Investment Rating - The report maintains a "Buy" rating for the company, with a target net profit of 4.005 billion yuan for 2024 [2][4]. Core Views - The company reported a robust performance in the first half of 2024, achieving a revenue of 1.99 billion yuan, a year-on-year increase of 28.8%, and a net profit attributable to shareholders of 150 million yuan, up 52.7% year-on-year [1]. - The company's internal business and consolidated BF revenue reached 1.54 billion yuan and 450 million yuan, respectively, with year-on-year growth of 22.3% and 57.4% [1]. - The gross margin improved to 33.4% in Q2 2024, an increase of 2.4 percentage points year-on-year, driven by higher contributions from high-margin products [1]. - The company is expanding its global market share with seven production bases and five R&D centers established in China, Europe, and the United States, which is expected to sustain revenue growth [1]. Financial Summary - The company is projected to achieve a net profit of 393 million yuan in 2024, with a year-on-year growth of 40.0%, and further growth to 486 million yuan and 576 million yuan in 2025 and 2026, respectively [2][3]. - Revenue is expected to grow from 4.326 billion yuan in 2024 to 4.987 billion yuan in 2025, and 5.572 billion yuan in 2026, reflecting growth rates of 20.8%, 15.3%, and 11.7% respectively [3]. - The company's P/E ratio is projected to decrease from 14.8x in 2024 to 10.1x in 2026, indicating an attractive valuation [3].

证 券 研 究 报 告 仙乐健康（300791）2024 年中报点评 强推（维持） 全年信心充足，H2 加速可期 目标价：34 元 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|--------------------------- ...

证 券 研 究 报 告 仙乐健康（300791）2024 年中报点评 强推（维持） 全年信心充足，H2 加速可期 目标价：34 元 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|--------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - In H1 2024, the company achieved revenue of 1.99 billion yuan, a year-on-year increase of 28.85%, and a net profit attributable to the parent company of 154 million yuan, up 52.66% year-on-year [2][6] - In Q2 2024, the company reported revenue of 1.04 billion yuan, a year-on-year increase of 23.29%, and a net profit of 91 million yuan, up 27.38% year-on-year [2][6] - The domestic market shows resilience, while the Americas market continues to experience high growth [6] - The company is expected to maintain strong revenue growth with projected revenues of 4.34 billion, 4.94 billion, and 5.58 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 21.13%, 13.91%, and 12.99% [6][7] Summary by Sections Financial Performance - In H1 2024, revenue was 1.99 billion yuan, with a net profit of 154 million yuan [2][6] - Q2 2024 revenue was 1.04 billion yuan, with a net profit of 91 million yuan [2][6] - Revenue by region: China 832 million yuan (up 4.22%), Americas 729 million yuan (up 65.42%), Europe 295 million yuan (up 13.78%) [6] Product Performance - Revenue by product in H1 2024: Soft capsules 889 million yuan (up 26.80%), tablets 142 million yuan (down 17.50%), powders 142 million yuan (up 13.29%), gummies 486 million yuan (up 60.55%), beverages 140 million yuan (down 14.36%), hard capsules 98 million yuan (up 70.16%) [6] Profitability and Cost Structure - Q2 2024 gross margin increased by 2.41 percentage points to 33.35% [6] - The company’s net profit margin increased by 0.65 percentage points to 7.90% in Q2 2024 [6] Earnings Forecast - Projected revenues for 2024-2026 are 4.34 billion, 4.94 billion, and 5.58 billion yuan, with net profits of 403 million, 502 million, and 587 million yuan respectively [6][7] - Earnings per share (EPS) are expected to be 1.71, 2.13, and 2.49 yuan for 2024, 2025, and 2026 respectively [6][7]

证 券 研 报 公 司 研 2024 年 08 月 12 日 究 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][3] Core Views - The company has shown strong export growth and confidence for the full year, with a significant increase in revenue and profit in Q2, achieving a year-on-year growth of 23.3% in revenue and 27.4% in profit [2][3] - The company has a solid order book for the second half of the year, indicating a positive outlook for performance [3][4] - Management's confidence is reflected in the planned share buyback by the Vice President, indicating strong belief in the company's future [3][4] Financial Data and Valuation - Total revenue for 2022 was 2507 million, projected to grow to 3582 million in 2023, and further to 4342 million in 2024, with year-on-year growth rates of 6%, 43%, and 21% respectively [10][11] - The company's gross profit margin improved to 33.4% in Q2 2024, up by 2.41 percentage points from the previous year [3] - The net profit for 2024 is projected to be 379 million, with an EPS of 1.61, and expected to grow to 510 million and 2.17 EPS by 2026 [4][11] - The company has a total market capitalization of 5.5 billion and a circulating market value of 4.6 billion [4]

