美容护理/个护用品 Q1 需求恢复业绩迎拐点，期待大健康领域业务表现 | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/25 | | 当前股价 ( 元 ) | 22.93 | | 一年最高最低 ( 元 ) | 26.02/16.42 | | 总市值 ( 亿元 ) | 23.03 | | 流通市值 ( 亿元 ) | 23.03 | | 总股本 ( 亿股 ) | 1.00 | | 流通股本 ( 亿股 ) | 1.00 | | 近 3 个月换手率 (%) | 96.66 | 数据来源：聚源 《业绩符合预期，关注薇美姿股权交 割—公司信息更新报告》-2023.10.25 《牙刷 ODM 龙头，内生外延促长期 持续发展—公司首次覆盖报告》 -2023.9.22 | --- | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------|-------| | 指标 | 2022A | 2023A | 2024E | 20 ...

倍加洁(603059)公司点评报告 2024 年 04 月 24 日 24Q1 利润同比增长 164.53%，全年收入增长目标 20%+ 23 年公司实现营业收入 10.67 亿元，同比增长 1.58%，实现归属母公司净 利润 0.93 亿元，同比下降 4.93%，实现扣非归母净利润 0.36 亿元，同比下 降 44.52%。盈利能力方面，23 年公司毛利率为 23.19%，同比下降 0.78pct， 净利率为 8.67%，同比下降 0.59pct。费用端来看，23 年公司期间费用率合 计为 15.36%，同比下降 2.08pct。其中，销售费用率为 6.99%，同比下降 2.99pct，主要系自有品牌营销宣传和渠道投入减少所致；管理费用率为 4.94%，同比提升 1.03pct，主要系增加西藏富扬创业投资管理有限公司咨 询服务费所致；财务费用率为 0.7%，同比提升 0.59pct，研发费用率为 2.74%，同比下降 0.72pct。24Q1 公司实现营业收入 2.86 亿元，同比增长 28.29%，实现归属母公司净利润 0.19 亿元，同比增长 164.53%，扣非归母 净利润同比增长 253.1%。20 ...

[Table_PageText] 倍加洁|年报点评 至 12 月 31 日 2022A 2023A 2024E 2025E 2026E 至 12 月 31 日 2022A 2023A 2024E 2025E 2026E 流动资产 507 469 600 799 986 经营活动现金流 151 155 122 146 163 货币资金 127 70 160 280 391 净利润 97 93 123 159 196 应收及预付 160 205 230 279 310 折旧摊销 73 81 68 71 76 存货 145 160 174 202 244 营运资金变动 7 -8 -54 -59 -77 其他流动资产 76 34 37 37 41 其它 -27 -11 -15 -25 -32 非流动资产 1,079 1,546 1,523 1,493 1,480 投资活动现金流 -82 -495 5 15 -4 长期股权投资 98 934 934 934 934 资本支出 -69 -33 -46 -42 -64 固定资产 462 456 433 402 388 投资变动 -23 -463 0 0 0 在建工程 30 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][10]. Core Views - The company reported a revenue of 1.067 billion yuan in 2023, a year-on-year increase of 1.6%, but a decline in net profit by 4.9% to 93 million yuan. The first quarter of 2024 showed a significant revenue increase of 28.3% year-on-year to 286 million yuan, with net profit rising by 164.5% to 1.9 million yuan [1]. - The company is optimizing its organizational structure, leading to significant cost reduction and efficiency improvements. A new product management department has been established, and the number of new product launches exceeded expectations [2]. - Cash flow has improved, with net operating cash flow reaching 155 million yuan in 2023, a slight increase from the previous year. The company's operational capabilities remain stable, with accounts receivable turnover days decreasing by 3 days [3]. - The company is experiencing growth in its OEM business, with toothbrush and wet wipes showing improved performance. New product categories are also gaining traction, particularly in toothpaste and dental floss [4][5]. - The company holds significant stakes in two subsidiaries, Weimeizi and Shanenkang, which are expected to contribute positively to its financial performance in the coming years [6]. Financial Summary - In 2023, the company achieved a revenue of 1.067 billion yuan, with a projected revenue growth rate of 19.5% for 2024. The net profit for 2024 is expected to be 143 million yuan, reflecting a growth rate of 54.7% [8]. - The company's earnings per share (EPS) for 2024 is projected to be 1.42 yuan, with a price-to-earnings (P/E) ratio of 15.9 times [8]. - The financial indicators show a stable return on equity (ROE) of 7.4% in 2023, with expectations to rise to 10.4% in 2024 [8].

