东鹏饮料(605499.SS/9980.HK)：最坏的时刻可能已经过去，预计2027年增长趋稳

In our view, Eastroc is the most mis-priced China staple stock in our coverage. We think the market has priced Eastroc as an ex-growth staple stock like Tingyi (322.HK) in valuation while aggressively expecting 10%+ top-line growth. We believe the transient financial impact in 2026 amid its transition from a single-category F&B company into a multi-category platform has been misunderstood by the market as its structural exit of growth. Mgmt's positive narratives on outlook and its possible lift of cash return in '27E make us believe that the worst is over. With 8%/14%/16% of NP cut in 26E/27E/28E, we moderately lower our TPs for A/H-shares to Rmb131.80/HK$151.60 (from Rmb140.60/HK$161.70). Maintain Buy on Eastroc for both A & H-shares. In 3Q26, Eastroc's NP fell 8% YoY on 1% YoY sales growth, while sales of "tea & other beverage" grew 73% YoY, GPM expanded 45bps YoY to 45.7% and OPM expanded 1.4ppt YoY to 27.5%.