23 年及 24Q1 财报点评：24Q1 主业势头向好，外延并购打开成长 天花板 2024 年 04 月 25 日 公司点评 买入/维持 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司点评 P2 23 年及 24Q1 财报点评：24Q1 主业势头向好，外延并购打开成长 天花板 风险提示：原材料价格波动风险，市场竞争加剧，自主品牌孵化不及预期 等 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 投资评级说明 1、行业评级 2、公司评级 太平洋研究院 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 重要声明 本报告信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。负责准备本 报告以及撰写本报告的所有研究分析师或工作人员在此保证，本研究报告中关于任何发行商或证券所 发表的观点均如实反映分析人员的个人观点。报告中的内容和意见仅供参考，并不构成对所述证券买 卖的出价或询价。我公司及其雇员对使用本报告及其内容所引发的任何直接或间接损失概不负责。我 公司或关联机构可能会持有报告中所提到的公司所发行的证券头寸并进行交易，还可能为这些公司提 供或争取提供投资银行业 ...

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 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][29]. Core Insights - In Q1 2024, the company achieved a revenue of 286 million yuan, representing a year-on-year growth of 28.29%, and a net profit attributable to the parent company of 19 million yuan, which is a significant increase of 164.53% year-on-year [2]. - The company aims for over 20% revenue growth in 2024, with a target profit margin of around 7% for its main business [2]. - The company has successfully acquired a 52% stake in Shan'enkang, which focuses on the entire probiotic industry chain, and expects to achieve net profits of no less than 12 million, 18 million, and 30 million yuan in 2024, 2025, and 2026 respectively [3][29]. Financial Performance - In 2023, the company reported a total revenue of 1.067 billion yuan, a year-on-year increase of 1.58%, while the net profit attributable to the parent company was 93 million yuan, a decrease of 4.93% year-on-year [2][20]. - The gross profit margin for 2023 was 23.19%, down 0.78 percentage points year-on-year, and the net profit margin was 8.67%, down 0.59 percentage points year-on-year [2]. - The company’s revenue from oral care products in 2023 was 722 million yuan, a year-on-year increase of 7.90%, while the revenue from wet wipes was 336 million yuan, a decline of 9.88% year-on-year [28]. Business Development - The company has established strong partnerships with major clients such as Chongqing Dengkang and Medline, and has successfully developed new international brand clients, which are expected to contribute to revenue in the second half of 2024 [28]. - The acquisition of a 16.50% stake in Weimeizi has positioned the company as the largest single shareholder, enhancing synergies in the oral care business [3][29]. Future Projections - The company forecasts net profits of 143 million, 185 million, and 228 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding earnings per share (EPS) of 1.42, 1.84, and 2.27 yuan [29]. - The projected price-to-earnings (P/E) ratios for the next three years are 16, 12, and 10 times [29].

[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 ...