Core Viewpoint - The IFBH's coconut water brand is expected to maintain rapid growth in 2025, outpacing the overall soft drink industry growth rate, supported by channel expansion and cost optimization efforts [1][2]. Industry Overview - The coconut water industry is projected to grow at a rate of 27.18% in 2025, significantly higher than the soft drink industry's growth of 7.78%, carbonated drinks at 5.52%, packaged water at 12%, and functional beverages at 10% [2]. Company Developments - The company has signed a new partnership with COFCO in September 2025, indicating ongoing plans for channel expansion and increased distribution efforts [3]. - The procurement costs for coconuts are expected to decrease in 2025 due to expanded production capacity, with further cost optimization measures planned for 2026 [3]. - The company announced a brand ambassador in September 2025 and plans to enhance marketing efforts through various media platforms, including Xiaohongshu and WeChat [3]. - A memorandum of cooperation was signed during the China International Import Expo, establishing the IF brand's China headquarters in Qingpu, Shanghai, with plans for office setup and team formation in 2026 [3]. Financial Projections - Revenue forecasts for 2025-2027 are $183.86 million, $256.20 million, and $322.21 million, representing year-on-year growth of 16.63%, 39.34%, and 25.77% respectively [4]. - Expected net profit for the same period is $31.84 million, $51.30 million, and $67.42 million, with growth rates of -4.43%, 61.13%, and 31.41% respectively [4]. - The projected earnings per share (EPS) are $0.12, $0.19, and $0.25, with corresponding price-to-earnings (PE) ratios of 18, 11, and 8 times [4].
中邮证券：维持IFBH(06603)“买入”评级 公司推进品牌建设与运营完善