Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company's revenue remains stable, but profit margins are under pressure due to increased sales promotion efforts and changes in cost and channel structure. In 2024, total revenue and net profit attributable to shareholders were 1.855 billion and 147 million yuan, respectively, reflecting year-on-year declines of 4% and 47% [5] - The beverage segment, particularly coconut juice, shows resilience, while the canned food segment faces challenges. In 2024, beverage revenue was 1.105 billion yuan, down 3.31%, and canned food revenue was 665 million yuan, down 12.26% [6] - The company is expanding its e-commerce and snack channels, with significant growth in direct sales, which increased by 411.84% year-on-year [7] Summary by Sections Financial Performance - In 2024, the company's gross margin and net margin were 34% and 8%, down 4.7 and 6.5 percentage points year-on-year, respectively. The operating cash flow decreased significantly, with a net cash flow of 60 million yuan, down 83% year-on-year [5][10] - The company expects EPS for 2025-2027 to be 0.38, 0.46, and 0.53 yuan, corresponding to PE ratios of 38, 31, and 27 times, respectively [10] Product Segments - The beverage segment's revenue was primarily driven by coconut juice, which faced a decline in sales volume and price, leading to a gross margin drop to 40.18% [6] - The canned food segment's revenue was negatively impacted by a shift to snack channels, resulting in a gross margin of 28.90% [6] Market Channels - The company reported a significant increase in revenue from direct sales and e-commerce channels, with direct sales revenue reaching 1.85 billion yuan, a year-on-year increase of 411.84% [7] - The company has expanded its distributor network, increasing the number of distributors to 2,236 by the end of 2024 [9]
欢乐家（300997）：公司事件点评报告：业绩短期承压，零食量贩渠道表现亮眼