Tiger Brokers

长江证券：维持东鹏饮料“买入”评级，第三曲线渐成，股东回报提升

智通财经
Aug 07
【长江证券：维持东鹏饮料“买入”评级，第三曲线渐成，股东回报提升】长江证券研报指出，东鹏饮料第三曲线渐成，股东回报提升。公司2026H1归母净利润28.67亿元，Q2归母净利润16.09亿元。公司表现远超行业，具备韧性。首次披露茶饮料收入规模，2026H1公司茶饮料收入达到10.6亿元，收入占比达8.5%，第三曲线初具雏形。产品吨价提升，公司毛利率改善，公司重视股东回报，积极提升分红比例。公司预计2026-2028年现金分红比例不低于80%，股东回报加强。饮料行业增长依赖于新品类迭代+渗透率提升，公司渠道力加强，静待未来新品周期表现。认为公司在成长期持续加强网点深耕，为未来发展打下基础，具备长期发展潜力。我们预计2026/2027年EPS为7.16/8.53元，对应PE为17X/14X，维持“买入”评级。

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