中信证券股份有限公司关于 欢乐家食品集团股份有限公司首次公开发行股票 并在创业板上市之持续督导 保荐总结报告书 | | | | 上市公司名称 | 欢乐家食品集团股份有限公司 | | --- | --- | | 证券代码 | 300997 | | 证券简称 | 欢乐家 | | 注册资本 | 44750 万元 | | 注册地址 | 湛江市开发区人民大道中 号欢乐家大厦 71 | | | 28 层、29 层、31 层、32 层 | | 办公地址 | 湛江市开发区人民大道中 号欢乐家大厦 71 | | | 28 层、29 层、31 层、32 层 | | 法定代表人 | 李兴 | | 实际控制人 | 李兴、朱文湛、李康荣、李子豪 | | 联系人 | 孙嘉彤 | | 联系电话 | 0759-2268808 | | 经营范围 | 许可项目：食品生产【分支机构经营】；食品 销售。（依法须经批准的项目，经相关部门 | | | 批准后方可开展经营活动，具体经营项目以 | | | 相关部门批准文件或许可证件为准）一般项 | | | 目：企业总部管理；品牌管理；食品销售（仅 | | | 销售预包装食品）；初级农产品收购；金属 | | ...

证券代码：300997 证券简称：欢乐家 欢乐家食品集团股份有限公司投资者关系活动记录表 编号：2025-006 | | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及人员 | 野村东方国际证券共1人 | | 时间 | 2025年4月11日 | | 地点 | 深圳市福田区博今商务广场会议室 | | 上市公司接待人员姓名 | 副总裁、董事会秘书 范崇澜 | | | 证券事务代表 孙嘉彤 | | | 主要内容如下： | | | 1. 2024年公司整体经营情况？ | | | 2024年公司营业收入为18.55亿元，同比下降3.53%， | | | 归属于上市公司股东的净利润为1.47亿元，同比下降 | | | 47.06%。 | | | 2024年公司椰子汁饮料产品完成营业收入9.64亿 | | 投资者关系活动主要内 | 元，其占公司营业收入的51.95%。公司水果罐头产品完成 | | 容介绍 | 营业收入6.27亿元，水果罐头中前两大单品分 ...

证券代码：300997 证券简称：欢乐家 欢乐家食品集团股份有限公司投资者关系活动记录表 编号：2025-005 | | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及人员 | Paradice Investment Management、Wavestone Capital、 | | | Centennial Asset Management、Select Equities、杭州兴健 | | | 私募基金管理有限公司、华鑫证券、国盛证券共13人 | | 时间 | 2025年4月10日 | | 地点 | 深圳市博今商务广场会议室 | | 上市公司接待人员姓名 | 副总裁、董事会秘书 范崇澜 | | | 证券事务代表 孙嘉彤 | | | 投资经理 蔡姝婷 | | | 主要内容如下： | | 1. | 2024年公司整体经营情况？ | | | 2024年公司营业收入为18.55亿元，同比下降3.53%， | | | 归属于上市公司股东的净利润为 ...

Core Viewpoint - The financial report of Huanlejia Food Group Co., Ltd. for 2024 highlights significant challenges faced by traditional food and beverage companies, with a revenue decline of 3.53% and a net profit drop of 47.06%, indicating a need for transformation in the industry [1] Group 1: Revenue and Profit Performance - The company achieved an operating income of 1.855 billion yuan, reflecting a slight year-on-year decrease of 3.53% [1] - The net profit attributable to shareholders was 147 million yuan, representing a substantial year-on-year decline of 47.06% [1] Group 2: Core Product and Channel Challenges - The core products, coconut juice and fruit cans, faced a market downturn, with plant-based beverage revenue decreasing by 3.66% and fruit can sales experiencing a double-digit decline [2] - Despite expanding to over 700,000 terminal outlets in 2023, the growth rate of new outlets slowed in 2024, and emerging channels like snack specialty chains had significantly lower gross margins than traditional supermarkets, leading to an overall gross margin decline of 4.75 percentage points to 34% [2] Group 3: Marketing and Cash Flow Issues - To combat market competition, the company increased sales expenses by 55.3 million yuan, a rise of 26.34%, primarily for e-commerce promotions and offline channel maintenance [3] - However, this high expenditure did not translate into revenue growth, with online channel revenue accounting for less than 2%, and accounts receivable increased, resulting in a year-on-year decrease in operating cash flow by 82.83% [3] Group 4: Strategic Transformation Efforts - In response to its challenges, the company introduced the "Coconut+" strategy, aiming for product diversification and targeting younger consumers through new coconut water products and partnerships with international sports stars [4] - The company is also enhancing its supply chain stability through a coconut processing project in Vietnam and exploring raw material supply to other food companies [4] - However, the company faces intense competition in the plant-based beverage market and from ready-to-eat snacks in the fruit can segment, necessitating ongoing innovation and efficiency improvements [4] Group 5: Industry Context and Future Outlook - The performance fluctuations of Huanlejia reflect broader challenges in the food and beverage industry amid consumer upgrades and channel transformations, shifting competition from scale expansion to value creation [5] - The ability to balance short-term performance pressures with long-term strategic investments in health, scenario-based marketing, and digitalization will be crucial for overcoming growth bottlenecks [5]

