ANDRE JUICE(SH:605198)2024-03-25 10:43Group 1: Research Overview - Research Date: March 25, 2024 [2] - Research Method: On-site discussion [2] - Research Institution: Guosheng Securities [2] - Company Representatives: Vice President and CFO Wang Yanhui [2] Group 2: Industry Insights - Concentrated apple juice is a key raw material in the beverage manufacturing industry, derived from fresh apples through various processes [3] - The global juice beverage consumption is 80% in developed countries, with stable demand growth [3] - China accounts for approximately 50% of global apple production and is the largest producer and exporter of concentrated apple juice [4] Group 3: Market Demand and Supply - The demand for apple juice is increasing in emerging markets like Russia, China, India, and Egypt, indicating significant growth potential [3] - In 2023, China's concentrated apple juice export volume decreased, but a substantial increase is expected in 2024 due to enhanced production capacity [4][5] Group 4: Competitive Landscape - Major domestic competitors include Andeli, Haiseng Juice, Guotou Zhonglu, and Shaanxi Hengtong, with Andeli holding a competitive advantage [4] - Andeli has established stable partnerships with global brands like Pepsi, Coca-Cola, and Kraft [4] Group 5: Product Development - Andeli is expanding its product range to include high-value items like NFC juice, which is gaining popularity due to health trends [5][6] - NFC juice is expected to grow significantly in market share as consumer health awareness increases [6] Group 6: Capacity Expansion - As of 2023, Andeli operates 18 production lines across 9 factories in 7 provinces, enhancing its production capacity [7] - The company has acquired assets in Xinjiang to strengthen its market position and expand into new regions [7] Group 7: Financial Performance - Despite a significant decrease in sales in 2023, Andeli has maintained high growth through diversified market strategies and improved management efficiency [8] - The company is committed to a stable profit distribution policy to ensure long-term returns for investors [10] Group 8: Future Outlook - Andeli aims to continue its stable and regulated operations, focusing on maximizing shareholder value and enhancing its market image [11] - The company emphasizes the importance of risk awareness for investors regarding external environment and industry trends [12]