新股前瞻|椰子水一年卖出1.58亿美元，拆解泰国食饮龙头IFBH的“生意经”

Core Insights - IFBH Limited, a Thailand-based beverage company, has submitted an IPO application to the Hong Kong Stock Exchange, marking a significant milestone in the coconut water industry following Vita Coco's U.S. listing [1] - The company has established a strong market presence in China, with over 90% of its revenue derived from the mainland, and holds the leading position in the coconut water beverage market [2] Company Overview - IFBH focuses on coconut-based beverages, primarily under the brands "if" and "Innococo," with the former achieving rapid growth in the Chinese market since its inception in 2013 [1][2] - The company has maintained a dominant market share, with a 34% share in the Chinese coconut water market and a 60% share in Hong Kong as of 2024 [2] Financial Performance - In 2024, IFBH reported revenues of $158 million, an 80.3% increase year-over-year, and a net profit of $33.3 million, up 98.9% from the previous year [3] - The company's net profit margin improved from 19.2% in 2023 to 21.1% in 2024, while gross margin increased from 34.7% to 36.7% [3] - Cash flow from operating activities reached $41.8 million, a 55% increase, with cash and cash equivalents growing by 251.42% to $54.8 million [3] Market Dynamics - The global coconut water market is experiencing significant growth, with a projected increase from $2.517 billion in 2019 to $4.989 billion in 2024, reflecting a compound annual growth rate (CAGR) of 14.7% [6] - The Greater China coconut water market is expected to grow from $10.93 million in 2019 to $25.50 million by 2029, driven by rising health consciousness among consumers [6] Challenges and Risks - IFBH's revenue is heavily reliant on coconut water, with 95.6% of income coming from this product line, posing risks if market growth slows or competition intensifies [5] - The company faces increasing competition and price wars, with new entrants in the coconut water market leading to product homogenization [7] - Supply chain risks are present due to reliance on Thai suppliers for coconut water, with recent climate conditions affecting coconut production and prices [7] Strategic Initiatives - IFBH plans to diversify its supply chain, aiming to reduce reliance on Thai suppliers to below 70% by 2025 and expand into new markets such as Australia and the Americas [7] - The company intends to innovate its product offerings to include more health beverages and snacks, reducing dependence on coconut water [7]