Investment Rating - The investment rating for the company is "Outperform" (maintained) as of August 28, 2024 [1]. Core Insights - The company is experiencing a temporary pressure on coconut juice sales, but is steadily expanding new products and channels [1]. - In the first half of 2024, the company's revenue was 950 million yuan, a year-on-year increase of 3.6%, while the net profit attributable to the parent company was 80 million yuan, a year-on-year decrease of 36.4% [1]. - The second quarter of 2024 saw revenue of 390 million yuan, a slight decrease of 0.2% year-on-year, with a net profit of 0.004 million yuan, down 99.2% year-on-year [1]. Revenue Performance - In Q2 2024, beverage products generated revenue of 220 million yuan, a year-on-year decrease of 2.2%, with coconut juice revenue at 190 million yuan, down 4.6% due to weak consumer demand [2]. - Other beverage products saw revenue of 40 million yuan, an increase of 11.4%, primarily driven by the successful sales of the new "Coconut Shark" series [2]. - Revenue from canned fruit products in Q2 2024 was 160 million yuan, a year-on-year increase of 3.3%, with yellow peach and orange canned fruit revenues increasing by 63.0% and decreasing by 17.4%, respectively [2]. Channel Development - In the first half of 2024, the company saw a year-on-year revenue change of -5.8% for distribution/retail and +332.8% for direct sales, with a net increase of approximately 100,000 distribution points [3]. - The company has successfully opened new snack specialty channels, generating revenue of 35 million yuan from this segment in the first half of the year [3]. - The consignment channel has actively expanded online sales, achieving rapid growth on emerging e-commerce platforms like Douyin [3]. Profitability and Cost Structure - The gross margin in Q2 2024 decreased by 5.84 percentage points to 31.87%, primarily due to fluctuations in raw material costs and lower margins from new channels and promotional activities [4]. - The selling expense ratio increased by 7.04 percentage points, driven by increased recruitment and promotional investments across multiple channels, while the net profit margin fell by 11.11 percentage points to 0.09% [4]. Financial Forecast - The company's projected revenue for 2024 is 1,978 million yuan, with a year-on-year growth of 2.9%, and net profit is expected to be 251 million yuan, a decrease of 10.0% [5]. - The gross margin is forecasted to remain stable at around 38.7% for 2024, with a slight increase to 39.1% in 2025 and 39.2% in 2026 [5]. - The earnings per share (EPS) for 2024 is estimated at 0.56 yuan, with projections of 0.64 yuan in 2025 and 0.71 yuan in 2026 [5].
欢乐家：公司信息更新报告：椰子汁销售阶段性承压，新产品、新渠道稳步开拓