According to Securities Star News, on May 14, 2024, Happy Home (300997) announced that Li Junhui of Chuanghua Investment, Li Xianhong of Chuhua Capital, Zhou Zeyi of Shenzhen Qianhai Hengjiang Union, Zhu Zhihong of Guolian Securities, Liang Zhanzhang of Bank of Shanghai, Zhu Huajun of Shenzhen High-tech Enterprise Industrial Service (Shenzhen) Co., Ltd., Song Bingbing of Rongmai Assets, and Song Fuqiang of Zheshang Securities investigated our company on May 14, 2024.
The details are as follows:
The main contents are as follows:
Q: The company's operating conditions in 2023 and the first quarter of 2024
A: In 2023, the company's operating income will be 1.923 billion yuan, a year-on-year increase of 20.47%, and the net profit attributable to shareholders of listed companies will be 278 million yuan, a year-on-year increase of 36.85%. Among them, the operating income of coconut water beverage products was 1.000 billion yuan, an increase of 24.37% over the same period of the previous year, accounting for 52.02% of the company's operating income, and the company's 1.25L PET bottled coconut water products and 245ml blue color iron canned coconut water products accounted for 75.52% of the company's coconut water beverage operating income, an increase of 24.50% over the same period last year. The operating income of canned fruit products was 709 million yuan, an increase of 17.49% over the same period of the previous year, accounting for 36.86% of the company's operating income. The operating income of canned oranges was 196 million yuan, an increase of 6.65% over the same period of last year, and the operating income of canned yellow peaches was 297 million yuan, an increase of 50.12% over the same period of last year.
In the first quarter of 2024, the company achieved operating income of 551 million yuan, an increase of 6.61% over the same period of last year, and the net profit attributable to shareholders of listed companies was 82.0863 million yuan, a decrease of 3.74% over the same period of last year, mainly due to the company's increased personnel development and maintenance of terminal markets in traditional channels, resulting in a year-on-year increase in sales expenses, but a slight decrease from the previous quarter. The gross profit margin of the company's overall products was 38.70%, a year-on-year increase of 1.84 percentage points.
Q: What is the company's development plan and product positioning for canned fruit products and coconut water products?
Answer: The company adheres to the dual-driven development strategy of canned fruit and coconut water, and continues to enhance the market competitiveness and product popularity of the company's core products Happy Home canned fruit (especially represented by canned oranges and canned yellow peaches) and coconut water, in the current context of people's more attention to health, plant protein drinks with the characteristics of low calorie, low fat and high dietary fiber will receive more attention, and the company will focus on building a "coconut water +" plant-based product matrix around the company's core product coconut water beverage.
The R&D ideas of canned fruit products are mainly in portable, young and casual small packaging canned products, adapting to the company's diversified channel layout and increasing the application scenarios of canned products.
Strategically, canned fruit is a stable variety, and coconut water is a growing variety.
Q: What are the company's priorities in 2024?
Answer: (1) The marketing work continues to carry out intensive channel cultivation and maintain the development of terminal outlets; (2) Expand channel diversification and brand promotion; (3) Implement the coconut water + product matrix series, and actively lay out the coconut shark coconut water series products; (4) Extension of raw materials in the upstream of the industrial chain; (5) Strengthen supply chain management and improve the efficient response of the supply chain in terms of stabilizing quality, strengthening services, and optimizing costs.
Q: What are the characteristics of the company's coconut water products?
Answer: The company entered the plant-based protein beverage industry in 2014, and after the coconut water products were launched, relying on the original canned fruit sales channels, coconut water products quickly became the company's pillar products. One of the company's main products is 1.25LPET bottled coconut water, which is mainly for catering and banquet channels, and has a certain channel differentiation. The company's PET bottled coconut water products use French Sidel aseptic cold filling equipment, using a double-line method to separate the pulp and coconut water, the customized instantaneous high temperature treatment process to maximize the freshness and nutritional value of the contents under the premise of ensuring quality and safety, successfully realized the process innovation of adding fruit ingredients to neutral plant protein beverages, and used PET bottle aseptic cold filling line to produce neutral plant protein drinks with pulp, which is the first in China.
Q: Are there any seasonal changes in the company's product sales?
