Western Securities Co.,Ltd. has issued a research report initiating coverage on CR BEVERAGE (02460) with revenue projections of 112/125/134 billion yuan for 2025-2027, and net profit attributable to shareholders of 13/16/18 billion yuan respectively. At current stock prices, the corresponding P/E ratios are 19/15/14X. Using leading beverage companies as comparable peers and considering the company is currently in the nationwide expansion and channel cultivation phase, the firm has assigned an "Overweight" rating for initial coverage.

The firm states that CR BEVERAGE's packaged drinking water revenue growth will be driven in the short term by nationwide expansion and channel cultivation, while benefiting long-term from industry consolidation toward leading players and the rising proportion of mid-size product offerings. As the company advances toward becoming a platform-based enterprise, its beverage business demonstrates significant long-term revenue growth potential. With the gradual increase in self-owned production capacity ratio and improved cost efficiency from economies of scale, there remains substantial room for profitability enhancement.