Open Source Securities: Maintain a "Buy" rating on Dongpeng Beverage, multi-category strategies continue to land

Open source securities research report pointed out that Dongpeng Beverage's multi-brand synergy has solidified its growth foundation, and the repurchase plan demonstrates its development determination. By 2025, the operating income is expected to reach 20.875 billion yuan, an increase of 31.80% year-on-year; net profit attributable to shareholders is expected to reach 4.415 billion yuan, an increase of 32.72% year-on-year. In addition, the company announced plans to repurchase A-shares, with a repurchase amount of approximately 1-2 billion yuan and a repurchase price not exceeding 248 yuan per share. Energy drink segment has good growth resilience, and the multi-category strategy is steadily being implemented. By region, in 2025, Southern/Central/Eastern/Western/Northern China are expected to achieve revenues of 6.215/4.607/3.365/3.199/2.732 billion yuan respectively, with year-on-year growth of +18.09%/+27.94%/+33.59%/+40.77%/+67.86%. The Northern, Western, Central, and Eastern markets achieved good growth by expanding product categories and improving channel penetration rates; the Southern traditional base market maintained steady growth relying on brand advantages and refined operations. The company's multi-category strategy continues to be implemented, and the announcement of the repurchase plan demonstrates management confidence, maintaining a "buy" rating.