Changjiang Securities: Maintains "Buy" rating on Dongpeng Beverage, the third curve is gradually forming, shareholder returns are improving.

According to the research report by Changjiang Securities, Dongpeng Beverage's third curve is gradually taking shape, and shareholder returns are improving. The company's net profit attributable to shareholders for the first half of 2026 is 2.867 billion yuan, with a net profit of 1.609 billion yuan in Q2. The company's performance far exceeds the industry average, demonstrating resilience. For the first time, the revenue scale of tea beverages has been disclosed, with Dongpeng's tea beverage revenue reaching 1.06 billion yuan in the first half of 2026, accounting for 8.5% of total revenue, marking the initial emergence of the third curve. The product price per ton has increased, improving the company's gross profit margin. The company places a strong emphasis on shareholder returns and is actively increasing its dividend payout ratio. It is expected that the cash dividend ratio will be no less than 80% from 2026 to 2028, strengthening shareholder returns. The growth of the beverage industry relies on the iteration of new product categories and increasing penetration rates. The company is enhancing its channel strength and is poised to await the performance of future new product cycles. It is believed that the company is continuously strengthening its deep cultivation of distribution points during its growth phase, laying a foundation for future development and demonstrating long-term growth potential. We estimate the EPS for 2026/2027 to be 7.16/8.53 yuan, corresponding to PE ratios of 17X/14X, and maintain a "buy" rating.