| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2024-084 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 关于调整仙乐转债转股价格的公告 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、误导性陈述或重大遗漏。 重要提示： 债券简称：仙乐转债 调整前转股价格：人民币 42.12 元/股 调整后转股价格：人民币 42.13 元/股 转股价格调整起始日期：2024 年 9 月 19 日 一、转股价格调整依据 根据仙乐健康科技股份有限公司（以下简称"公司"）《创业板向不特定对 象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）发行条款 及中国证监会关于可转换公司债券发行的有关规定，仙乐转债发行之后，若公司 发生增发新股情况，则转股价格相应调整。具体的转股价格调整公式如下： 增发新股或配股：P1=（P0+A×k）/（1+k）； 其中：P0 为调整前转股价，k 为增发新股或配股率，A 为增发新股价或配股 价，P1 为调整后转股价。 1 债券代码：123113 2022 年 5 ...

仙乐健康科技股份有限公司 投资者关系活动记录表 证券代码：300791 证券简称：仙乐健康 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 2024 年 8 月 16 日投资者关系活动记录表 编号： 2024-006 □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 □新闻发布会 □路演活动 活动类别 □现场参观 □其他（ ） 参与单位名称 及人员姓名 投资者网上提问 时间 2024 年 8 月 16 日 15:30-17:30 方式 公司通过"全景·路演天下"（https://rs.p5w.net/）采用网络远程的方式召开 业绩说明会 董事长、总经理：林培青 董事、副总监理：姚壮民 独立董事：高见 上市公司 副总经理、董事会秘书：郑丽群 接待人员姓名 财务负责人：夏凡 保荐代表人：刘兴德 投资者关系活 问题：公司下半年公司有什么规划？ 1 仙乐健康科技股份有限公司 投资者关系活动记录表 | --- | --- | |--------------|-------------------------------------------------------------- ...

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2024-082 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 关于董事、高级管理人员增持公司股份计划进展 一、本次增持计划的基本情况 （一）增持主体：公司董事、副总经理姚壮民先生。 （二）本次拟增持股份的目的：基于对公司未来发展的信心以及对公司长期 投资价值的认可。 （三）本次拟增持金额：不低于人民币 300 万元，不超过人民币 500 万元。 重要提示： 仙乐健康科技股份有限公司（以下简称"公司"）于 2024 年 7 月 25 日披 露了《关于董事、高级管理人员增持公司股份计划的公告》（公告编号：2024-74） （以下简称"增持计划公告"），公司董事、副总经理姚壮民先生（下称 "姚壮 民先生"或"计划增持主体"）计划自本次增持计划公告之日起 6 个月内（即 2024 年 7 月 26 日至 2025 年 1 月 25 日），通过深圳证券交易所交易系统按照相 关法律法规许可的方式（包括但不限于集中竞价交易和大宗交易方式）增持公司 股票，增持金额不低于人民币 ...

Investment Rating - Buy/Maintain rating for Xianle Health (300791) with a target price of 50 CNY, compared to the previous closing price of 24.61 CNY [2] Core Views - Xianle Health's Q2 2024 performance met expectations, with strong internal profitability maintained [2] - The company achieved revenue of 1.99 billion CNY in H1 2024, a 28.9% YoY increase, and net profit attributable to shareholders of 154 million CNY, up 52.7% YoY [4] - Q2 2024 revenue was 1.039 billion CNY, a 23.3% YoY increase, with net profit attributable to shareholders of 91 million CNY, up 27.4% YoY [4] Regional Performance - In H1 2024, China/Europe/America/Emerging markets achieved revenues of 830/290/730/450 million CNY, with YoY growth of 4.2%/13.8%/65.4%/185.7% respectively [4] - Americas region showed strong growth due to synergy with BF, with soft candy customers and new projects progressing smoothly [4] - Europe maintained stable growth through increased market share with key clients and expansion in Eastern and Southern Europe [4] Product and Profitability - Gross margin improved by 2.6 percentage points to 32.1% in H1 2024, driven by higher-margin soft candy products and better pricing strategies [4] - Internal gross margin increased by 2.8 percentage points, with cost compression through global procurement strategies [4] - BF's gross margin improved gradually as production capacity increased and cost efficiency improved [4] Financial Projections - Expected revenue for 2024-2026 is 4.35/4.99/5.67 billion CNY, with YoY growth of 22%/15%/15% [4] - Net profit attributable to shareholders is projected to be 390/480/590 million CNY for 2024-2026, with YoY growth of 40%/23%/22% [4] - PE ratios for 2024-2026 are estimated at 15/12/10X [4] Strategic Focus - Domestic strategy focuses on deepening high-value customer relationships and capturing structural opportunities in the industry [4] - Europe will continue to leverage key clients and expand in emerging markets like Southern and Eastern Europe [4] - Americas region is expected to see strong performance as BF's production lines become operational and synergies with US operations strengthen [4]

