Core Viewpoint - The company is the leader in the ready-to-drink coconut water market in mainland China, leveraging its Thai supply chain, dual-brand light asset operation, and strategic partnerships to achieve sustained high growth [1][2]. Financial Projections and Investment Recommendations - The company is expected to achieve EPS of $0.16, $0.20, and $0.26 for the years 2025-2027, respectively. Based on comparable company valuations, a PE of 35x for 2025 is suggested, leading to a target price of HKD 43.96 per share [1]. Market Position and Growth Potential - The company has a market share of nearly 34% in the ready-to-drink coconut water segment in mainland China by 2024 and is the second-largest company in the global coconut water beverage market. It has maintained rapid revenue and profit growth over the past three years, with a projected profit margin of over 20% and a return on equity (ROE) close to 70% in 2024 [1][2]. Competitive Advantages - The company's core competitive advantages include: 1. Strong supply chain rooted in Thailand, allowing for unique product differentiation and lower procurement costs compared to competitors [2]. 2. A light asset model that enables more resources to be allocated to product innovation and brand development, allowing for greater market adaptability [2]. 3. The coconut water category is currently in an upward growth cycle, with the company actively enhancing brand momentum and sales through aggressive marketing strategies [2]. Brand Strategy and Market Expansion - The company operates under two brands, if and Innococo, to achieve differentiated synergy, targeting high-consumption, high-repurchase demographics such as white-collar women and fitness enthusiasts. Strategic partnerships with quality distributors in China are also being pursued to enhance channel penetration and drive explosive growth [2].
IFBH(6603.HK)：品类上行 高举高打