金吾财讯 | 西部证券发研报指，IFBH(06603)上游原料采购与加工均由第三方完成，一般采集商在2025年前仅General Beverage一家，其从2位当地采集商与33位居民处采购原料，2025/2027年GB椰子水原料比例预计降至70%/50%以下。2017年IF进入中国内地市场时突出“泰国原装进口”，初步建立差异化认知。2022年IF抓住时机与头部主播合作提高产品曝光度，随后官宣知名明星为品牌代言人；产品属性上突出“天然健康”，强化日常消费场景。印尼与菲律宾贡献全球51%椰子产量，但由于甜度较低而不适于鲜饮；泰国椰子以香水椰为代表，甜度显著更高；越南椰子甜度居中且价格相对较低，泰国/越南椰子产量分别占全球2%/3%且基本稳定，供给端有限情况下出口量需求激增致供不应求、价格高企。短期该机构看好IF保持30%+市场份额，长期展望国标出台后IF份额提升，同时以轻资产模式高效开拓国际市场。该机构预计公司25-27年归母净利润分别为40/55/69百万美元，目前股价对应PE分别为26/19/15倍，考虑到公司是高增行业的龙头企业，首次覆盖，给予“增持”评级。
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