证券研究报告 公 2024年03月20日 司 报 告 汤臣倍健(300146) 行 业： 食品饮料/食品加工 │ 公 投资评级： 买入（维持） 司 当前价格： 17.36元 营收增长坚韧，费用投放持续 年 目标价格： 22.80元 报 点 事件： 评 基本数据 汤臣倍健发布 2023 年年报，2023 年公司实现营业收入 94.07 亿元，同比 总股本/流通股本(百万股) 1,700.76/1,129.90 增长19.66%；归母净利润17.46 亿元，同比增长26.01%。单 23Q4实现营 流通A股市值(百万元) 19,456.95 业收入为16.25亿元，同比下滑4.53%，归母净利润亏损1.55亿元。 每股净资产(元) 7.15 ➢ VDS新周期第一年，免疫类产品表现亮眼 资产负债率(%) 14.47 分品牌拆分，居民保健意识提升叠加聚焦主品牌策略，2023年公司主品牌 一年内最高/最低(元) 24.58/14.18 实现收入54.00亿元，同比增长21.58%。大单品健力多实现营收11.79亿 元，同比下滑 2.52%。2023 年益生菌国内品牌 Life-space 实现营收 4.45 股价相对走 ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 汤臣倍健（300146）公司年报点评 2024年03月21日 [Table_InvestInfo] 投资评级 优于大市 维持 23Q4 基数较高导致收入承压，品牌建设费用投入较大 股票数据 [Table_Summary] 0[3Ta月b2le0_日S收to盘ck价（In元fo）] 17.24 投资要点： 52周股价波动（元） 14.18-24.58 总股本/流通A股（百万股） 1701/1130 23Q4收入同比-4.53%。公司23年实现收入94.07亿元，同比+19.66%，归 总市值/流通市值（百万元） 29322/19481  相关研究 母净利润 17.46 亿元，同比+26.01%，扣非归母净利润 15.97 亿元，同比 [《Ta 2b 3Qle 3_R收e入po稳rt健In增fo]长 ，业绩短期承压》 +16.09%。其中Q4收入16.25亿元，同比-4.53%，主要系22年同期高基数 所致，归母净利润-1.55亿元，扣非归母净利润-2.01亿元。Q4经营性现金流 2023.10.28 量净额7.05亿 ...

上 市 公 司 食品饮料 2024 年03月 20 日 汤臣倍健 (300146) 公 司 研 究 ——23 年营收稳健，关注 24 年改革成效 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  事件：公司发布2023年年报，2023年公司实现营收94.07亿元，同增19.66%；实现归 母净利润17.46亿元，同增26.01%；实现扣非后归母净利润15.97亿元，同增16.09%。 证 市场数据： 2024年03月19日 测算单四季度实现营业收入16.25亿元，同降4.53%；归母净利润亏损1.55亿元，22Q4 券 收盘价（元） 17.36 研 一年内最高/最低（元） 24.58/14.18 同期亏损0.96亿元；扣非后归母净利润亏损2.01亿元，22Q4同期亏损0.38亿元。与业 究 市净率 2.4 绩快报一致，符合市场预期。分红方案为每10股派发现金红利9元（含税），分红率88.0%。 报 息率（分红/股价） - 告 流通A股市值（百万元） 19616  投资评级与估值：考虑公司仍将加大费用投放，下调盈利预测，新增26年预测，预计24-26 上证指数/深证成指 306 ...

