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研報掘金丨東吳證券:首予歡樂家“增持”評級,產品渠道多元並進

東吳證券研報指出,歡樂家以水果罐頭起家,2014年進軍椰子汁領域,目前椰子汁飲料收入佔比過半,24年受原料成本波動拖累業績短期承壓,但Q4環比改善、新品迭代(減糖罐頭、椰子水衍生品)已釋放經營積極信號,認爲公司行業層面受益於水果罐頭集中度提升與椰飲擴容紅利,且業務延展過程中競爭優勢依舊,新總裁上任後經營思路良性調整——產品端錨定渠道需求定製研發(如減糖罐頭)、渠道端強化區域網點質量、費用端收縮低效促銷轉向品牌心智建設,期待後續調整成效逐步顯現。首次覆蓋,給予“增持”評級。

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