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 total revenue was 1.855 billion yuan, with a net profit of 147 million yuan, indicating a significant decline in profitability. The gross margin was 34%, down 4.7 percentage points year-on-year [5] - Operating cash flow decreased significantly, with net cash flow from operations at 60 million yuan, down 83% year-on-year [5] Product Performance - Beverage revenue for 2024 was 1.105 billion yuan, with coconut juice sales declining by 1.06% in volume and 2.62% in price, leading to a gross margin drop to 40.18% [6] - Canned food revenue was 665 million yuan, with significant declines in sales volume and price, resulting in a gross margin of 28.90% [6] Market Channels - Revenue from distribution, direct sales, and consignment models in 2024 was 1.510 billion, 185 million, and 75 million yuan, respectively, with direct sales showing substantial growth [7] - The company has increased its total distributors to 2,236, up by 79 from the beginning of the year [9] Profit Forecast - The company is expected to improve its product matrix in the coconut juice segment and stabilize its canned food business. EPS forecasts for 2025-2027 are 0.38, 0.46, and 0.53 yuan, respectively, with corresponding PE ratios of 38, 31, and 27 times [10]
欢乐家：公司事件点评报告：业绩短期承压，零食量贩渠道表现亮眼-20250331