Workflow
从高增的IF看椰子水行业现状
Tianfeng Securities·2025-07-07 08:45

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The beverage market in China is large and exhibits steady growth, with the coconut water market experiencing rapid expansion. The market size for coconut water in mainland China is expected to grow at a CAGR of 20% from 2025 to 2029 [4] - IFBH, as a leading company in the industry, holds the top market share and is positioned to benefit from the industry's growth. With the rapid growth of the coconut water market, IFBH's performance is expected to maintain a high growth rate [4] Summary by Sections Beverage and Soft Drink Market - The global ready-to-drink beverage market is projected to grow from $934.5 billion in 2019 to $1,131.7 billion in 2024, with a CAGR of 3.9%. By 2029, it is expected to reach $1,519.4 billion, with a CAGR of 6.1% [1] - The Greater China ready-to-drink beverage market is expected to grow from $119.2 billion in 2019 to $138.4 billion in 2024, with a CAGR of 3.0%, and is projected to reach $194.7 billion by 2029, with a CAGR of 7.1% [1] Coconut Water Industry - The global coconut water beverage market is expected to grow from $251.67 million in 2019 to $498.92 million in 2024, with a CAGR of 14.7%. By 2029, it is projected to reach $845.69 million, with a CAGR of 11.1% [2] - In Greater China, the coconut water beverage market is expected to grow from $1.018 million in 2019 to $1.093 million in 2024, with a CAGR of 60.8%, and is projected to reach $2.651 million by 2029, with a CAGR of 19.4% [2] - The market in mainland China is expected to grow from $497,000 in 2019 to $1.018 million in 2024, with a CAGR of 82.9%, and is projected to reach $2.504 million by 2029, with a CAGR of 20.2% [2] IFBH Company Performance - IFBH successfully listed on the Hong Kong Stock Exchange on June 30, 2025, with a first-day stock price increase of 42.09% and a second-day increase of 20.38% [3] - For 2024, IFBH's revenue and net profit are projected to be $158 million and $33 million, respectively, representing year-on-year growth of 80.29% and 98.85% [3] - The revenue breakdown for 2024 includes coconut water ($150.64 million), snacks ($4 million), coconut-related products ($3.09 million), and other beverages ($3.52 million), with coconut water accounting for 96% of total revenue [3]