IF 继续强劲，INNOCOCO 短期调整 IFBH(6603) IFBH（6603）年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | [当前价格 Table_CurPrice] (港元)： | 11.65 | | 张宇轩(分析师) | 021-23154172 | zhangyuxuan@gtht.com | S0880525040039 | | | 本报告导读： 公司 25 年 if 品牌保持强劲增长，但是 innococo 品牌拖累较大。预计 26年有望重回 良性轨道，维持增持评级。 投资要点： | 财务摘要(百万美元) | 2024A | 2025A | 2026E | 202 ...

Core Viewpoint - The article highlights the strong performance of IFBH, a well-known consumer company, in the recent IPO market, with a significant increase in its stock price, while the other two companies, Taide Pharmaceutical and Yunzhisheng, showed modest performance [1][21]. Group 1: IFBH Performance - IFBH's stock price surged over 60% in the dark market, making it the biggest winner among the three newly listed companies [1]. - The company achieved a subscription multiple of 2240 times, with a financing subscription amount reaching 2594.8 billion HKD [3][11]. - IFBH has a market share of approximately 34% in the coconut water beverage market in mainland China, leading the market for five consecutive years [12][16]. Group 2: Company Overview - IFBH, founded in 2013, specializes in ready-to-drink beverages and ready-to-eat foods, particularly coconut water, and is a leader in the Chinese market [11]. - The company operates on a light asset model, relying on third-party manufacturers for production, with only 46 employees as of the end of 2024 [12][13]. - IFBH's gross profit margin improved from 34.7% in 2023 to 36.7% in 2024, and its net profit margin increased from 19.2% to 21.1% during the same period [16][17]. Group 3: Competitors' Performance - Taide Pharmaceutical, a global leader in peptide-focused CRDMO, holds a market share of 1.5% and provides comprehensive services from early discovery to commercial production [21]. - Yunzhisheng, an AI solutions provider, ranks as the fourth largest AI solution provider in China with a market share of 0.6%, focusing on conversational AI products for daily life and medical applications [22][23]. - Both Taide Pharmaceutical and Yunzhisheng exhibited lackluster performance in the dark market, contrasting sharply with IFBH's success [1][21].