Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company is a leader in the domestic massage chair market and a significant global manufacturer, with a strong position in the industry. It has established a comprehensive R&D, industrial design, and quality control system for massage chairs. The domestic market has a solid brand recognition foundation, and stable cooperation with major overseas clients is expected to drive new customer growth. As demand gradually stabilizes, the company is actively adjusting its product structure and enhancing cost reduction and efficiency, which is anticipated to lead to rapid recovery growth. The projected net profits for 2024-2026 are 241 million, 287 million, and 339 million yuan, respectively, with corresponding P/E ratios of 14.44, 12.16, and 10.27 [4]. Financial Performance Summary - In Q1 2024, the company achieved operating revenue of 401 million yuan, a year-on-year increase of 3.86%. The net profit attributable to the parent company was 63 million yuan, up 67.31% year-on-year, and the net profit after deducting non-recurring gains and losses was 61 million yuan, a significant increase of 136.04% year-on-year. The gross profit margin reached 35.88%, an increase of 6.60 percentage points year-on-year. The company has improved its cost structure and operational efficiency, contributing to this strong performance [20][21][39]. Market and Revenue Insights - The company's overseas revenue is expected to remain stable, with the domestic market projected to grow. The overall revenue growth is anticipated to recover slightly. The overseas market accounts for about 55% of total revenue, with the Korean market experiencing a slight decline due to order scheduling issues. However, the U.S. market has shown improvement, with an expected growth of around 30%. The domestic market is expected to grow by over 10%, particularly benefiting from online sales platforms [39].

| 证券代码：603579 | 证券简称：荣泰健康 | 公告编号：2024-037 | | --- | --- | --- | | 债券代码：113606 | 债券简称：荣泰转债 | | 上海荣泰健康科技股份有限公司 关于不向下修正"荣泰转债"转股价格的公告 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： 截至 2024 年 5 月 16 日，上海荣泰健康科技股份有限公司（以下简称"公 司"）股价已出现任意连续 30 个交易日中至少有 15 个交易日的收盘价低于当期 转股价格的 80%之情形，触发"荣泰转债"转股价格向下修正条款。经 2024 年 5 月 16 日召开的第四届董事会第十六次会议审议通过，公司董事会决议本次不 向下修正"荣泰转债"转股价格，且在未来六个月内（即 2024 年 5 月 17 日至 2024 年 11 月 16 日），如再次触发"荣泰转债"转股价格向下修正条款，亦不提 出向下修正方案。 自本次董事会审议通过之日起满六个月后（从 2024 年 11 月 17 日起算）， 若再次触发"荣泰 ...

股票代码:603579.SH 债券代码: 113606.SH 股票简称:荣泰健康 债券简称:荣泰转债 万和证券提请投资者及时关注发行人的信息披露文件,并已督促发行人及时 履行信息披露义务。 1 一、核准文件及核准规模 上海荣泰健康科技股份有限公司 2020 年可转换公司债券 临时受托管理事务报告 (2024年第一期) 债券受托管理人: (海口市南沙路 49 号通信广场二楼) 二〇二四年五月 電要声明 万和证券股份有限公司(以下简称"万和证券")编制本报告的内容及信息来 源于上海荣泰健康科技股份有限公司(以下简称"荣泰健康"、"公司"或"发行人") 对外公布的公开信息披露文件以及发行人向万和证券提供的资料。 万和证券按照《公司债券发行与交易管理办法》《公司债券受托管理人执业 行为准则》等相关规定及与荣泰健康签订的《受托管理协议》的约定编制本报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜做出独立判断,而不应将本报告中的任何内容据以作为万和证券所作的承诺 或声明。请投资者独立征询专业机构意见,在任何情况下,投资者不能将本报告 作为投资行为依据。 本次债券发行日为 2020年 10 ...

一、可转换公司债券基本情况 经中国证券监督管理委员会《关于核准上海荣泰健康科技股份有限公司公 开发行可转换公司债券的批复》（证监许可[2020]2139号）核准，公司于2020 年10月30日公开发行了600万张A股可转换公司债券，每张面值100元，发行总 额人民币60,000.00万元，期限6年。 经上海证券交易所《自律监管决定书》[2020]372号文同意，公司60,000.00 | 证券代码：603579 | 证券简称：荣泰健康 | 公告编号：2024-035 | | --- | --- | --- | | 债券代码：113606 | 债券简称：荣泰转债 | | 上海荣泰健康科技股份有限公司关于"荣泰转债" 预计触发转股价格向下修正条件的提示性公告 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： 2024年4月23日至2024年5月9日，上海荣泰健康科技股份有限公司（以 下简称"公司"）股票已有10个交易日的收盘价格低于当期转股价格的 80%（25.33元/股），预计将触发转股价格向下修正条件。若触发条件 ...

证券代码：603579 证券简称：荣泰健康 公告编号：2024-034 转债代码：113606 转债简称：荣泰转债 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 16 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 56,703,900 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 42.1040 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长林光荣先生主持会议，会议以现场 上海荣泰健康科技股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 会议和网络投票相结合的方式召开并表决，会议的召集、召开及表决方式符合《公 司法》及《公司章程》的规定。 (一) 股东大会召开的时间：2024 年 5 月 8 日 (二) 股东大会召开的地点：上海市青浦区徐泾镇高光路 169 弄 ...