公司研 究 证 券研究 报 告 其他食品 2024年03月20日 汤 臣倍健（300146）2023年报点评 推 荐 （下调） 目标价：22.5元 Q4 高基数扰动，保持品牌投入 当前价：17.36元 事项： 华创证券研究所  公司发布2023年年报，23年实现收入94.1亿元，同增19.7%；实现归母净利 证券分析师：欧阳予 润17.5亿元，同增26.0%；扣非归母净利润为16.0亿元，同增16.1%。23Q4 实现收入 16.2 亿元，同减 4.5%；实现归母净利润-1.55 亿元，去年同期-0.96 邮箱：ouyangyu@hcyjs.com 亿元；扣非归母净利润为-2.01 亿元，去年同期-0.38 亿元。此外，公司每 10 执业编号：S0360520070001 股派发现金9.0元，分红率达88%（10-22年累计71%，22年为22%），股息 证券分析师：范子盼 率约5.2%。 邮箱：fanzipan@hcyjs.com 评论： 执业编号：S0360520090001  高基数之下 Q4 收入小幅下滑，益生菌表现依旧亮眼。23 年疫情催化消费者 证券分析师：董广阳 保健需求高涨，公司收入同增 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 汤臣倍健(300146)公司点评报告 2024年03月20日 [Table_Title] 稳健发展，重视线上渠道 [Table_Inves 买t] 入|维持 ——汤臣倍健 2023 年报点评 [报Ta告ble要_S点um：m ary] [ Table_TargetPr ice]  事件 公司公告2023年报。2023年，公司实现总收入94.07亿元（+19.66%），归母 [基Ta本bl数e_据Ba se] 净利17.46亿元（+26.01%），扣非归母净利15.97亿元（+16.09%）。23Q4， 公司实现总收入16.25亿元（-4.53%），归母净利-1.55亿元（-61.06%），扣非 52周最高/最低价（元）： 24.34 / 14.84 归母净利-2.01亿元（-429.14%）。 A股流通股（百万股）： 1129.96  主品牌增长提速，线上占比持续提升 A股总股本（百万股）： 1700.82 1）增强免疫力等品类需求增长，主品牌汤臣倍健增长提速。2023 年，公司主 品牌汤臣倍健/健力多/ Life-Space（ ...

证券代码：300146 证券简称：汤臣倍健 汤臣倍健股份有限公司 投资者关系活动记录表 编号：2024-003 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 其他：2023年度投资者业绩电话会 参与单位名称及 详见附件 人员姓名 时间 2024年3 月19 日15:30-16:30 地点 广州市黄埔区科学城科学大道中99号科汇金谷三街3号公司会议室 上市公司接待人 公司董事会秘书唐金银 员姓名 公司于2024年 3月19日披露《2023年年度报告》，为便于广大投资 者进一步了解公司2023年度经营情况及未来发展规划，公司于2024年3 月19日举行2023年度投资者业绩电话会，以线上会议的形式与投资者进 行互动交流，主要沟通内容如下： Q：年报中披露 2024年收入为个位数增长指引的原因，对行业整体增速的 ...

Investment Rating - The report maintains a "Buy" rating for By-Health (300146 SZ) with a target price of 17 22 RMB [1] Core Views - By-Health achieved 9 407 billion RMB in revenue for 2023, a 19 7% YoY increase, with net profit attributable to shareholders reaching 1 746 billion RMB, up 26 01% YoY [1] - The company's main brand "By-Health" generated 5 4 billion RMB in revenue, a 21 48% YoY increase, while the joint care brand "Jianliduo" saw a slight decline of 1 83% YoY to 1 179 billion RMB [1] - Life-Space brand revenue grew 46 84% YoY to 445 million RMB, with overseas LSG revenue reaching 989 million RMB, a 23 03% YoY increase [1] - Online channel revenue increased by 27 53% YoY, with Douyin surpassing JD com to become the second-largest platform, contributing over 100% growth in 2023 [1] - The company's gross margin improved slightly to 68 89% in 2023, with sales expense ratio at 41 02% and management expense ratio at 5 25% [1] Financial Performance - By-Health's 2023 revenue was 9 407 billion RMB, with net profit of 1 746 billion RMB, and EPS of 1 03 RMB [2] - The company's ROE (diluted) increased to 14 35% in 2023 from 12 96% in 2022 [2] - Gross margin improved to 68 9% in 2023 from 68 3% in 2022, with EBITDA margin at 22 5% [3] - The company's net operating cash flow reached 2 051 billion RMB in 2023, a significant increase from 1 379 billion RMB in 2022 [3] Future Projections - Revenue is expected to grow to 10 534 billion RMB in 2024E, 11 574 billion RMB in 2025E, and 12 684 billion RMB in 2026E [2] - Net profit is projected to reach 2 02 billion RMB in 2024E, 2 305 billion RMB in 2025E, and 2 61 billion RMB in 2026E [2] - EPS is forecasted to increase to 1 19 RMB in 2024E, 1 36 RMB in 2025E, and 1 53 RMB in 2026E [2] Valuation Metrics - The company's P/E ratio is expected to decrease from 17x in 2023 to 15x in 2024E, 13x in 2025E, and 11x in 2026E [2] - P/B ratio is projected to decline from 2 4x in 2023 to 2 3x in 2024E, 2 1x in 2025E, and 1 9x in 2026E [2] - EV/EBITDA is forecasted to decrease from 12 7x in 2023 to 11 6x in 2024E, 9 7x in 2025E, and 8 3x in 2026E [3]

