Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [5]. Core Views - The company reported a revenue of 1.34 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.6%, while the net profit attributable to the parent company was 80 million yuan, a year-on-year decrease of 52.3% [1]. - The beverage segment experienced a revenue decline of 9.7% year-on-year in Q3 2024, attributed to slow economic recovery and weak demand in the catering channel [2]. - The company is preparing for the peak sales season around the Spring Festival, expecting a sequential improvement in performance [3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 390 million yuan, a year-on-year increase of 0.2%, with a net profit of 1.31 million yuan, down 97.2% year-on-year [1]. - The gross profit margin for Q3 2024 was 30.3%, a decrease of 8.3 percentage points year-on-year, primarily due to changes in channel and product structure [2]. - The company expects net profits for 2024 to be 175.76 million yuan, reflecting a year-on-year decrease of 36.9%, with projected profits of 229.47 million yuan and 258 million yuan for 2025 and 2026, respectively [4]. Product and Market Analysis - The new coconut water product is still in the cultivation phase, while the canned fruit segment, particularly peach and orange cans, has seen growth due to rapid expansion in snack specialty channels [2]. - The company is actively expanding its coconut raw material sales business, which is expected to contribute to revenue growth [3]. - The company anticipates that traditional products like fruit cans and coconut juice will continue to grow steadily due to their cost-effectiveness and potential for deeper market penetration [3].
欢乐家：2024年第三季度业绩点评：新业务取得进展，期待旺季环比改善