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].
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