Huijing Yan hi.van@htisec.com 首次覆盖：运动营养行业景气度较高，公司全渠道 发力 [Table_Summary] 投资要点： 运动营养、健康营养稳健增长，聚焦核心产品。核心业务运动营养食品、健 康营养食品保持较快增长，2020-2022 年 CAGR 分别为 36%、45%，其中健康 营养食品得益于军需业务快速放量，业务增长迅猛。具体产品层面，为了强 化资源利用效率，近几年公司聚焦乳清蛋白、能量胶等爆品，成效显著。 风险提示。市场拓展不达预期，行业竞争加剧等。 2. 833429 CH Beijing Competitor Sports Sc ience Technology Joint Rating: OUTPERFORM Target Price: Rmb17.2 康比特（833429）公司研究报告 2024 年 03 月 08 日 公司技术专业度高，近几年收入、利润稳健增长。公司在竞技体育领域已经 形成领先的品牌优势，连续入围国家体育总局国家队集中采购营养食品目录， 入围产品的品类、数量、销售额多年位居前列，技术实力强劲。近几年公司 收入、利润稳健增长，2013-2023 ...

Investment Rating - The report assigns an "Outperform" rating to the company [4][18]. Core Viewpoints - The sports nutrition industry is experiencing high demand, and the company is leveraging a multi-channel strategy to enhance its market presence. The company has established a strong brand in competitive sports and has consistently ranked high in the national procurement list for nutritional products [6][9]. - The company's revenue has shown steady growth, increasing from 159 million yuan in 2013 to 843 million yuan in 2023, with a CAGR of 18.14%. The net profit attributable to the parent company rose from 23 million yuan to 88 million yuan during the same period, with a CAGR of 14.22% [6][52]. - The company has set ambitious revenue and profit growth targets for the next three years, aiming for a year-on-year increase of 26% and 21% in 2023, 15% in both revenue and profit for 2024, and 15% in both for 2025 [6]. Financial Summary - The company's projected financials for 2023 to 2025 include: - Revenue: 843 million yuan in 2023, 1,042 million yuan in 2024, and 1,264 million yuan in 2025, with year-on-year growth rates of 32.8%, 23.5%, and 21.3% respectively [8]. - Net profit: Expected to be 88 million yuan in 2023, 107 million yuan in 2024, and 130 million yuan in 2025, with growth rates of 53.4%, 20.9%, and 21.5% respectively [8]. - EPS: Projected to be 0.71 yuan in 2023, 0.86 yuan in 2024, and 1.04 yuan in 2025 [24]. Industry Insights - The domestic sports nutrition market has significant growth potential, primarily driven by domestic brands. The market is expected to reach 6 billion yuan by 2023, with a CAGR of 21% over the next three years, significantly higher than the global growth rate of 5% [41][42]. - The company focuses on core products in the sports and health nutrition segments, which have maintained rapid growth rates of 36% and 45% respectively from 2020 to 2022 [23][55].

Financial Performance - The company achieved operating revenue of ¥843,319,664.65, representing a year-on-year increase of 32.79%[3] - Net profit attributable to shareholders reached ¥88,372,892.78, up 53.39% compared to the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥76,001,097.67, reflecting a growth of 37.67% year-on-year[3] - Basic earnings per share increased to ¥0.71, a rise of 31.48% from the same period last year[3] Assets and Equity - Total assets at the end of the reporting period were ¥1,070,333,791.75, an increase of 7.31% from the beginning of the period[5] - Shareholders' equity attributable to the company was ¥801,733,703.84, up 8.42% from the start of the period[5] - The company's net asset value per share was ¥6.44, an increase of 8.42% compared to the previous year[5] Growth Drivers - The company's earnings growth was driven by increased R&D investment, product upgrades, and expanded sales channels[6] - The company received significant government subsidies in 2023, contributing to the substantial growth in profit metrics[6] Cautionary Notes - The financial data presented is preliminary and has not been audited, cautioning investors to consider investment risks[7]

目前军队形成了营养丰富、品种齐全、功能配套的军用食品体系，军用食品向着 耐饥饿、口感好、高能量、富营养、多配餐等方向发展。目前康比特提供给军需 市场的产品有能量棒、压缩干粮、自热食品，且近年来公司在口粮类军需采购中 排名较高，自热食品订单实现较大突破。2023 年 H1 公司健康营养食品实现营收 1.43 亿元，同比增幅达到 106.18%，主要源于军需产品销售增加。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|-------|-------------|-------|---------------------------|-------|-----------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | 资本公积 | 161 | 279 | 279 | 279 | 279 | 主 ...

Financial Performance - The estimated net profit attributable to shareholders for 2023 is projected to be between 77 million to 90 million CNY, representing an increase of 33.65% to 56.21% compared to the previous year's net profit of 57.61 million CNY[3]. - The performance forecast is based on preliminary calculations and has not yet been audited by an accounting firm, thus it does not constitute a commitment to investors regarding performance[5]. Investment and Development - The company has continued to invest in research and development, actively upgrading products, and expanding market reach, contributing to increased sales revenue and net profit[4]. - The company received significant government subsidies during the reporting period, which also positively impacted net profit[4].

