财报2024｜东鹏饮料营收首破百亿，电解质水剑指10亿体量

华尔街见闻04-15

4月14日，东鹏饮料（605499.SH）发布2023年报，其全年实现营收112.63亿元，同比增长32.42%；实现净利30.4亿元，同比增长41.6%。业绩发布次日，东鹏饮料高开高走，收涨4.45%至193元/股。分地区来看，东鹏饮料的大本营市场广东的营收占比下降6.08个百分点至33.43%；西南区域和包含北方市场的华北区域增速最快，分别达到64.71%和64.83%，分别占比9.91%和...

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href=https://wallstreetcn.com/articles/3712776><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>4月14日，东鹏饮料（605499.SH）发布2023年报，其全年实现营收112.63亿元，同比增长32.42%；实现净利30.4亿元，同比增长41.6%。 业绩发布次日，东鹏饮料高开高走，收涨4.45%至193元/股。分地区来看，东鹏饮料的大本营市场广东的营收占比下降6.08个百分点至33.43%；西南区域和包含北方市场的华北区域增速最快，分别达到64.71%和64.83%，分别占比9.91%和...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3712776\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999014542.SGD","symbol_name":"United Income Focus Trust Acc 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billion","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KO":0.81},"content_text":"4月14日，东鹏饮料（605499.SH）发布2023年报，其全年实现营收112.63亿元，同比增长32.42%；实现净利30.4亿元，同比增长41.6%。 业绩发布次日，东鹏饮料高开高走，收涨4.45%至193元/股。分地区来看，东鹏饮料的大本营市场广东的营收占比下降6.08个百分点至33.43%；西南区域和包含北方市场的华北区域增速最快，分别达到64.71%和64.83%，分别占比9.91%和8.97%。不过在西南市场，东鹏饮料的经销商不增反降，全年净减少5家至458家，与该地区营收增长的趋势并不一致。作为对比，在广西市场，东鹏饮料的经销商净减少22家至132家，营收仅同比增长9.82%。信风（ID：TradeWind01）就此询问东鹏饮料相关人士原因，但截至发稿未得到回复。分产品来看，东鹏特饮实现营收103.36亿元，同比增长26.48%，这也是特饮作为最大单品增速首次落后于公司整体增速。一方面，能量饮料市场的大盘增速在放缓。据欧睿国际数据，2021年至2023年，中国能量饮料市场零售总额稳定在600亿元左右，未有明显增长。另一方面，能量饮料市场的竞争在加剧。魔爪母公司Monster Beverage°的联合首席执行官Rodney Sacks也曾公开表示，在中国市场，魔爪2023年第四季度的箱销量同比增长51%，“我们对魔爪品牌在中国的长期前景保持乐观。”在竞争激烈的饮料市场，同行的预期乐观反过来也能说明东鹏特饮面临的竞争环境不太乐观。一名华东私募人士对信风（ID：TradeWind01）表示，尽管泰国天丝红牛与华彬集团的诉讼纠纷，使得其份额有所下降，但东鹏饮料并未吃到这部分份额，而是分别被红牛维生素风味和红牛安耐吉饮料笑纳。信风（ID：TradeWind01）从接近东鹏饮料人士处了解到，103亿体量的东鹏特饮产品中，主要由500ml规格的瓶装东鹏特饮贡献88亿，新款罐装的“金罐”产品仅实现1.6亿元营收，同比下滑43%。 或是感受到大单品的增长天花板渐近，东鹏饮料2022年以来加快了推新力度。 据信风（ID：TradeWind01）不完全统计，东鹏饮料22 年以来相继推出包括无糖茶饮“乌龙上茶”、电解质饮料“补水啦”、东鹏气泡特饮、油柑汁、“海岛椰”椰汁等多款产品。2023年，除东鹏特饮外的其他产品合计为东鹏饮料贡献营收9.14亿元，同比增长186.65%。信风（ID：TradeWind01）从上述接近东鹏饮料人士处了解到，2023年担当起“第二增长曲线”的是电解质水产品“补水啦”，贡献超4亿营收，来自东鹏大咖的收入则超过1亿元。与东鹏特饮以更低的单价抢占市场相似，补水啦产品定价4元/555ml，不仅远低于元气森林的外星人、农夫山泉的尖叫等，也低于目前国内市占率最高的运动饮料脉动（定价5元/600ml）。 信风（ID：TradeWind01）从上述接近东鹏饮料人士处获悉，2024年东鹏饮料对电解质水的营收目标为10亿元，将区别于外星人、宝矿力水特更多高线城市运营的思路，将渠道下沉到三四线城市和乡镇、农村市场。 但与此同时，同行元气森林也在快速反应。2024年4月，元气森林推出定价3元的电解质水“外星人WAVE”，不仅价格比补水啦更低，包装规格还更大，达到600ml。 竞争的压力同样体现在东鹏饮料的费率表现上。 2023年东鹏饮料销售费用率同比增加0.32个百分点至17.36%，相较农夫山泉21.8%低约4.44个百分点。东鹏饮料归因于增加销售人员数量和加大冰柜投入所致。东鹏大规模投放冰柜的思路与上世纪七十年代可口可乐如出一辙。彼时日本市场已有开创电解质水品类的宝矿力水特，但由于可口可乐在渠道上更为强势，自助贩卖机数量为宝矿力母公司大冢制药的十倍。更重要的是，可口可乐旗下的Aquarius单价相比宝矿力也要更低。 最终凭借渠道优势和更低的产品价格，可口可乐在电解质水市场反超了大冢制药。 可以预见的是，在即将到来的饮料消费旺季，接连布局不同产品的东鹏饮料仍将加大投放冰柜的力度，以打造能接力东鹏特饮产品的第二大单品。但问题是，当同行们都在大举投放冰柜并推出更便宜的同类产品时，东鹏饮料能从中突围的胜算又有多大。风险提示及免责条款\n\n            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