总股本（万股） 23,596.26 2024 年 08 月 12 日 公司研究 评级：买入(首次覆盖) [Table_Title] 海外景气延续，竞争力持续强化 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn ——仙乐健康（300791）2024 年半年报点评 事件: 最近一年走势 2024 年 8 月 11 日，仙乐健康发布 2024 年半年度报告。2024H1 公司实 现营业收入 19.90 亿元，同比+28.85%；归母净利润 1.54 亿元，同比 +52.66%；扣非归母净利润 1.54 亿元，同比+55.48%。2024Q2 公司实 现营业收入 10.39 亿元，同比+23.29%；归母净利润 0.91 亿元，同比 +27.38%；扣非归母净利润 0.90 亿元，同比+21.18%。 投资要点: 相对沪深 300 表现 2024/08/12 海外景气驱动下，上半年平稳收官。分区域来看，公司 2024H1 中 国/欧洲/美洲/其他地区实现营收 8.3/2.9/7.3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue growth in H1 2024, achieving 1.99 billion yuan, a year-on-year increase of 28.85%, and a net profit of 154 million yuan, up 52.66% year-on-year [2] - The demand in the Americas remains robust, with Q2 revenue reaching 1.04 billion yuan, a year-on-year increase of 23.29% [2] - The company is expected to maintain a strong performance in the second half of the year, with confidence in achieving its annual revenue growth target of 20% and a net profit of 400 million yuan [3] Financial Performance Summary - For H1 2024, the company achieved revenue of 1.99 billion yuan, with a net profit of 154 million yuan, and a non-recurring net profit of 154 million yuan [2] - In Q2 2024, revenue was 1.04 billion yuan, with a net profit of 91 million yuan [2] - The company’s revenue by product in H1 2024 included soft capsules (889 million yuan), tablets (142 million yuan), powders (142 million yuan), gummies (486 million yuan), beverages (140 million yuan), hard capsules (98 million yuan), and other forms (80 million yuan) [2] - Revenue by region in H1 2024 was 832 million yuan from China, 729 million yuan from the Americas, 295 million yuan from Europe, and 136 million yuan from other regions [2] Profitability and Margin Analysis - The net profit margin for Q2 2024 was 8.8%, an increase of 0.28 percentage points year-on-year, with a gross margin of 33.35%, up 2.41 percentage points year-on-year [3] - The company’s internal business gross margin improved due to continuous lean production, increased service revenue, and product structure upgrades [3] - The company expects to turn around its BF segment, which has been experiencing losses, in the second half of the year [3] Earnings Forecast and Valuation - The company is projected to achieve revenues of 4.35 billion yuan, 5.01 billion yuan, and 5.66 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21%, 15%, and 13% [3] - The expected net profits for the same years are 402 million yuan, 477 million yuan, and 587 million yuan, with year-on-year growth rates of 43%, 19%, and 23% [3] - The projected EPS for 2024, 2025, and 2026 are 1.70 yuan, 2.02 yuan, and 2.49 yuan, with corresponding P/E ratios of 14x, 12x, and 9x [3]

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].

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]