Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 12.1 CNY based on a 22x PE for 2024 [4]. Core Insights - The company, established in 2001, specializes in producing various plant-based protein beverages, fruit juices, and canned fruit products, with a focus on canned and coconut juice as its two core businesses [10][15]. - The fruit canned market in China is expected to grow steadily, with a projected CAGR of 3.91% from 2022 to 2025, while the coconut beverage market is anticipated to expand significantly, reaching 213.6 billion CNY by 2026 [3][27]. - The company has successfully expanded its distribution channels, targeting both retail and food service markets, and aims to increase its terminal network to one million by 2024 [3][39]. Company Overview - The company has a concentrated ownership structure, with the founder and his family controlling 76.15% of the shares as of 2024H1 [13]. - The main business segments include fruit canned products and coconut beverages, with a strong emphasis on distribution channels [15][22]. - Financial performance has been robust, with a revenue of 19.23 billion CNY in 2023, reflecting a year-on-year growth of 20.47% [24][39]. Industry Analysis - The fruit canned market in China was valued at 94.97 billion CNY in 2022 and is expected to reach 106.56 billion CNY by 2025, indicating a stable growth trajectory [27]. - The coconut beverage market is characterized by a significant growth potential, with coconut water sales projected to increase from 1.13 billion USD in 2022 to 2.03 billion USD by 2028 [3][34]. - The competitive landscape for coconut beverages is currently dominated by imported brands, but domestic brands are expected to capture more market share in the future [34][36]. Future Development - The company is exploring new growth avenues by entering the snack retail channel and expanding its product offerings in the coconut beverage segment [3][39]. - The company plans to leverage its established brand reputation and distribution network to enhance its market presence in both the fruit canned and coconut beverage sectors [3][39].
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