食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 境外业务保持高增，盈利显著升高 ——仙乐健康(300791)2024 年中报点评 | --- | --- | --- | --- | |------------------------------------------|-----------------------------------------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

446 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|----------------|----------------------------------------|-----------------------|----------------------| | 2024 年 08 月 13 日 \n仙乐健康（ 300791.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 食品饮料 \| | 其他食品Ⅲ | | 海外势头强劲，全年目标坚定 | 投资评级 | | 买入 -B( | 维持) | | 事件：公司发布 2024 年半年度报告。根据公告， 2024H1 公司实现营业收入 19.9 | 股价 | (2024-08-12) | | 24.61 元 | | 0 亿元，同比增长 28.85% ，实现归母净利润 1.54 亿元，同比增长 52.66% ，实现 | 交易数据 | | | | | ...

总股本（万股） 23,596.26 2024 年 08 月 12 日 公司研究 评级：买入(首次覆盖) [Table_Title] 海外景气延续，竞争力持续强化 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn ——仙乐健康（300791）2024 年半年报点评 事件: 最近一年走势 2024 年 8 月 11 日，仙乐健康发布 2024 年半年度报告。2024H1 公司实 现营业收入 19.90 亿元，同比+28.85%；归母净利润 1.54 亿元，同比 +52.66%；扣非归母净利润 1.54 亿元，同比+55.48%。2024Q2 公司实 现营业收入 10.39 亿元，同比+23.29%；归母净利润 0.91 亿元，同比 +27.38%；扣非归母净利润 0.90 亿元，同比+21.18%。 投资要点: 相对沪深 300 表现 2024/08/12 海外景气驱动下，上半年平稳收官。分区域来看，公司 2024H1 中 国/欧洲/美洲/其他地区实现营收 8.3/2.9/7.3 ...

总股本（万股） 23,596.26 2024 年 08 月 12 日 公司研究 评级：买入(首次覆盖) [Table_Title] 海外景气延续，竞争力持续强化 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn ——仙乐健康（300791）2024 年半年报点评 事件: 最近一年走势 2024 年 8 月 11 日，仙乐健康发布 2024 年半年度报告。2024H1 公司实 现营业收入 19.90 亿元，同比+28.85%；归母净利润 1.54 亿元，同比 +52.66%；扣非归母净利润 1.54 亿元，同比+55.48%。2024Q2 公司实 现营业收入 10.39 亿元，同比+23.29%；归母净利润 0.91 亿元，同比 +27.38%；扣非归母净利润 0.90 亿元，同比+21.18%。 投资要点: 相对沪深 300 表现 2024/08/12 海外景气驱动下，上半年平稳收官。分区域来看，公司 2024H1 中 国/欧洲/美洲/其他地区实现营收 8.3/2.9/7.3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue growth in H1 2024, achieving 1.99 billion yuan, a year-on-year increase of 28.85%, and a net profit of 154 million yuan, up 52.66% year-on-year [2] - The demand in the Americas remains robust, with Q2 revenue reaching 1.04 billion yuan, a year-on-year increase of 23.29% [2] - The company is expected to maintain a strong performance in the second half of the year, with confidence in achieving its annual revenue growth target of 20% and a net profit of 400 million yuan [3] Financial Performance Summary - For H1 2024, the company achieved revenue of 1.99 billion yuan, with a net profit of 154 million yuan, and a non-recurring net profit of 154 million yuan [2] - In Q2 2024, revenue was 1.04 billion yuan, with a net profit of 91 million yuan [2] - The company’s revenue by product in H1 2024 included soft capsules (889 million yuan), tablets (142 million yuan), powders (142 million yuan), gummies (486 million yuan), beverages (140 million yuan), hard capsules (98 million yuan), and other forms (80 million yuan) [2] - Revenue by region in H1 2024 was 832 million yuan from China, 729 million yuan from the Americas, 295 million yuan from Europe, and 136 million yuan from other regions [2] Profitability and Margin Analysis - The net profit margin for Q2 2024 was 8.8%, an increase of 0.28 percentage points year-on-year, with a gross margin of 33.35%, up 2.41 percentage points year-on-year [3] - The company’s internal business gross margin improved due to continuous lean production, increased service revenue, and product structure upgrades [3] - The company expects to turn around its BF segment, which has been experiencing losses, in the second half of the year [3] Earnings Forecast and Valuation - The company is projected to achieve revenues of 4.35 billion yuan, 5.01 billion yuan, and 5.66 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21%, 15%, and 13% [3] - The expected net profits for the same years are 402 million yuan, 477 million yuan, and 587 million yuan, with year-on-year growth rates of 43%, 19%, and 23% [3] - The projected EPS for 2024, 2025, and 2026 are 1.70 yuan, 2.02 yuan, and 2.49 yuan, with corresponding P/E ratios of 14x, 12x, and 9x [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target net profit of 4.005 billion yuan for 2024 [2][4]. Core Views - The company reported a robust performance in the first half of 2024, achieving a revenue of 1.99 billion yuan, a year-on-year increase of 28.8%, and a net profit attributable to shareholders of 150 million yuan, up 52.7% year-on-year [1]. - The company's internal business and consolidated BF revenue reached 1.54 billion yuan and 450 million yuan, respectively, with year-on-year growth of 22.3% and 57.4% [1]. - The gross margin improved to 33.4% in Q2 2024, an increase of 2.4 percentage points year-on-year, driven by higher contributions from high-margin products [1]. - The company is expanding its global market share with seven production bases and five R&D centers established in China, Europe, and the United States, which is expected to sustain revenue growth [1]. Financial Summary - The company is projected to achieve a net profit of 393 million yuan in 2024, with a year-on-year growth of 40.0%, and further growth to 486 million yuan and 576 million yuan in 2025 and 2026, respectively [2][3]. - Revenue is expected to grow from 4.326 billion yuan in 2024 to 4.987 billion yuan in 2025, and 5.572 billion yuan in 2026, reflecting growth rates of 20.8%, 15.3%, and 11.7% respectively [3]. - The company's P/E ratio is projected to decrease from 14.8x in 2024 to 10.1x in 2026, indicating an attractive valuation [3].

