Oriental Securities: Maintains a "buy" rating on Dongpeng Beverage, with a target price of 357 yuan.

Oriental Securities research report pointed out that 25H1 company's traditional flagship product Dongpeng special drink and new product hydration La maintained growth momentum, driving the company to achieve revenue of 10.737 billion yuan, a year-on-year increase of 36.37%. Looking at the second quarter alone, although revenue maintained high growth, profit growth was slightly slower than revenue growth, and net profit margin declined slightly. 25Q2 achieved operating income of 5.889 billion yuan, a year-on-year increase of 34.10%, and achieved a net profit attributable to the parent of 1.395 billion yuan, a year-on-year increase of 30.75%. This has raised concerns in the market about whether the company's profitability has reached a turning point. We believe that the company is still in a critical period of expanding its revenue, strengthening its channel capabilities, and building a platform-based enterprise. Proper investment in advertising expenses is expected to drive long-term revenue growth. We are optimistic about the company's construction as a platform-based comprehensive beverage enterprise, maintaining forecasted EPS for 2025-2027 at 9.13, 11.85, and 13.79 yuan respectively. We maintain the FCFF valuation method, estimating the company's equity value at 185.6 billion yuan, corresponding to a target price of 357.00 yuan, and maintaining a "buy" rating.