Core Viewpoint - The IF coconut water brand under IFBH (06603) is expected to maintain rapid growth in 2025, outpacing the overall growth rate of the soft drink sector, supported by channel expansion and cost optimization initiatives [1] Group 1: Brand Performance and Market Position - The IF coconut water brand is projected to continue its strong performance, with growth expected to exceed the industry average in 2025; however, Innococo's sales saw a decline in the first half of 2025, with anticipated recovery in the second half following channel adjustments [1] - The coconut water industry is expected 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% [1] Group 2: Channel Expansion and Cost Management - The company signed a partnership with COFCO Mingzhuanghui in September 2025, with plans for further agent expansion and increased channel development efforts in 2026 [2] - Coconut procurement costs are expected to decrease in 2025 due to expanded production capacity, with additional measures planned to enhance supply chain efficiency and optimize cost structure [2] Group 3: Brand Building and Marketing Initiatives - In September 2025, Innococo announced a new brand ambassador and launched new products, alongside a series of marketing campaigns to enhance market recognition [2] - The company plans to invest more resources in consumer education through platforms like Xiaohongshu and WeChat in 2026 to strengthen brand awareness [2] Group 4: Financial Projections - The company is projected to achieve revenues of $183.86 million, $256.20 million, and $322.21 million from 2025 to 2027, reflecting year-on-year growth rates of 16.63%, 39.34%, and 25.77% respectively [3] - Expected net profits for the same period are $31.84 million, $51.30 million, and $67.42 million, with corresponding year-on-year growth rates of -4.43%, 61.13%, and 31.41% [3] - The projected earnings per share (EPS) are $0.12, $0.19, and $0.25, with current price-to-earnings (PE) ratios of 18, 11, and 8 times [3]
中邮证券：维持IFBH“买入”评级 公司推进品牌建设与运营完善