Answer: Due to the canned fruit, plant protein beverage products have certain gift attributes, in the Spring Festival, Mid-Autumn Festival and other traditional festivals during the market demand, for the company, before the holiday to the festival period is generally the company's products sales season The company's operating performance has obvious seasonal fluctuations.
Q: What is the regional planning for the company's main sales areas and new outlets?
Answer: At the end of 2023, the number of dealers in the company is 2,157, of which the number of dealers in Central China, Southwest China and East China accounts for about 65% of the total number of dealers, and the above three regions are also the company's main sales areas, in 2023, the above three regions will complete sales revenue of 1.268 billion yuan, accounting for 65.94% of the company's operating income. The company will continue to intensively cultivate and sink in areas with relative advantages such as Central China, East China and Southwest China, and actively explore new outlets in relatively blank markets.
Q: What is the reason for the increase in selling expenses in the first quarter of 2024?
Answer: The company strives to achieve 1 million outlets by the end of 2024, for which the company needs to make planned pre-investment in the maintenance and development of terminal outlets, so as to lay the foundation for the maintenance and development of terminal outlets, mainly to increase the investment of front-line sales personnel, but the company's sales expense investment will match the company's strategic planning and business development, and the overall investment is relatively stable.
Q: What is the reason for the increase in the gross profit margin of the company's overall products in the first quarter of 2024?
A: In the first quarter of 2024, the company's overall product gross profit margin was 38.70%, a year-on-year increase of 1.84 percentage points. In the first quarter of 2024, the company's beverage product revenue was 311 million yuan, accounting for 56.49% of the operating income, an increase of 23.47% over the same period of the previous year. The company's gross profit margin has been basically stable in recent years.
Q: What are the sources and costs of the company's main raw materials such as coconut water, coconut water, and fruits?
Answer: The main raw materials of the company's coconut water and coconut water, raw coconut meat juice and coconut water, mainly come from Vietnam, Thailand and other Southeast Asian countries, the local coconut industry is relatively developed, and the market supply is relatively stable. The purchase price of fruit raw materials in the market is relatively transparent, and the purchase price follows the market.
Q: What is the progress of the company's B-end business?
A: In 2023, the company will mainly focus on platform construction, channel construction and product R&D testing. In the first quarter of 2024, the revenue generated by the B-end business is limited, and the R&D capabilities and supply chain capabilities of the B-end business will continue to be improved.
Q: What is the location of the company's factory?
A: The company's four factories are located in Linyi City, Shandong Province, Hanchuan City, Hubei Province, Yichang City, Hubei Province and Zhanjiang City, Guangdong Province.
Q: What is the company's capacity utilization level?
Answer: the company's production capacity and canned food, beverage products peak season concentrated production characteristics to adapt, generally before the festival for centralized production stocking, in order to ensure the sales season of the market supply, to the peak season demand configuration of sufficient capacity, capacity utilization rate in line with the general situation of the industry.
Q: What is the main investment direction of the industrial funds subscribed by the company?
Answer: In the early stage, the company subscribed for the fund product shares of Pingtan Derun Luhao Venture Capital Partnership (Limited Partnership) and Nanjing Wushi Shenlu Equity Investment Partnership (Limited Partnership), mainly investing in the upstream and downstream of the catering and food industry chain and companies with growth potential in the consumer field such as consumer brands and consumer chains
The main business of Happy Home (300997) is the R&D, production and sales of food and beverage products such as canned fruits, vegetable protein drinks, fruit juice drinks, lactic acid bacteria drinks, etc.
According to the first quarter report of Happy Home in 2024, the company's main revenue was 551 million yuan, an increase of 6.61% year-on-year; the net profit attributable to the parent company was 82.0863 million yuan, a year-on-year decrease of 3.74%; deducted non-net profit of 80.2696 million yuan, a year-on-year decrease of 5.14%; The debt ratio was 33.15%, the investment income was 81,100 yuan, the financial expenses were -578,200 yuan, and the gross profit margin was 38.7%.
A total of 12 institutions have rated the stock in the last 90 days, 6 have given buy ratings and 6 have overweight ratings. The average institutional price target over the last 90 days is 18.13.
Here's the detailed earnings forecast information:
Margin data shows that the stock has a net financing outflow of 28,778,700 in the past three months, with a decrease in the financing balance, and a net outflow of 53,600 with a decrease in the balance of securities borrowing and lending.
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