致:上海荣泰健康科技股份有限公司 上海荣泰健康科技股份有限公司(以下简称"公司")2023年年度股东大会 于 2024年5月8日在上海市青浦区徐泾镇高光路 169 弄虹桥时代广场 6 号楼荣 泰大厦公司会议室召开。上海市广发律师事务所经公司聘请,委派占新越律师、 沈旖芸律师出席现场会议,根据《中华人民共和国公司法》(以下简称"《公司 法》"）、《上市公司股东大会规则》(以下简称"《股东大会规则》")等法 律法规、其他规范性文件以及《上海荣泰健康科技股份有限公司章程》(以下简 称"《公司章程》")的规定,就本次股东大会的召集和召开程序、召集人及出 席会议人员的资格、会议议案、表决方式和表决程序、表决结果和会议决议等出 具本法律意见书。 为出具本法律意见书,本所律师对本次股东大会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺,公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的,有关原件及其上面的签字和印章是真实的,且一 切足以影响本法律意见书的事实和文件均已向本所披露,而无任何隐瞒、疏漏之 处。 上海市广发律师事务所 关于上海荣泰 ...

2024 年第一季度报告 转债代码：113606 转债简称：荣泰转债 证券代码：603579 证券简称：荣泰健康 上海荣泰健康科技股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人林琪、主管会计工作负责人廖金花及会计机构负责人贾晓丽（会计主管人员）保证季 度报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 项目 本报告期 本报告期比上年同期增减 变动幅度(%) 营业收入 400,613,890.42 3.86 归属于上市公司股东的净利润 62,741,790.01 67.31 归属于上市公司股东的扣除非经常 性损益的净利润 61,055,837.73 136.04 经营活动产生的现金流量净额 -150,370,360.3 ...

[Table_Summary] [Table_ReportDate] 荣泰健康(603579)公司简评报告 | 2024.04.23 [Table_Authors] 陈梦 首席分析师 SAC 执证编号：S0110521070002 chenmeng@sczq.com.cn 电话：010-81152649 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 23.16 | | 一年内最高 / 最低价（元） | 24.12/15.40 | | 市盈率（当前） | 16.03 | | 市净率（当前） | 1.69 | | 总股本（亿股） | 1.39 | | 总市值（亿元） | 32.19 | | 资料来源：聚源数据 | | 核心观点 | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------| | 盈利预测 [Table_Pro ...

Investment Rating - The report maintains a "Buy" rating for the company [13]. Core Views - The company achieved a revenue of 1.855 billion yuan in 2023, a year-on-year decrease of 7.47%, while the net profit attributable to the parent company was 203 million yuan, an increase of 23.43%. The net profit after deducting non-recurring gains and losses was 186 million yuan, up 47.78% year-on-year [10][11]. - In Q4 2023, the company reported a revenue of 557 million yuan, a year-on-year increase of 25.84%, and a net profit of 50.97 million yuan, up 32.19% year-on-year [10][11]. - The company expects a significant increase in net profit for Q1 2024, with a forecast of 57.55 million to 62.89 million yuan, representing a year-on-year increase of 122.5% to 143.11% [10][11]. - The company plans to distribute a cash dividend of 10.00 yuan per 10 shares (tax included) and to increase capital by 3 shares for every 10 shares held [10][11]. Financial Performance - The company's gross profit margin improved by 4.3 percentage points to 30.82% in 2023, primarily due to a decrease in raw material costs and proactive product structure optimization [11]. - Sales expenses decreased by 2.47% year-on-year, while management expenses increased by 11.08% due to rising employee compensation and consulting fees [11]. - The operating profit increased by 21.09% year-on-year, with a significant growth of 70.47% in operating profit in Q4 2023 [11]. Market Position and Outlook - The company is positioned as a leader in the domestic massage chair market and a significant global manufacturer, with a solid foundation in R&D, industrial design, and quality control [15]. - The company anticipates a recovery in demand, projecting net profits of 241 million, 287 million, and 339 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 12.73, 10.72, and 9.05 [15].

Investment Rating - The report maintains a "Hold" rating for the company, with expected EPS for 2024-2026 at 1.69, 1.91, and 2.13 yuan respectively [13][14] Core Views - The company's profitability improved significantly in 2023, with gross margin increasing by 4.3pp to 30.8%, driven by foreign sales margin improvement and enhanced production efficiency [1] - Despite revenue decline due to weak domestic demand and overseas market pressure, the company achieved a 23.4% YoY increase in net profit attributable to parent company, reaching 200 million yuan [5] - The company is actively adjusting its overseas team structure and improving profitability, positioning itself for growth as the economy recovers [7] Financial Performance Revenue and Profit - 2023 revenue decreased by 7.5% YoY to 1.86 billion yuan, with domestic sales down 5.16% and overseas sales down 8.59% [5][6] - Net profit attributable to parent company grew 23.4% YoY to 200 million yuan, with Q4 showing strong growth of 32.2% YoY [5] - The company plans to distribute 130 million yuan in cash dividends, with a payout ratio of 66.4% [5] Margins - Gross margin improved to 30.8% in 2023, with domestic and overseas margins at 36.6% and 26.1% respectively [1] - Net margin increased by 2.7pp to 11% in 2023, primarily due to gross margin improvement [1] Product Performance - Massage chairs accounted for the majority of revenue at 1.77 billion yuan, down 5.9% YoY [6] - Massage appliances and experiential massage services saw significant declines of 28.2% and 16.2% respectively [6] Future Outlook - The company is expected to achieve revenue growth of 12.19%, 12.84%, and 11.16% in 2024-2026, with net profit growth of 15.75%, 12.89%, and 11.93% respectively [8] - Domestic revenue is projected to grow at 10% annually, while overseas revenue is expected to grow at 15%, 15%, and 12% in 2024-2026 [20] - Gross margins are forecasted to improve further, with domestic margins stable at 37% and overseas margins increasing from 27% to 29% over the next three years [20]