Investment Rating - The investment rating for the company is maintained as "Buy" [6] Core Views - The company experienced a revenue decline of 3.53% year-on-year in 2024, with total revenue reaching 1.855 billion yuan and a significant drop in net profit by 47.06% to 147 million yuan. The first quarter of 2025 also showed a decline in revenue by 18.52% year-on-year, amounting to 449 million yuan, and a net profit decrease of 58.27% to 34 million yuan [1][4] Financial Summary - For 2024, the company reported revenues of 1.855 billion yuan, a decrease of 3.53% year-on-year, and a net profit of 147 million yuan, down 47.06% year-on-year. The projected revenues for 2025, 2026, and 2027 are 2.014 billion yuan, 2.264 billion yuan, and 2.572 billion yuan, respectively, with expected growth rates of 8.56%, 12.44%, and 13.59% [5][4] - The net profit forecast for 2025, 2026, and 2027 is 163 million yuan, 190 million yuan, and 219 million yuan, reflecting year-on-year growth rates of 10.81%, 16.06%, and 15.29% [5][4] Product Performance - In 2024, the revenue from coconut juice, other beverages, fruit cans, and other canned products was 964 million yuan, 142 million yuan, 627 million yuan, and 38 million yuan, respectively, with year-on-year changes of -3.66%, -0.84%, -11.51%, and -22.96% [2] Profitability Metrics - The company achieved a net profit margin of 7.95% in 2024, down 6.53 percentage points year-on-year. The net profit margin for Q4 2024 was 12.36%, a decrease of 4.29 percentage points year-on-year, and for Q1 2025, it was 7.63%, down 7.27 percentage points year-on-year [3][4]
欢乐家2024年报及2025Q1业绩点评报告：业绩短期承压，静待后续需求修复