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 ...

丨证券研究报告丨 公司研究丨点评报告丨荣泰健康（603579.SH） [Table_Title] 结构优化降本增效，经营效率持续提升 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 2023 年公司实现营业收入 18.55 亿元，同比下降 7.47% ，归母净利润 2.03 亿元，同比增长 | | | 23.43% ，归母扣非净利润 1.86 亿元，同比增长 47.78% 。其中 2023 年四季度实现营业收入 5.57 亿元，同比增长 25.84% ，归母净利润 5097.27 万元，同比增长 32.19% ，归母扣非净利 | | | 润 5225.1 ...

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]

2024 年 04 月 17 日 荣泰健康(603579) 目标价: 昨收盘:21.87 | --- | --- | --- | --- | --- | |-------|-----------------------------------------|------------------------------------------|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| 证券代码：603579 | 证券简称：荣泰健康 | 公告编号：2024-029 | | --- | --- | --- | | 转债代码：113606 | 转债简称：荣泰转债 | | 上海荣泰健康科技股份有限公司 2024 年第一季度业绩预增公告 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： 一、本期业绩预告情况 三、本期业绩预增的主要原因 （一）业绩预告期间 2024 年 1 月 1 日至 2024 年 3 月 31 日。 （二）业绩预告情况 1.经财务部门初步测算，预计 2024 年第一季度实现归属于上市公司股东的 净利润为 5,925.21 万元至 6,458.48 万元，与上年同期相比增加 2,175.08 万元 至 2,708.35 万元，同比增加 58.00%至 72.22%。 2.实现归属于上市公司股东的扣除非经常性损益的净利润为 5,755.30 万元 至 6,288.57 万元，与上年同期相比增加 3,168.63 万元至 3,701.90 万元，同比 增加 122.50%至 143.1 ...