Investment Rating - The investment rating for the company is "Buy" with a target price of 33.36 CNY, maintaining the previous rating of "Buy" [2][6]. Core Views - The company's main business shows a stable upward trend, and external acquisitions open up growth opportunities [2][6]. - The probiotic sector is expected to achieve steady revenue and profit growth [2][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.067 billion CNY, representing a 1.58% increase year-on-year, and a net profit of 0.93 billion CNY, down 4.93% year-on-year [2][6]. - For Q1 2024, the company reported a revenue of 1.19 billion CNY, up 15.76% year-on-year, with a net profit of 0.19 billion CNY, up 164.53% year-on-year [2][6]. Earnings Forecast - EPS forecasts for 2024, 2025, and 2026 are 1.39 CNY, 1.65 CNY, and 1.91 CNY respectively [2][6]. - The company expects to maintain a stable profit margin with a projected EBIT margin of 10.6% for 2024 [2][6]. Business Outlook - The company is focusing on expanding its product lines, including toothbrushes, dental floss, and wet wipes, which are expected to contribute to revenue growth [2][6]. - The acquisition of Shanenkang is anticipated to enhance the company's revenue and profit contributions through integrated supply chain advantages [2][6]. Market Position - The company has established a strong market presence in the oral care and disposable hygiene products sectors, with a diversified product portfolio [2][6]. - The company is positioned as a leading manufacturer in the domestic market, with significant export capabilities [2][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2]. Core Insights - The company reported a revenue of 1.067 billion yuan in 2023, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 93 million yuan, down 4.9% year-on-year. The first quarter of 2024 showed significant improvement with a revenue of 286 million yuan, up 28.3% year-on-year, and a net profit of 19 million yuan, up 164.5% year-on-year [7][2]. - The company is positioned well in the oral care sector, benefiting from a shift towards high-quality domestic brands and expanding product lines with existing clients. The introduction of new products is expected to drive future growth [2]. - Profit forecasts have been adjusted upwards, with the 2024 net profit projected at 154 million yuan, 207 million yuan for 2025, and 255 million yuan for 2026, reflecting year-on-year growth rates of 66.5%, 34.5%, and 23.2% respectively [2]. Financial Summary - The company’s total revenue for 2024 is estimated at 1.307 billion yuan, with a year-on-year growth rate of 22.5%. The gross margin is expected to improve, with 2024 projected at 24.6% [16][24]. - The company’s earnings per share (EPS) for 2024 is forecasted to be 1.53 yuan, with a PE ratio of 15 for 2024, decreasing to 9 by 2026 [16][24]. - The company has shown a positive trend in its core business fundamentals, with a significant recovery in order volumes for toothbrushes and a strong growth trajectory in other oral care products [7][2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.15 CNY per share, indicating an expected relative return of over 20% within six months [6][19]. Core Views - The company aims for revenue growth of over 20% in 2024, focusing on market expansion, operational efficiency, and organizational strength [6]. - In Q1 2024, the company reported revenue of 290 million CNY, a year-on-year increase of 28%, and a net profit attributable to the parent company of 19 million CNY, up 165% [6]. - The company adjusted its profit forecast due to underperformance in 2023, projecting revenues of 1.27 billion CNY, 1.53 billion CNY, and 1.82 billion CNY for 2024, 2025, and 2026 respectively [6]. Financial Data and Valuation - **Revenue (Million CNY)**: - 2022: 1,049.93 - 2023: 1,066.54 - 2024E: 1,269.50 - 2025E: 1,525.69 - 2026E: 1,818.01 - **Growth Rate (%)**: - 2022: 1.09 - 2023: 1.58 - 2024E: 19.03 - 2025E: 20.18 - 2026E: 19.16 [4][9]. - **Net Profit (Million CNY)**: - 2022: 97.31 - 2023: 92.51 - 2024E: 130.06 - 2025E: 162.77 - 2026E: 200.70 - **EPS (CNY/Share)**: - 2022: 0.97 - 2023: 0.92 - 2024E: 1.29 - 2025E: 1.62 - 2026E: 2.00 [4][9]. - **Valuation Ratios**: - P/E Ratio: - 2022: 23.90 - 2023: 25.14 - 2024E: 17.88 - 2025E: 14.29 - 2026E: 11.59 - P/B Ratio: - 2022: 2.00 - 2023: 1.86 - 2024E: 1.43 - 2025E: 1.30 - 2026E: 1.17 [4][10]. Business Strategy - The company plans to enhance its market presence by focusing on customer interface and product development, aiming to develop new products and improve operational efficiency [6]. - The company is actively pursuing acquisitions to support its growth strategy, including acquiring a 52% stake in a related business [6].