Group 1: Company Strategy for 2025 - The company will focus on coconut juice and canned fruit as its two main product pillars while stabilizing existing channels and expanding diversified channels to enhance the product matrix and improve operational efficiency [2][3] - Key areas of work for 2025 include: 1. Continuing channel cultivation and optimizing existing points, with a focus on developing the catering channel and enhancing product visibility [2] 2. Expanding channel diversification and brand promotion, targeting emerging channels like snack specialty chains and emphasizing brand vitality [3] 3. Advancing the dual-driven development strategy for canned fruit and coconut juice, with a structured rollout of coconut water products [3] 4. Implementing the coconut processing project in Vietnam [3] 5. Strengthening supply chain management to improve responsiveness [3] Group 2: Investor Engagement and Feedback - Investors suggested diversifying gifts for shareholders, including coconut water and canned fruit [3] - The company acknowledged the suggestions and expressed gratitude for shareholder engagement [3]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a focus on maintaining steady growth in the coconut juice segment and expanding retail channels [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.85 billion, a year-on-year decrease of 3.5%, and a net profit attributable to shareholders of 150 million, down 47.1% [1]. - For Q4 2024, revenue was 510 million, a decline of 16.5%, with a net profit of 60 million, down 38.0% [1]. - The beverage segment generated 1.11 billion, with a decline of 3.3%, while the canned food segment generated 660 million, down 12.3% [1]. Product and Channel Analysis - The coconut juice beverage segment generated 960 million, a decrease of 3.7%, while other beverages generated 140 million, down 0.8% [1]. - The canned fruit segment generated 630 million, down 11.5%, and other canned products generated 40 million, down 23.0% [1]. - The number of distributors increased to 2,236, a net increase of 79, representing a growth of 3.7% [1]. - The company’s products, including peach and orange canned products, have entered major snack specialty retail channels, generating 110 million in revenue [1]. Cost and Margin Analysis - The gross margin for Q4 2024 was 33.4%, a decrease of 7.7 percentage points, primarily due to lower margins in snack specialty channels and raw material businesses [2]. - The sales expense ratio, management expense ratio, and R&D expense ratio were 13.0%, 7.4%, and 0.2%, with slight changes year-on-year [2]. - The net profit margin for Q4 was 12.4%, down 4.3 percentage points [2]. Strategic Focus - The company plans to continue expanding its network, diversifying channels, and developing new products, with a focus on coconut juice and canned fruit [2]. - There will be an emphasis on enhancing the supply chain advantages through the coconut processing project in Vietnam [2]. Investment Outlook - The traditional coconut juice and canned fruit products are expected to achieve steady growth with network expansion and diversified channel strategies [3]. - The company forecasts net profits of 170 million, 190 million, and 210 million for 2025-2027, with corresponding EPS of 0.39, 0.44, and 0.49 [3].

证券代码：300997 证券简称：欢乐家 | | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及人员 | 方正证券、南方基金、创金合信基金共3人 | | 时间 | 2025年4月2日 | | 地点 | 深圳市博今商务广场会议室 | | 上市公司接待人员姓名 | 副总裁、董事会秘书 范崇澜 | | | 证券事务代表 孙嘉彤 | | | 主要内容如下： | | 1. | 2024年公司整体经营情况？ | | | 2024年公司营业收入为18.55亿元，同比下降3.53%， | | | 归属于上市公司股东的净利润为1.47亿元，同比下降 | | | 47.06%。 | | | 2024年公司椰子汁饮料产品完成营业收入9.64亿 | | 投资者关系活动主要内 | 元，其占公司营业收入的51.95%。其中，1.25L PET瓶装 | | 容介绍 | 椰子汁产品和245ml蓝彩铁罐装椰子汁产品合计占公司 | | | 椰子汁饮料营业收入的70.09%。 ...

