供应链稳步进阶，产品渠道多元并进
2024A2025E2026E1,8551,8631,974(3.53)0.425.99147.38151.35167.05(47.06)2.6910.370.340.350.3849.1047.8143.32 东吴证券研究所1/362025年06月16日证券分析师苏铖执业证书：S0600524120010such@dwzq.com.cn研究助理于思淼执业证书：S0600123070030yusm@dwzq.com.cn16.54一年最低/最高价9.25/22.126.20流通A股市值(百万元)6,384.56总市值(百万元)7,235.81每股净资产(元,LF)2.67资产负债率(%,LF)40.98总股本(百万股)437.47流通A股(百万股)386.012024/10/152025/2/122025/6/12欢乐家沪深300 股价走势市场数据收盘价(元)市净率(倍)基础数据相关研究2024/6/17 -25%-15%-5%5%15%25%35%45%55%65%75% 内容目录1.引言......................................................................................................................................................52.公司概况：从罐头龙头迈向椰饮新势力..........................................................................................62.1.水果罐头起家，双轮驱动格局成型.........................................................................................62.2.股权结构稳定，管理团队年轻化.............................................................................................72.3.收入平稳，盈利阶段性承压.....................................................................................................93.水果罐头行业：增长趋缓，集中度仍低........................................................................................133.1.行业概况：营养与便利兼具，发展已趋成熟.......................................................................133.2.竞争格局：行业集中度低，头部市占仍有向上空间...........................................................153.3.结构性增长出众，差异化是突围关键...................................................................................174.椰子饮料：市场空间广阔，龙头差异化竞争................................................................................194.1.行业概况：乘健康饮食风口，市场规模逐年攀升...............................................................194.1.1.椰子水：体量小增速快，本土企业仍存突围机会.....................................................194.1.2.椰子汁：规模稳步提升，“一超两强”竞争格局明显...............................................204.1.3.厚椰乳：B端需求逐步释放，菲诺先发占据龙头.....................................................214.2.健康需求+场景革命，BC双端推动市场扩容......................................................................235.经营战略：持续巩固基本盘，第二曲线培育新动能....................................................................255.1.产品布局：多品类&差异化，性价比优势突显...................................................................255.2.品牌塑造：线上线下融合发力，推进年轻化、场景化建设...............................................275.3.渠道建设：质量为先，多元化、精细化并行.......................................................................285.4.供应链管理：向上延伸，全产业链垂直整合.......................................................................316.盈利预测与投资评级........................................................................................................................337.风险提示............................................................................................................................................34 请务必阅读正文之后的免责声明部分东吴证券研究所2/36 图表目录图1：发展历程图...................................................................................................................................7图2：股权结构图...................................................................................................................................7图3：现金红利和未分配利润...............................................................................................................8图4：经营活动现金流净额与CAPEX................................................................................................8图5：公司历年现金分红比例...............................................................................................................8图6：营收及yoy..................................................................................................................................10图7：归母净利润及yoy......................................................................................................................10图8：椰子汁饮料量价同比增速.........................................................................................................10图9：水果罐头量价同比增速.............................................................................................................10图10：分产品营收情况.......................................................................................................................10图11：分产品营收yoy........................................................................................................................10图12：分产品收入占比.......................................................................................................................11图13：2024年公司产品收入占比......................................................................................................11图14：分区域营收情况.......................................................................................................................11图15：分区域营收yoy........................................................................................................................11图16：区域结构拆分...........................................................................................................................11图17：分渠道营收情况.......................................................................................................................11图18：分渠道营收yoy................