倍加洁集团股份有限公司 内部控制审计报告 2023 年度 下 1 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://zcc.m62.gov.cn）"进行查 " 立信会计师事务所(特殊普通合伙) CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS 内部控制审计报告 信会师报字[ 2024 ]第 ZA11568 号 倍加洁集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了倍加洁集团股份有限公司(以下简称贵公司)2023 年 12月 31 目的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是贵公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。 此外,由于情况 ...

国浩律师(上海)事务所 关于 倍加洁集团股份有限公司 注销 2021 年股票期权激励计划部分股票期权 之 法律意见书 國浩律師(上海)事務所 GRANDALL LAW FIRM (SHANGHAI) 上海市北京西路 968 号嘉地中心 23-25 层 邮编:200041 23-25/F, Garden Square, 968 West Beijing Road, Shanghai 200041, China 电话/Tel: +86 21 52341668 传真/Fax: +86 21 52433320 网址/Website: http://www.grandall.com.cn 二〇二四年四月 国浩律师(上海)事务所 法律意见书 国浩律师(上海)事务所 关于倍加洁集团股份有限公司 注销 2021 年股票期权激励计划部分股票期权 之 法律意见书 致:倍加洁集团股份有限公司 国浩律师(上海)事务所(以下简称"本所")接受倍加洁集团股份有限 公司(以下简称"倍加洁"或"公司")的委托,根据《中华人民共和国公司 法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证 券法》")、《上市公司股权激励管 ...

证券代码：603059 证券简称：倍加洁 公告编号：2024-014 倍加洁集团股份有限公司 关于2023年日常关联交易确认 及2024年日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 是否需要提交股东大会审议：是 2023年度公司与关联方发生的关联交易主要包括：关联采购、关联销售、关 联融资、关联理财业务，关联交易占营业成本、营业收入、银行融资、银行理财 的比例较低。 日常关联交易对倍加洁集团股份有限公司（以下简称"公司"、"本公司" 或"倍加洁"）的影响：关联交易的价格公允、合理，公司与关联人的关联交易 严格按照关联交易定价原则执行，不会影响公司业务和经营的独立性，不会对公 司财务状况和经营成果产生不利影响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2024年4月22日，公司召开第三届董事会审计委员会第六次会议，审议通过 了《关于2023年日常关联交易确认及2024年日常关联交易预计的议案》。与会委 员认为公司与关联方之间的日常关联交易为公司正常经营业务所需，属正 ...