证券研究报告 | 年报点评报告 2024年03月19日 汤臣倍健（300146.SZ） 短期承压，改革成效有待兑现 事件：公司发布2023年报，2023年实现营收94.07亿元，同比+19.66%； 增持（维持） 实现归母净利润 17.46 亿元，同比+26.01%；实现扣非归母净利润 15.97 股票信息 亿元，同比+16.09%。其中 23Q4 实现营收 16.25 亿元，同比-4.53%；实 行业 食品加工 现归母净利润-1.55亿元；实现扣非归母净利润-2.01亿元，同比亏损增加。 前次评级 增持 高基数阶段增长承压，益生菌品类表现亮眼。23Q4公司营收个位数下滑， 3月18日收盘价(元) 17.22 我们预期主要受22Q4免疫需求爆发基数较高、消费力偏弱致短期需求承压 总市值(百万元) 29,287.14 影响。分品牌来看，23Q4主品牌/健力多/Life-Space 国内/LSG境外分别实 总股本(百万股) 1,700.76 现营收 8.9/1.8/0.6/2.2 亿元，同比分别-9.7%/-6.2%/+22.0%/-4.9%，主 其中自由流通股(%) 66.44 品牌基数较高，益生菌品类整体保持 ...

Financial Performance - In 2023, BYHEALTH achieved a sales revenue of 9.407 billion RMB, a year-on-year increase of 19.66%, and a net profit attributable to shareholders of 1.746 billion RMB, up 26.01%[2]. - The company's operating revenue for 2023 reached ¥9,406,813,736.75, representing a 19.66% increase compared to ¥7,861,411,752.82 in 2022[27]. - The net profit attributable to shareholders for 2023 was ¥1,746,309,643.81, a 26.01% increase from ¥1,385,850,718.02 in the previous year[27]. - The net profit after deducting non-recurring gains and losses was ¥1,596,944,142.86, up 16.09% from ¥1,375,593,143.88 in 2022[27]. - The net cash flow from operating activities increased by 48.77% to ¥2,051,410,047.56, compared to ¥1,378,929,741.88 in 2022[27]. - The total assets of the company at the end of 2023 were ¥15,098,017,428.13, reflecting a 14.75% increase from ¥13,157,665,481.56 in 2022[27]. - The net assets attributable to shareholders increased by 13.78% to ¥12,166,989,799.91 from ¥10,693,280,978.92 in the previous year[27]. - The basic and diluted earnings per share for 2023 were ¥1.03, a 25.61% increase from ¥0.82 in 2022[27]. - The weighted average return on equity rose to 15.34% at the end of 2023, up from 13.46% at the end of 2022, an increase of 1.88 percentage points[27]. - The company reported a net profit of ¥1,029,519,641.37 in Q1 2023, with a significant drop to -¥154,797,308.89 in Q4 2023[29]. Market Overview - The retail market size for vitamins and dietary supplements in China reached 225.3 billion RMB in 2023, with a growth rate of approximately 11.6%, and BYHEALTH's market share increased to 10.4%[2]. - E-commerce channels accounted for an estimated 56% of the dietary supplement market in China, with a growth rate of 30.7% for the year, surpassing 100 billion RMB in transaction value[2]. - The average per capita consumption of vitamins and dietary supplements in China was 23.3 USD, reflecting an increase of 11.5%[2]. - The aging population in China is projected to exceed 300 million by 2035, creating growth opportunities for the dietary supplement industry[35]. - The overall trend in the health supplement industry is positive, supported by government policies promoting health and nutrition[36]. Product Development and Innovation - In 2023, BYHEALTH initiated a product upgrade project focusing on raw materials, formulations, and functions to enhance "scientific nutrition"[5]. - The company submitted a new functional health food registration application aimed at maintaining normal platelet aggregation, with research published in reputable journals[5]. - BYHEALTH published 18 SCI articles in 2023, emphasizing its commitment to research in areas like cardiovascular health and anti-aging[5]. - The company developed over 30 customized raw materials and obtained 113 invention patents related to raw materials and formulations by the end of the reporting period[38]. - The company is committed to technological innovation and has implemented a "scientific nutrition" strategy to enhance its product offerings[38]. - The company launched several new health products, including "Jianli Duo® Glucosamine Chondroitin Vitamin D Calcium Tablets" and "Mei Ri Mei Jia® Collagen Peptide Soy Peptide Sodium Hyaluronate Powder" in August 2023[63]. - The company has expanded its product offerings with new health supplements, including "Shu Ba Ning® Nattokinase Red Yeast Ginkgo Leaf Capsules" and "Tang Chen Bei Jian® Monkey Head Mushroom Sea Buckthorn Seed Soft Capsules" launched in November and December 2023[63]. - The company is actively engaged in research and development, with multiple new