Financial Performance - Revenue for 2023 was 1.855 billion yuan, a decrease of 7.47% compared to the previous year[3] - Net profit attributable to shareholders was 202.71 million yuan, an increase of 23.43% year-on-year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 186.47 million yuan, an increase of 47.78% year-on-year[3] - The company's basic earnings per share were 1.51 yuan, an increase of 22.76% compared to the previous year[4] - The company's weighted average return on equity was 10.50%, an increase of 1.42 percentage points year-on-year[4] - Revenue for Q1 2023 was RMB 385.72 million, Q2 was RMB 504.18 million, Q3 was RMB 408.17 million, and Q4 was RMB 556.95 million[34] - Net profit attributable to shareholders in Q1 2023 was RMB 37.50 million, Q2 was RMB 67.42 million, Q3 was RMB 46.82 million, and Q4 was RMB 50.97 million[34] - Non-recurring gains and losses for 2023 totaled RMB 16.24 million, compared to RMB 38.04 million in 2022 and RMB 101.70 million in 2021[38] - Revenue decreased year-over-year, but profitability and profit margins improved significantly due to favorable exchange rates and lower raw material prices[42] - Company achieved consolidated operating revenue of 1,855,029,390.81 yuan, a year-on-year decrease of 7.47%[101] - Net profit attributable to the parent company was 202,706,851.03 yuan, a year-on-year increase of 23.43%[101] - Manufacturing sector revenue decreased by 7.10% to 1,839,119,919.42 RMB, with a gross margin increase of 4.00 percentage points to 30.63%[107] - Service sector revenue decreased by 8.61% to 6,041,520.32 RMB, with a gross margin increase of 39.14 percentage points to 66.74%[107] - Total revenue decreased by 7.10% to 1,845,161,439.74 RMB, with a gross margin increase of 4.11 percentage points to 30.74%[107] - Massage chair revenue decreased by 5.90% to 1,766,407,013.60 RMB, with a gross margin increase of 4.22 percentage points to 31.12%[107] - Small appliance revenue decreased by 28.22% to 72,109,722.82 RMB, with a gross margin decrease of 2.61 percentage points to 19.07%[107] - Top 5 customers accounted for 44.13% of total annual sales, totaling 818,697,800 RMB[111] - Top 5 suppliers accounted for 24.21% of total annual procurement, totaling 245,178,300 RMB[111] - Merchant service revenue decreased by 69.22% to 1,066,603.99 yuan, accounting for 53.08% of total revenue[121] - Direct material costs for massage chairs decreased by 13.04% to 993,968,434.26 yuan, accounting for 81.69% of total costs[121] - Total costs for massage chairs decreased by 11.33% to 1,216,732,886.15 yuan[121] - Direct material costs for small electrical appliances decreased by 25.62% to 56,421,849.75 yuan, accounting for 96.68% of total costs[121] - Total costs for small electrical appliances decreased by 25.83% to 58,359,840.21 yuan[121] - Accounts receivable increased by 61.29% to 153,334,053.36 yuan, accounting for 4.53% of total assets[128] - Short-term borrowings decreased by 68.39% to 129,132,300.71 yuan, accounting for 3.81% of total assets[128] - Other equity investments increased by 212.74% to 93,508,800.00 yuan, accounting for 2.76% of total assets[128] - Estimated liabilities increased by 95.01% to 71,577,930.47 yuan, accounting for 2.11% of total assets[128] - The company's total assets as of December 31, 2023, were 3.385 billion yuan, with a debt-to-asset ratio of 41.71% and a credit rating of AA-[197] R&D and Innovation - The company completed 15 R&D projects, added 15 invention patents, 67 utility model patents, 11 design patents, and 11 software copyrights[1] - The company's S80 massage chair won the 2023 MUSE Design Gold Award, and the RT7730 massage chair won the 2023 MUSE Design Silver Award[1] - R&D expenses were 80,176,150.48 yuan, a year-on-year decrease of 9.57%[102] - The company has 182 R&D personnel, accounting for 16.61% of the total workforce[113] - The company is focusing on AI technology, health detection management, and voice interaction to drive innovation in massage chair technology and maintain a competitive edge[140] - The company aims to create a full product matrix of massage chairs, including ultra-high-end, mid-to-high-end, light luxury, and simple models, to enhance competitiveness in various market segments[140] - The company plans to acquire health-related companies with AI capabilities to integrate emerging technologies like cloud computing and big data into its products[141] - The company is enhancing its R&D capabilities and production automation to develop new products and expand its customer base both domestically and internationally[139] Overseas Expansion and Market Strategy - The company plans to establish a factory in Thailand, with a memorandum of cooperation signed with Suvarnabhumi Asia Industrial Park[2] - The company's online direct sales revenue on Douyin achieved rapid growth[15] - Overseas markets showed mixed performance: South Korea recovered in the second half, the US saw a slight decline, while Europe, the Middle East, and Southeast Asia remained stable, with Russia showing significant growth[46] - The company adjusted its European and Southeast Asian market teams by splitting them into two independent teams to better meet customer needs and explore market potential[46] - The company has expanded its overseas market, with products sold to the US, EU, South Korea, Southeast Asia, and countries along the Belt and Road[99] - The company plans to expand its overseas market presence by developing potential markets in Southeast Asia and Europe, and selling its own brand massage chairs and small appliances through e-commerce platforms like Amazon[140] - The company is establishing an overseas production base in Thailand's Suvarnabhumi Asia Industrial Park to better respond to global uncertainties and effectively expand its international market[140] - The company's export business involves direct sales to overseas clients, who then determine the brand, sales channels, and pricing for the products[83] Cost Control and Efficiency - The company's logistics cost control was effective, with a significant reduction in cargo damage rates[2] - Direct material costs decreased by 13.87% to 1.051 billion RMB, accounting for 82.38% of total manufacturing costs[44] - Manufacturing expenses decreased by 3.77% to 88.617 million RMB, accounting for 6.95% of total manufacturing costs[44] - The company implemented cost reduction and efficiency improvement measures, including optimizing supply chain management and reducing unnecessary expenses[42] - The company is improving production efficiency and supply chain management to reduce unit costs through economies of scale[142] - Depreciation costs decreased by 69.00% to 26,727.34 yuan, accounting for 1.33% of total costs[121] Cash Flow and Financial Activities - Operating cash flow increased by 45.40% to 344.295 million RMB, while financing cash flow decreased by 327.18% to 426.170 million RMB[58] - Net cash flow from operating activities was 344,294,659.84 yuan, a year-on-year increase of 45.40%[102] - Net cash flow from investing activities was 120,962,648.98 yuan, compared to -225,043,933.29 yuan in the same period last year[104] - Net cash flow from financing activities was -426,170,282.03 yuan, a year-on-year decrease of 327.18%[104] - The company plans to use idle funds to purchase financial products and manage cash from convertible bonds in 2023[165] - The company will engage in forward exchange and foreign exchange derivative business in 2023[165] - The company plans to sign financing agreements with banks and use idle funds for financial product purchases in 2023[174] Product Portfolio and Sales Channels - The company optimized its product portfolio through product innovation and customization to meet the needs of different markets and channels[42] - The company's main products include massage chairs and small massage devices, with massage chairs providing a full-body massage experience through software-controlled hardware, and small devices focusing on specific body parts[63] - The company operates in the domestic market through five sales channels: distribution, direct sales, e-commerce, experience stores, and ODM, while its export business primarily uses FOB terms[75][76] - As a leading domestic and