Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has experienced a revenue increase of 3.6% year-on-year in the first half of 2024, reaching 950 million yuan, while the net profit attributable to the parent company decreased by 36.4% to 80 million yuan [1][2] - The company is expanding its distribution channels, with a net increase of approximately 100,000 terminal outlets in the first half of 2024, focusing on both circulation and catering channels [2] - The product mix has impacted the gross margin, which decreased by 1.4 percentage points to 35.9% due to lower margins from newly developed snack channels and raw material sales [2] Financial Summary - Revenue (in million yuan): - 2022A: 1,596 - 2023A: 1,923 - 2024E: 2,067 - 2025E: 2,288 - 2026E: 2,528 - Year-on-year growth rates: - 2022: 8.4% - 2023: 20.5% - 2024E: 7.5% - 2025E: 10.7% - 2026E: 10.5% [1][8] - Net profit (in million yuan): - 2022A: 203 - 2023A: 278 - 2024E: 269 - 2025E: 313 - 2026E: 359 - Earnings per share (EPS): - 2022A: 0.45 - 2023A: 0.62 - 2024E: 0.60 - 2025E: 0.70 - 2026E: 0.80 [1][7] Product Performance - Coconut juice revenue in H1 2024 reached 450 million yuan, up 11.4% year-on-year, accounting for 47.8% of total revenue [2] - Canned fruit revenue decreased by 9.1% year-on-year to 360 million yuan, primarily due to high base effects from the previous year [2] Channel Development - The company is actively developing new channels, with a focus on snack specialty chains and expanding its beverage offerings into these channels [2] - The snack specialty channel generated revenue of 35 million yuan in H1 2024 [2]
欢乐家：费投前置扰动利润，新渠道及终端网点有序拓展