【券商聚焦】国泰海通证券首予IFBH(06603)“增持”评级料其业绩有望持续高成长

金吾财讯

Aug 20, 2025

金吾财讯 | 国泰海通证券研报指，IFBH(06603)是中国内地即饮天然椰子水的领导者。该机构认为公司核心竞争力在于：1）根植泰国的供应链优势：既能打造竞品难以模仿的突出产品力、产品认知，同时采购成本低于竞品。2）轻资产模式下投入更多资源于产品创新、品牌，以及更灵活适应市场变化；3）当前椰子水正处品类上行周期，公司持续营销端高举高打，不断拉升品牌势能、销量。当前受益于消费者口味认知提升，以及能满足天然健康、功能性以及补水需求特性，椰子水赛道正快速成长。公司以if和Innococo进行双品牌差异化协同运作，以高消费力、高复购的白领女性和健身人士为原点人群，营销高举高打，同时战略合作国内优质大商，持续发力高线和高势能渠道，从而实现爆发式业绩成长。未来随着品类持续扩容，以及渠道布局完善，看好公司持续保持高成长性。依托泰国供应链、双品牌轻资产运营以及品类上行期高举高打、战略合作大商，公司业绩有望持续高成长。该机构预计公司2025-2027年EPS分别为0.16/0.20/0.26美元/股。结合可比公司估值情况，给予公司35倍的PE（25E），目标价43.96港元/股（按照美元兑港元7.85汇率计算，首次覆盖并给予“增持”评级。

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