global manufacturer of massage chairs, the company has over 1,000 offline stores in China and a strong presence on major e-commerce platforms like Tmall, JD.com, and Suning[77] - The company employs a brand differentiation strategy, with the "Rongtai" brand targeting mid-to-high-end massage chairs and the "Momoda" brand focusing on entry-level products[77] - The company has established a multi-channel marketing strategy, including shopping malls, chain stores, car 4S stores, e-commerce, and experience stores[97] Industry and Market Trends - The massage equipment industry in China has grown from RMB 55.819 billion in 2014 to RMB 95.119 billion in 2023, with the household sector accounting for 56.77% of the market in 2023[80] - In 2023, the company produced 191,760 massage chairs, a decrease of 5.75% year-over-year, and sold 268,344 units, a decrease of 6.25% year-over-year[86] - The company's sales of small massage devices in 2023 were 335,595 units, a decrease of 33.57% year-over-year, with inventory decreasing by 4.03%[86] - The company's performance is driven by increasing demand for health-related products, aging populations, and younger consumers seeking relief from work-related stress[85] Investments and Subsidiaries - Other equity instrument investments increased by RMB 63.61 million in 2023, reaching RMB 93.51 million at year-end[40] - Transactional financial assets decreased by RMB 37.93 million in 2023, ending at RMB 15.11 million[40] - Other non-current financial assets increased by RMB 4.48 million in 2023, totaling RMB 99.55 million at year-end[40] - Transactional financial liabilities increased by RMB 7.46 million in 2023, reaching RMB 12.08 million[40] - The total impact of financial asset and liability changes on 2023 profits was a loss of RMB 11.05 million[40] - Shanghai Rongtai Health Technology Co., Ltd. invested 138.9966 million RMB in Shanghai Miaoyin Network Technology Co., Ltd., achieving a 100% ownership[132] - The company invested 4,750 million RMB in Shanghai Rongchang Lingsi Commercial Factoring Co., Ltd., holding a 95% stake[132] - Shanghai Rongtai Health Technology Co., Ltd. invested 167.31 million RMB in Shaoxi Network Technology Co., Ltd., with a 75% ownership[132] - The company invested 3.5 million USD in BODYFRIEND, INC., holding a 35% stake[132] - Shanghai Rongtai Health Technology Co., Ltd. invested 90 million RMB in Guangdong Momole Network Technology Co., Ltd., with a 30% ownership before exiting in November 2023[132] - The company invested 1,764.50 million RMB in Guangzhou Jinno Intelligent Equipment Co., Ltd., holding a 20% stake[132] - Shanghai Rongtai Health Technology Co., Ltd. invested 920 million KRW in BAHC CO., LTD., with a 7.7% ownership[132] - The company invested 1,885 million RMB in Jiaxing Ouyuan Motor Co., Ltd., holding a 35% stake[132] - Shanghai Rongtai Health Technology Co., Ltd. invested 532.65 million RMB in Shanghai Rongyi Electric Appliance Co., Ltd., achieving 100% ownership[132] - The company invested 200 million RMB in Guangdong Kaixuan Sports Goods Co., Ltd., with a 10% ownership[132] Corporate Governance and Shareholder Relations - The company's 2023 annual general meeting approved several key resolutions, including the 2022 annual report, financial report, and profit distribution plan[165] - The company's board of directors approved the 2022 annual report, financial report, and profit distribution plan during the fourth meeting[174] - The company will not adjust the conversion price of "Rongtai Convertible Bonds" in 2023[174] - The company's board of directors held 9 meetings in the year, with all directors attending all meetings either in person or via communication methods[177] - The Audit Committee held 4 meetings during the reporting period, reviewing the company's annual report and providing relevant suggestions[178] - The company's cash dividend policy for 2024 includes a distribution of RMB 10.00 per 10 shares and a capital reserve transfer of 3 shares per 10 shares[181] - In 2023, the company repurchased and canceled 1 million restricted shares, accounting for 0.71% of the total share capital, due to unmet performance conditions[183] - The company's 2021 restricted stock incentive plan's second unlocking period did not meet performance conditions, resulting in the cancellation of 1 million shares[183] - The company's 2021 management partner shareholding plan's second vesting period also did not meet performance conditions, with corresponding shares to be sold and proceeds returned to the company[183] - The company's salary policy includes different structures for production and non-production staff, with future adjustments based on Shanghai's average wage and company performance[180] - The company's cash dividend policy is in compliance with the articles of association, with clear standards, complete decision-making procedures, and protection of minority shareholders' rights[182] - The company's board of directors and audit committee have been diligent in their duties, with no instances of directors missing two consecutive meetings[177][178] - The company has a cumulative cash dividend payout ratio of 38.99% over the past three years and plans to maintain a stable dividend policy[190] Environmental and Social Responsibility - The company and its subsidiaries have implemented carbon reduction measures, reducing CO2 emissions by 2,193.29 tons[185] - The company has built a 1.7MWp distributed rooftop photovoltaic project, generating approximately 1.81 million kWh annually and reducing CO2 emissions by 1,491.44 tons[185] - Subsidiary Zhejiang Rongtai has built an 800KWp distributed rooftop photovoltaic project, generating approximately 850,000 kWh annually and reducing CO2 emissions by 701.85 tons[186] - The company has maintained a stable production and operation, with steady output value and profit, and has obtained multiple quality and safety certifications[189] - The company has established a comprehensive training system, including the development of the Rongtai University E-learning platform, to enhance employee skills and knowledge[195] - The company has actively participated in community civilization construction, forming partnerships with multiple local organizations and achieving a satisfaction rate of over 95%[199] - The company has consistently engaged in disaster relief and donation activities, being recognized as an advanced unit for voluntary blood donation for 10 consecutive years[200] Human Resources and Compensation - Total compensation for directors, supervisors, and senior management in 2023 was 9.0656 million yuan[153] - The company has a total of 1,096 employees, with 651 production personnel, 104 sales personnel, 182 technical personnel, 36 financial personnel, and 123 administrative personnel[159] - The company's educational composition includes 26 employees with a master's degree or above, 272 with a bachelor's degree, 291 with an associate degree, and 507 with education below an associate degree[159] - The total hours of outsourced labor were 1.9895 million hours, with a total payment of 57.1434 million yuan[160] - The company distributed cash dividends of 26.25 million yuan in 2016, 39.375 million yuan in 2015, and 26.25 million yuan in 2014[161] Risk Management and Strategic Goals - The company faces risks from a high concentration of revenue from its major client, BODYFRIEND, which accounted for a significant portion of its main business revenue[163] - The company is actively developing new products with ODM partners and expanding its market presence in Europe and America beyond South Korea[163] - The company is implementing multiple measures to address industry competition, focusing on product innovation and maintaining a strong brand image[164] - The company's strategic goal is to become a leading international fashion health appliance service provider by leveraging its existing technological, market, and production advantages[139] - The company is committed to innovation in products, services, and business models to optimize global residents' quality of life and achieve sustainable growth[139] - The company is leveraging capital markets to raise funds for expanding production scale and improving technological innovation[139]