证 券 研 究 报 告 仙乐健康（300791）2024 年中报点评 强推（维持） 全年信心充足，H2 加速可期 目标价：34 元 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|--------------------------- ...

证 券 研 究 报 告 仙乐健康（300791）2024 年中报点评 强推（维持） 全年信心充足，H2 加速可期 目标价：34 元 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|--------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - In H1 2024, the company achieved revenue of 1.99 billion yuan, a year-on-year increase of 28.85%, and a net profit attributable to the parent company of 154 million yuan, up 52.66% year-on-year [2][6] - In Q2 2024, the company reported revenue of 1.04 billion yuan, a year-on-year increase of 23.29%, and a net profit of 91 million yuan, up 27.38% year-on-year [2][6] - The domestic market shows resilience, while the Americas market continues to experience high growth [6] - The company is expected to maintain strong revenue growth with projected revenues of 4.34 billion, 4.94 billion, and 5.58 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 21.13%, 13.91%, and 12.99% [6][7] Summary by Sections Financial Performance - In H1 2024, revenue was 1.99 billion yuan, with a net profit of 154 million yuan [2][6] - Q2 2024 revenue was 1.04 billion yuan, with a net profit of 91 million yuan [2][6] - Revenue by region: China 832 million yuan (up 4.22%), Americas 729 million yuan (up 65.42%), Europe 295 million yuan (up 13.78%) [6] Product Performance - Revenue by product in H1 2024: Soft capsules 889 million yuan (up 26.80%), tablets 142 million yuan (down 17.50%), powders 142 million yuan (up 13.29%), gummies 486 million yuan (up 60.55%), beverages 140 million yuan (down 14.36%), hard capsules 98 million yuan (up 70.16%) [6] Profitability and Cost Structure - Q2 2024 gross margin increased by 2.41 percentage points to 33.35% [6] - The company’s net profit margin increased by 0.65 percentage points to 7.90% in Q2 2024 [6] Earnings Forecast - Projected revenues for 2024-2026 are 4.34 billion, 4.94 billion, and 5.58 billion yuan, with net profits of 403 million, 502 million, and 587 million yuan respectively [6][7] - Earnings per share (EPS) are expected to be 1.71, 2.13, and 2.49 yuan for 2024, 2025, and 2026 respectively [6][7]

证 券 研 报 公 司 研 2024 年 08 月 12 日 究 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...