Investment Rating - The report assigns an "Accumulate" rating to IFBH (6603.HK) for its first coverage [6]. Core Insights - The coconut water market in China is expected to grow rapidly, with a projected CAGR of 55% from 2019 to 2025, driven by the natural health consumption trend [2][58]. - IFBH is positioned as a market leader with strong advantages in raw material procurement and brand recognition, maintaining a market share of over 30% in the short term and potentially increasing after the introduction of national standards [3][15]. Summary by Sections Industry Chain - The coconut production is highly concentrated, with Indonesia and the Philippines contributing 51% of global coconut output, while Thailand and Vietnam have higher sweetness levels, making them more suitable for fresh consumption [1][35]. - The supply chain faces challenges due to limited raw material sources and increasing competition in the absence of regulatory standards [1][51]. Market - The coconut water market in China is expected to reach a scale of USD 1.393 billion by 2025, with a year-on-year growth of 27% [58]. - The market is still in its early stages, with significant room for growth in penetration rates, as coconut water's share of the juice beverage market has increased from 6.21% in 2019 to 6.80% in 2023 [58][59]. IFBH Company Analysis - IFBH's raw material procurement and processing are primarily handled by third parties, with a significant portion of its coconut water sourced from General Beverage, which is expected to decrease over time [3][20]. - The company has established a differentiated brand identity by emphasizing "Thai imported" products and leveraging collaborations with influencers and celebrities to enhance product visibility [3][15]. - Financial projections indicate that IFBH's net profit is expected to grow from USD 40 million in 2025 to USD 69 million in 2027, with corresponding P/E ratios of 26, 19, and 15 times [4][15].
IFBH（06603）：首次覆盖报告：椰风乘势千帆竞，龙头领航拓新机