-25% -5% 15% 35% 55% 75% 康比特 沪深300 相关研究 [Table_Report] | --- | --- | |------------------------------------|----------| | | | | 基础数据 | | | [Table_BaseData] 总股本 ( 万股 ) | 12450.00 | | 流通 A 股 ( 万股 ) | 4967.88 | | 总市值（亿元） | 12.52 | | 总资产 ( 亿元 ) | 11.08 | | 每股净资产 ( 元 ) | 6.19 | 目 | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 1 深耕运动营养食品二十载， 打造行业标杆企业… | | 1.1 股权结构健康稳定,实控人行业经验丰 ...

Group 1: Industry Potential and Market Overview - The domestic sports nutrition food industry is experiencing rapid growth, supported by national policies promoting the health industry and an increasing number of people advocating for a "scientific exercise + nutritional diet" lifestyle [3] - The company is positioned to leverage the significant growth potential in the sports nutrition market [3] Group 2: Business Model and R&D Capabilities - The company focuses on R&D and production of sports nutrition foods, expanding into military food supplies, and utilizing big data and AI for smart fitness services [4] - The company has participated in over 20 national-level projects and holds 101 invention patents, indicating strong R&D capabilities [5] Group 3: Future Investments and Digital Services - Future investments will primarily focus on market promotion, brand development, platform investment, and product innovation [6] - The company is developing three digital sports technology service platforms, integrating sports nutrition with internet and AI technologies [6] Group 4: Clientele and Market Position - The company has a stable relationship with top clients, including national sports teams and military clients, consistently ranking high in sales and product categories [8] - The company collaborates with various sports schools and universities, enhancing its market presence [9] Group 5: Pricing Strategy and Profitability - The company maintains a high-quality product strategy and will not lower prices, focusing on brand premium and differentiated competition [9] - The digital sports technology service business is expected to become a new profit growth point, despite currently having a small revenue share [10] Group 6: R&D and Dividend Plans - The company employs a self-research model with structured R&D processes to ensure product development efficiency [11] - The company has consistently issued cash dividends since 2010 and plans to continue this practice [12] Group 7: Profit Margin Outlook - The company anticipates fluctuations in gross and net profit margins due to market competition and production efficiency changes, but aims to maintain a high gross margin through operational improvements [12]

北京康比特体育科技股份有限公司 2023年股权激励计划权益授予结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、限制性股票授予结果 （一）实际授予基本情况 1、授予日：2023年10月17日 6、股票来源：本股权激励计划的股票来源为公司从二级市场回购的本公司A股 普通股股票。 证券代码：833429 证券简称：康比特 公告编号：2023-133 （二）实际授予明细表 本激励计划授予限制性股票的分配情况及登记完成限制性股票名单如下： | 姓名 | 职务 | 获授的限制性股 票数量(万股) | 占授予限制性 股票总量的 | 占激励计划草案公告日 股本总额的比例 | | --- | --- | --- | --- | --- | | | | | 比例 | | | 李奇庚 | 董事、总经理 | 20 | 18.18% | 0.16% | | 吕立甫 | 董事会秘书、财务总监 | 15 | 13.64% | 0.12% | | 朱煜 | 副总经理 | 12 | 10.91% | 0.10% | | 李 ...

证券代码：833429 证券简称：康比特 公告编号：2023-129 北京康比特体育科技股份有限公司 2023 年第三次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2023 年 11 月 15 日 2.会议召开地点：北京市昌平区何营路九号院康比特健康产业园 2 号楼 2 层 会议室 （三）公司董事、监事、高级管理人员出席或列席股东大会情况 1.公司在任董事 9 人，出席 9 人； 3.会议召开方式：现场投票与网络投票相结合 4.会议召集人：董事会 5.会议主持人：董事长白厚增 6.召开情况合法、合规、合章程性说明： 本次会议召集、召开、议案审议程序等方面符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 10 人，持有表决权的股份总数 63,375,845 股，占公司有表决权股份总数的 51.36%。 其中通过网络投票参与本次股东大会的股东共 ...

北京市君致律师事务所 关于北京康比特体育科技股份有限公司 2023 年第三次临时股东大会的法律意见书 致：北京康比特体育科技股份有限公司 北京市君致律师事务所（以下简称"本所"）接受北京康比特体育科技股份 有限公司（以下简称"公司"）的委托，指派律师出席了公司于 2023 年 11 月 15 日召开的 2023 年第三次临时股东大会（以下简称"本次股东大会"）。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏，并承担相应法律责任。 在审查有关文件的过程中，公司保证，其向本所提交的文件和所做的说明是 真实的、准确的、完整的，并已提供出具本法律意见书所必需的文件材料或口头 证言，并保证其所提供的有关副本材料或复印件与正本或原件一致。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《北京 证券交 ...