Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue met expectations, but profits declined significantly due to multiple factors, with a notable decrease in profit margins and increased expense ratios [1][4] - The company is focusing on expanding its product matrix in the coconut juice segment and enhancing sales in high-tier cities, while also aiming to stabilize its core canned fruit business [4] Summary by Sections Financial Performance - For H1 2024, total revenue was 945 million yuan, a year-on-year increase of 3.64%, while net profit attributable to shareholders was 82 million yuan, a decrease of 36.44% [1] - The gross profit margin for H1 2024 was 35.85%, down 1.38 percentage points year-on-year, indicating a decline in profitability [1] - In Q2 2024, total revenue was 394 million yuan, a decrease of 0.24% year-on-year, with net profit attributable to shareholders dropping to 367,900 yuan, down 99.17% [1] Revenue Breakdown - H1 2024 revenue from beverages and canned goods was 535 million yuan and 380 million yuan, respectively, with year-on-year growth of 11.32% for beverages but a decline of 9.00% for canned goods [3] - The company has seen a significant increase in revenue from the snack channel, contributing 35 million yuan, as it expands its distribution network [3] Cost and Expense Analysis - The cost of goods sold has been impacted by fluctuating raw material prices, with the procurement price of oranges decreasing by over 30% while the prices for fresh coconut juice and coconut water increased by over 30% [1] - Selling and administrative expense ratios increased significantly, with H1 2024 rates at 16.29% and 6.39%, respectively, reflecting the company's investment in channel expansion and marketing [1] Future Outlook - The company is expected to face short-term challenges due to external demand factors, but it aims to leverage its product advantages in the coconut milk segment to enter new markets [4] - EPS forecasts for 2024-2026 are adjusted to 0.60, 0.69, and 0.79 yuan, respectively, with corresponding PE ratios of 17, 15, and 13 times [4]
欢乐家：公司事件点评报告：利润不及预期，费效比有望提升