drove revenue growth.
From the product side, Dongpeng Beverage has always focused on medium and long-term development, and has actively promoted the layout of multiple categories in recent years, among which the prototype of "hydration" has appeared, and the market share has shown a significant upward trend, since May "hydration" started the national distribution, the number of terminals covered by the end of 2023 has reached about 1.3 million, and the sales revenue volume has reached 500 million yuan, which has obtained high market recognition; In 2023H2, the company has successively launched Dongpeng Big Coffee "Raw Coconut Latte", Dongpeng Hydrating La "Lime Flavor", sugar-free tea "Oolong Tea", Island Coconut Coconut Water and other products, among which the new sugar-free tea in October was promoted and tested in local areas, and the channel feedback was ideal in the off-season, and nearly 100 million yuan of sales revenue has been achieved. It is understood that in 2024, the company will officially enter the cocktail track, use the existing advantageous channels to continuously try to lay out new products, and improve the second growth curve product matrix. On January 15, 2024, Dongpeng Beverage launched the "Vivi Cocktail" with an alcohol content of 8 degrees, including three flavors: citrus, white peach, and green grape, which is also the first time that Dongpeng Beverage has launched an alcoholic beverage.
In the second growth curve, "Hydration" is expected to take the lead in taking over the baton of growth, and the rest of the new products are constantly being tried and cultivated, and are expected to benefit from the advantages of the company's channels and operations to seize the market share of subdivided categories.
As of the first half of 2023, the company has 2,796 cooperative dealers, achieving 100% coverage of prefecture-level cities, and 3.3 million terminal outlets, with an increase of 32%. In the first three quarters, Dongpeng Beverage's national regional revenue was 472.5 billion yuan, a year-on-year increase of 4418%, accounting for 4941% rose to 5473%, which shows that the company's national layout has achieved results. From the production side, in October 2023, Dongpeng Beverage will determine to build its North China regional headquarters in Tianjin, which is the company's first production base in the north, which will help the company to meet the growing sales demand in the region in a timely and effective manner, reduce transportation costs and product loss rates, and the annual output value of the new project is expected to be no less than 800 million yuan after it is put into operation, which is expected to replicate the successful experience of East China regional expansion in 2021; In November, the company's Zhejiang Quzhou production base phase I two production lines were officially put into operation, which is the eighth production base of Dongpeng Beverage in the country, a total of 6 automated intelligent beverage production lines, to achieve the integration of procurement, production, logistics, sales and distribution, after the production capacity is fully reached, the annual output value will exceed 1 billion yuan. The continuous expansion of the production base will help deepen the long-term strategic layout of Dongpeng Beverage, help the nationwide expansion process continue to accelerate, and promote the smooth implementation of the multi-category development strategy.
Guojin ** said that Dongpeng Beverage's national expansion is on the way, and the expansion outside the province is expected to accelerate, and there is still a lot of room for the sinking of outlets; The potential energy of new products is sufficient, the second curve is gradually clearly visible, electrolyte water, oolong tea, big coffee and other categories are expected to blossom one after another with the advantages of channel intensive cultivation, high cost performance, digital marketing and other advantages, and the company is optimistic about moving towards a diversified beverage group.
Judging from the performance of the fourth quarter alone, Dongpeng Beverage is expected to achieve revenue of 2416-26.7.1 billion yuan, a year-on-year increase of 30%-44%; It is expected to achieve a net profit attributable to the parent company of 333-4.0.5 billion yuan, a year-on-year increase of 21%-47%; It is expected to achieve a net profit of 323-3.9.1 billion yuan, a year-on-year increase of 12%-36%, Q4 continued the high growth momentum in the first three quarters, and the company opened the new fiscal year of 2024 ahead of schedule under the premise of maintaining a benign level of channel inventory, and promoted the delivery rhythm to be front-loaded. In addition, the warm temperature in Q4 has promoted the demand for terminal beverages to maintain a good trend, and the recovery of outdoor scenarios such as sports under the background of low base has led to a steady increase in consumer demand for sports drinks.
Recently, Dongpeng Beverage has forward-looking increased the intensity of homecoming project activities, comprehensively laid out service areas, gas stations, stations and other outlets, strengthened the Spring Festival supermarket piling up and special promotion, and actively laid out specific festival scenes such as chess and card rooms. Hua Chuang** believes that the value of Dongpeng Beverage's layout is highlighted again after the valuation, and in the short term, the company's dynamic sales are strong and the feedback of new products is positive; In 2024Q1, supporting measures such as the commissioning of the Changsha factory and the vigorous launch of freezers continued to advance, and the superimposed report had sufficient surplus, and the company's high growth was not at risk.