股票代码：603579 股票简称：荣泰健康 转债代码：113606 转债简称：荣泰转债 上海荣泰健康科技股份有限公司 投资者关系活动记录表 一、时间：2024年1月5日、2024年1月8日 二、调研方式：现场调研、电话会议 三、调研机构及人员： 序号 机构名称 人员姓名 1 国泰君安 李汉颖 2 上海复胜资产 周菁 3 华安基金 李杨 4 汇华理财 游彤煦 5 上银基金 蒋纯文 6 万家基金 李黎亚 7 域秀资产 李付玲 8 财通基金 吴谦 ...

2023 年第三季度报告 证券代码：603579 证券简称：荣泰健康 转债代码：113606 转债简称：荣泰转债 上海荣泰健康科技股份有限公司 2023 年第三季度报告 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（会计主管人员）贾晓丽保 证季度报告中财务信息的真实、准确、完整。 第三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 | 项目 | 本报告期 | 本报告期 | 年初至报告期末 | 年初至报告 | | --- | --- | --- | --- | --- | | | | 比上年同 | | 期末比上年 | | | | 期增减变 | | 同期增减变 | | | | 动幅度(%) | | 动幅度(%) | | 营业收入 | 408,173,313.01 | -1 ...

2023年半年度报告 公司代码：603579 公司简称：荣泰健康 转债代码：113606 转债简称：荣泰转债 上海荣泰健康科技股份有限公司 2023 年半年度报告 ...