Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 449 million yuan in Q1 2025, a year-on-year decrease of 18.52%, and a net profit attributable to shareholders of 343 million yuan, down 58.27% year-on-year [2] - The company is shifting its focus from channel-driven growth to user-driven and brand-driven growth, with 2025 designated as the year of reform, concentrating on "fruit cans + coconut-based beverages" as core segments [2] - Despite short-term profit fluctuations, the long-term growth logic remains intact due to the company's extensive experience in canned products and the expanding coconut beverage market [2] Financial Summary - The company achieved a revenue of 1,923 million yuan in 2023, with a growth rate of 20.5%, and is projected to have revenues of 1,857 million yuan in 2025, showing a slight increase of 0.1% [3] - The net profit attributable to shareholders is expected to recover from 147 million yuan in 2024 to 156 million yuan in 2025, reflecting a year-on-year growth of 5.6% [3] - The gross margin is projected to decline from 38.7% in 2023 to 32.7% in 2025, before recovering to 33.9% by 2027 [3] - The earnings per share (EPS) are forecasted to be 0.36 yuan in 2025, with a price-to-earnings (P/E) ratio of 39.78 [3] Business Strategy - The company is actively expanding its bulk snack channel, achieving revenue of 46.45 million yuan in Q1 2025, with average monthly sales reaching ten million yuan [2] - The management emphasizes the importance of refined management and is implementing region-specific policies and team incentive plans [2] - The company has recruited external talent, including a new vice president with extensive experience in major fast-moving consumer goods companies, to enhance organizational efficiency [2]
欢乐家（300997）：主动求变，改革提效