Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The weight management industry is identified as a golden growth track, with significant potential driven by increasing health consciousness and supportive policies [6][11] - The company is strategically positioning itself to capitalize on the booming weight management sector, aiming to establish it as a third growth pillar alongside its existing business lines [6][11] - The report slightly raises profit forecasts for 2024-2026, reflecting positive business developments and market conditions [6] Financial Data and Profit Forecast - Total revenue projections are as follows: 2023: 843 million, 2024E: 1,041 million, 2025E: 1,406 million, 2026E: 1,873 million, with growth rates of 32.8%, 23.4%, 35.0%, and 33.2% respectively [5] - Net profit forecasts are: 2024E: 89 million, 2025E: 115 million, 2026E: 156 million, with growth rates of 1.6%, 28.7%, and 35.1% respectively [5] - Earnings per share are projected to be 0.72, 0.93, and 1.25 for 2024E, 2025E, and 2026E respectively [5] - The price-to-earnings ratio is expected to be 26, 20, and 15 for the years 2024E, 2025E, and 2026E respectively [5] Industry Insights - The weight management sector is characterized by a large domestic consumer base and strong demand, with projections indicating that the number of overweight/obese individuals in China will exceed 500 million by 2030 [6][12] - The report highlights the increasing trend of health-conscious consumption among younger demographics, particularly women, who are prioritizing fitness and wellness [20][21] - The company is launching a new sub-brand, CPTfit, targeting the female market with a focus on high-protein products, which aligns with current consumer trends [6][11] Policy and Market Dynamics - The government is actively promoting weight management initiatives, with a national plan set to enhance public awareness and improve lifestyle habits [51][54] - The report draws parallels with Japan's weight management industry, emphasizing the role of government support in fostering market growth and innovation [54][56]
康比特（833429）：体重管理是黄金赛道，公司乘风进击，打造第三增长极