In "The Big Banks," China International Capital Corporation: EASTROC BEVERAGE's fourth-quarter net profit disappoints expectations, lowering the target price to 273 RMB

According to a research report by China International Capital Corporation, EASTROC BEVERAGE (09980.HK) is expected to generate revenue of RMB 20.88 billion in 2025, representing a year-on-year growth of 31.8%; net profit attributable to shareholders is projected to be RMB 4.41 billion, a year-on-year increase of 32.7%; and net profit excluding non-recurring items is expected to be RMB 4.18 billion, with a year-on-year growth of 28.3%.

In the fourth quarter, revenue is expected to be RMB 4.03 billion, a year-on-year increase of 22.9%; net profit attributable to shareholders is projected to be RMB 650 million, a year-on-year growth of 5.5%; and net profit excluding non-recurring items is expected to be RMB 640 million, with a year-on-year growth of 7.6%, which is below the firm's expectations, mainly due to higher expenses in the last quarter.

Considering the downward adjustment of the valuation center, the firm has lowered the target price for EASTROC BEVERAGE (605499.SH) A shares by 17% to RMB 273, maintaining an "outperforming the industry" rating