patents related to probiotics and their applications filed in 2023, including "Bifidobacterium 207-1" and "Lactobacillus 207-27"[61]. Strategic Initiatives - The company plans to implement a "无人化" (unmanned) strategy as part of its long-term vision, focusing on smart and digital transformation[7]. - The key focus for 2024 is "兑现" (fulfillment), aiming to translate strategic transformations into tangible business results[8]. - The company aims to enhance its research and development capabilities through collaborations with academic institutions and research organizations to drive product innovation[14]. - The company is exploring new brands and business models in the consumer health sector, which may involve uncertainties in execution and profitability[15]. - The company plans to strengthen its governance structure and enhance risk management capabilities to protect minority shareholders' rights[140]. Quality Control and Compliance - The company emphasizes quality control as a core value, with eight principles guiding its quality management to ensure product safety and reliability[11]. - The company has established a transparent factory management system, recognized as the first in the world for dietary supplements, enhancing quality control and production transparency[39]. - The company has received the National Quality Benchmark Award for its quality control efforts and implemented a comprehensive quality management system[71]. - The company is actively participating in the formulation and revision of industry regulations to strengthen its core competitiveness and innovation capabilities in response to increasing regulatory pressures[12]. Financial Management and Investments - The company plans to distribute a cash dividend of 9.00 yuan per 10 shares (including tax) to all shareholders, with no stock bonus or capital reserve conversion[18]. - The company reported a total cash dividend amount, including other methods, reached RMB 1,536,382,603.60, representing 100% of the total distributable profit of RMB 3,531,311,524.10[176]. - The company has established a comprehensive and effective internal control system, ensuring compliance, asset security, and the integrity of financial reporting, with 92.90% of total assets and 86.53% of total revenue included in the evaluation scope[186]. - The company has not encountered any issues during the integration of subsidiaries, indicating effective management control[185]. Human Resources and Governance - The company has established a comprehensive talent training system, including leadership training and online learning platforms, to enhance employee capabilities[173]. - The total number of employees at the end of the reporting period is 3,745, with 1,452 in the parent company and 2,293 in major subsidiaries[170]. - The company has established a remuneration decision-making process for directors and senior management based on performance and responsibilities[158]. - The company has a dedicated team for investor relations, ensuring timely responses to inquiries and maintaining good relationships[146]. Future Outlook - In 2024, the company plans to achieve a single-digit revenue growth year-on-year, subject to uncertainties in the future operating environment[125]. - The company aims to focus on the development of new raw materials and products, particularly probiotics and natural extracts, to create differentiated competitive advantages[126]. - A digital committee will be established in 2024 to implement a digital strategy over the next three to five years, focusing on cost control and enhancing overall collaboration through digital transformation[129].

审 计 报 告 华兴审字[2024]23010920010号 汤臣倍健股份有限公司全体股东： 一、审计意见 我们审计了汤臣倍健股份有限公司（以下简称"汤臣倍健"）财务报表， 包括2023年12月31日的合并及母公司资产负债表，2023年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关 财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了汤臣倍健2023年12月31日的合并及母公司财务状况以及2023 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的责任。按照中国注册会计师职业道德守则，我们独立于汤臣倍健，并履行 了职业道德方面的其他责任。我们相信，我们获取的审计证据是充分、适当 的，为发表审计意见提供了基础。 三、关键审计事项 1 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要 的事项。这些事项的应对以对财务报表整体进行审计并形成审计意见为背 景，我们不对这些事项单独发 ...