On November 21, Guolonghui | Zhongtai research reports pointed out that this year, with the overall energy drink consumer demand improving, Dongpeng Beverage (605499.SH), as the leading brand of energy drinks in China, has shown a high-speed growth trend in overall sales. In 2024 Q1-3, Dongpeng's special drinks series achieved revenue of 10.507 billion yuan, a year-on-year increase of 31.43%, while Bingshui La achieved revenue of 1.211 billion yuan, a year-on-year increase of 292.11%, with a sales share reaching 9.66%, a year-on-year increase of 6.09 percentage points. Feedback from channels shows that since November, Dongpeng has continued its high-speed growth trend, with some channels experiencing phenomena of explosive orders and supply shortages. It is believed that the company's expansion plan this time is to supplement the insufficient production capacity caused by the strong sales performance, and we expect Dongpeng to open up a new chapter in overseas layout, bringing overseas growth curve to the company. With the company continuously deepening its global strategy layout, optimizing regional structure, consolidating its energy drink foundation, actively nurturing and developing a diversified product matrix, considering that the company's revenue and profit performance in the first three quarters far exceeded the annual basic operation goal set at the beginning of the year, and considering that Dongpeng's nationwide network expansion in 2024 has been smooth, and the new product layout has been quite successful, we maintain a "buy" rating.