Core Viewpoint - The company, Huanlejia, reported a revenue of approximately 1.855 billion yuan for 2024, a year-on-year decrease of 3.53%, and a net profit of about 147 million yuan, down 47.06%, primarily due to poor sales of coconut juice products [2][3]. Group 1: Financial Performance - Huanlejia's coconut juice beverage products generated revenue of 964 million yuan, a decline of 3.66% year-on-year, accounting for 51.95% of the company's total revenue [2]. - The company experienced revenue growth from 2021 to 2023, with figures of approximately 1.473 billion yuan, 1.596 billion yuan, and 1.923 billion yuan respectively, with coconut juice revenue surpassing 1 billion yuan for the first time in 2023 [2]. - The gross profit margin for the coconut juice business was 40.18%, significantly higher than that of canned fruit at 28.90%, but the overall gross margin for the company decreased by 12.25 percentage points to 34.0% [3]. Group 2: Market Position and Competition - Huanlejia ranks third in the domestic coconut juice market, following major competitors like Coconut Tree Group and Guangdong Coconut Thai, facing pressure from leading brands [3]. - The coconut juice market is becoming increasingly competitive, with major beverage companies like Wahaha and Dongpeng entering the market, leading to a crowded landscape [3]. - Huanlejia's product offerings are primarily focused on fresh coconut juice, with 70.09% of its coconut juice revenue coming from 1.25L PET bottles and 245ml blue iron cans [3]. Group 3: Strategic Initiatives and Challenges - To boost sales, Huanlejia is exploring new channels, including a shift towards snack specialty stores and e-commerce platforms, with a target of increasing terminal outlets to 1 million by the end of 2024 [4]. - The company relies heavily on a distribution model, with sales from this channel accounting for approximately 85.32% of its main business revenue, while direct sales and other models contribute significantly less [4]. - Huanlejia's accounts receivable reached 127 million yuan, representing 85.96% of net profit, alongside a significant decline in operating cash flow, indicating pressure on cash flow management [4][5].

赵丹晨 食品饮料行业分析师 执业编号：S1500523080005 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 金隅大厦 B 座 邮编：100031 公司研究 [Table_ReportType] 公司点评报告 [欢Ta乐ble家_StockAndRank] (300997) 投资评级 买入 执业编号：S1500523110003 邮 箱：chenglili@cindasc.com 证券研究报告 [Table_Title] 积极调整，利润环比改善 [Table_ReportDate] 2025 年 3 月 31 日 事件：公司发布 2024 年报，实现营收 18.55 亿元，同比-3.53%；归母净利 润 1.47 亿元，同比-47.06%。 点评： | | [T重a要bl财e_务P指ro标fit] | 2023A | 2024E | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | | 营业总收入(百万元) | 1,923 | 1,855 | 2,011 | 2,262 | 2,556 | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company's revenue remains stable, but profit margins are under pressure due to increased sales promotion efforts and changes in cost and channel structure. In 2024, total revenue and net profit attributable to shareholders were 1.855 billion and 147 million yuan, respectively, reflecting year-on-year declines of 4% and 47% [5] - The beverage segment, particularly coconut juice, shows resilience, while the canned food segment faces challenges. In 2024, beverage revenue was 1.105 billion yuan, down 3.31%, and canned food revenue was 665 million yuan, down 12.26% [6] - The company is expanding its e-commerce and snack channels, with significant growth in direct sales, which increased by 411.84% year-on-year [7] Summary by Sections Financial Performance - In 2024, the company's total revenue was 1.855 billion yuan, with a net profit of 147 million yuan, indicating a significant decline in profitability. The gross margin was 34%, down 4.7 percentage points year-on-year [5] - Operating cash flow decreased significantly, with net cash flow from operations at 60 million yuan, down 83% year-on-year [5] Product Performance - Beverage revenue for 2024 was 1.105 billion yuan, with coconut juice sales declining by 1.06% in volume and 2.62% in price, leading to a gross margin drop to 40.18% [6] - Canned food revenue was 665 million yuan, with significant declines in sales volume and price, resulting in a gross margin of 28.90% [6] Market Channels - Revenue from distribution, direct sales, and consignment models in 2024 was 1.510 billion, 185 million, and 75 million yuan, respectively, with direct sales showing substantial growth [7] - The company has increased its total distributors to 2,236, up by 79 from the beginning of the year [9] Profit Forecast - The company is expected to improve its product matrix in the coconut juice segment and stabilize its canned food business. EPS forecasts for 2025-2027 are 0.38, 0.46, and 0.53 yuan, respectively, with corresponding PE ratios of 38, 31, and 27 times [10]