Core Insights - The company reported a revenue of 1.855 billion yuan for 2024, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 147 million yuan, down 47.06% year-on-year [1] - In Q4 2024, the company achieved a revenue of 515 million yuan, a decline of 16.5% year-on-year, and a net profit of 64 million yuan, down 38.0% year-on-year [1] Revenue Breakdown - Coconut juice beverage revenue was 964 million yuan, a decrease of 3.7% year-on-year, indicating weak consumer demand [1] - Canned fruit revenue was 627 million yuan, down 11.5% year-on-year, with yellow peach and orange canned fruit revenues at 280 million yuan and 179 million yuan, respectively, both showing single-digit declines [1] - Snack channel contributed 115 million yuan, accounting for 18.3% of total revenue [1] - Revenue by region showed a decline in Central China (-11%) and Southwest (-5%), while East China experienced a growth of 20% [1] Profitability and Cost Structure - The company's gross margin for 2024 was 34.00%, down 4.75 percentage points year-on-year, primarily due to the increased proportion of low-margin snack channels and rising coconut raw material costs [2] - The sales expense ratio was 15.8%, up 3.4 percentage points year-on-year, attributed to increased promotional efforts and expansion of personnel in emerging channels [2] - The net profit margin for 2024 was 7.9%, down 6.5 percentage points year-on-year [2] Strategic Initiatives - The company has adopted a "focus on core + innovation breakthrough" strategy, planning to enhance snack channel coverage and promote coconut juice and canned products in leading channels [2] - Short-term plans include developing portable small-pack canned products and coconut water derivatives, while long-term plans involve a coconut processing project in Vietnam to improve raw material self-sufficiency [2] Earnings Forecast - The company has revised down its revenue and gross margin forecasts for 2025, while increasing expense ratio estimates [3] - Adjusted earnings per share for 2025-2027 are projected at 0.42, 0.51, and 0.58 yuan, respectively, with a target price of 16.80 yuan based on a 40 times price-to-earnings ratio for 2025 [3]
欢乐家(300997)：零食渠道增量 利润率暂时承压