乐惠国际20250428

Summary of Lehui International Conference Call Company Overview - Company: Lehui International - Industry: Beer Equipment and Craft Fresh Beer Key Points and Arguments Financial Performance - In 2024, Lehui International's beer equipment business maintained a profit of approximately 96 million yuan, while the craft fresh beer segment incurred losses but is expected to turn profitable by 2025 [2][4] - The net cash flow reached 330 million yuan in 2024 and 175 million yuan in Q1 2025, indicating significant financial improvement [3] Business Segments - The beer equipment segment is stable, while the craft fresh beer segment has shown excellent development despite initial losses [2][4] - The company has established five large-scale factories in major cities and plans to replicate its successful business model in the craft fresh beer market [2][6] Market Position and Strategy - Lehui International has positioned itself as a leader in the cold chain short-term preservation fresh beer sector, with a unique business model and technological advantages [2][11] - The company employs a high-end pricing strategy, with fresh beer prices 50%-60% higher than mainstream premium beers, which has been well-received in the market [5][13] Growth Potential - The fresh beer market currently holds less than 1% market share but is viewed as a future trend, with major groups launching fresh beer products [11][12] - The company anticipates significant growth in the fresh beer segment, with a target to increase sales through direct-to-consumer channels and franchise models [10][17] Operational Improvements - Cash flow improvements are attributed to enhanced project execution quality, diversified market structure, and dedicated management of receivables [8][9] - The company plans to transition from direct operation to franchising to reduce asset depreciation costs and improve profitability [10] Challenges and Future Goals - The fresh beer segment's losses in 2024 were due to high asset depreciation and fixed personnel costs, but these are expected to stabilize as sales scale up [10] - The goal for 2025 is to achieve breakeven, focusing on sustainable growth rather than aggressive sales tactics [30][31] ODM and Equipment Business - The ODM business is progressing well, focusing on high-quality clients and maintaining reasonable profit margins [22] - The equipment segment has seen significant advancements, with a strong market presence and plans for further technological improvements [23][24] Market Trends and Competitive Landscape - The fresh beer market is expanding, with a growing acceptance of draft beer machines, which enhance customer experience [20][21] - Lehui International is well-positioned to capitalize on the increasing demand for high-quality domestic products amid international competition [25] Investor Outlook - Despite a low current market valuation, the company has a solid foundation and clear future plans, making it an attractive investment opportunity [26] Revenue and Sales Channels - In 2024, the company achieved revenues of 140 million yuan, with a notable increase in sales through distributor channels [27][28] - The first quarter of 2025 showed promising results, with beer business losses decreasing and new partnerships established in the packaging equipment sector [29] Additional Important Insights - The company maintains a focus on long-term growth strategies, avoiding short-term promotional tactics that could undermine sustainable development [30][31] - Lehui International's commitment to quality and innovation positions it favorably in the competitive landscape of the beer industry [24][25]