公司研究 2024.08.11 仙乐健康（ 300791） 公司点评报告 24H1 稳健增长，BF 盈利改善可期 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 王泽华 登记编号：S1220523060002 | --- | --- | |-------------------------|-------------| | | | | 推 荐 ( 维 持 | ) | | 公司信息 行业 | 保健品 | | 最新收盘价(人民币/元 ) | 23.51 | | 总市值(亿)(元 ) | 55.47 | | 52 周最高/最低价(元 ) | 42.98/21.35 | 历史表现 -18% -4% 10% 24% 38% 23/8/11 23/11/10 24/2/9 24/5/10 24/8/9 仙乐健康 沪深300 数据来源：wind 方正证券研究所 相关研究 《仙乐健康(300791)：加大境外业务开拓力度， 24H1 整体增长符合预期》2024.07.21 《仙乐健康(300791)：23 年圆满收官，持续推 进大客户开发策略》2024.04.22 《仙乐健康(300791)：内生业务表现亮眼，全 ...

证券研究报告 | 公司点评 | 食品加工 | --- | --- | |-------------------------------------------------|------------------------------------------| | 仙乐健康 (300791) | 报告日期： 2024 年 08 月 11 日 | | 24Q2 经营平稳符合预期，激励和员工持股目标坚定 | | | ——仙乐健康 2024 年中报点评 | | 事件 【24H1】公司实现营业 收入 19.9 亿元（+28.8%）；实现归母净利 润 1.5 亿元 （+52.7%）;实现扣非归母净利润 1.5 亿元(+55.5%)。 【24Q2】公司实现营业收入 10.4 亿元(+23.3%)；实现归母净利润 0.9 亿元(+27.4%)； 实现扣非净利润 0.9 亿元(+21.2%）。 投资要点 ❑ 收入：24H1 软糖和硬胶囊剂型收入增速亮眼，美洲区和其他地区收入高速增长 分产品来看，24H1 软胶囊/片剂/粉剂/软糖/饮品/硬胶囊/其他剂型/其他业务 实现收入 8.9/1.4/1.4/4.9/1.4/1.0/0.8 ...

部分募集资金投资项目延期的核查意见 招商证券股份有限公司 关于仙乐健康科技股份有限公司 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为仙乐 健康科技股份有限公司（以下简称"仙乐健康"或"公司"）向不特定对象发行 可转换公司债券的保荐机构及持续督导机构，根据《证券发行上市保荐业务管理 办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》及《上市公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求》等相关法律法规和规范性文件的 要求，对仙乐健康部分募集资金投资项目延期的事项进行了审慎核查，核查情况 及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意仙乐健康科技股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2021]927 号）同意注册，公 司向不特定对象发行可转换公司债券数量 10,248,929 张，募集资金总额为 102,489.29 万元，扣除发行费用 1,148.43 万元，实际募集资金净额为 101,340.86 万元。上述募集资金到位情况已经华兴会计师事务所（特殊 ...

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2024-081 | | --- | --- | --- | | 证券代码：123113 | 证券简称：仙乐转债 | | 仙乐健康科技股份有限公司 欢迎广大投资者积极参与。 仙乐健康科技股份有限公司 董事会 出席本次 2024 年半年度业绩说明会的人员有：公司董事长兼总经理林培青 先生、董事兼副总经理姚壮民先生、副总经理兼董事会秘书郑丽群女士、财务负 责人夏凡女士、独立董事高见先生、保荐代表人刘兴德先生。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年半年度业绩说明 会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 8 月 16 日（星期五）15:30 前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进 入问题征集专题页面。公司将通过本次业绩说明会，在信息披露允许范围内就投 资者普遍关注的问题进行回答。 （问题征集专题页面二维码，扫码自动匹配移动端） 1 关于举行 2024 年半年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误 ...