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]

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 ...

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 ...

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period in 2023[19]. - The company's operating revenue for the reporting period was ¥1,990,478,159.06, representing a 28.85% increase compared to ¥1,544,847,837.25 in the same period last year[33]. - The net profit attributable to shareholders was ¥154,473,292.80, a 52.66% increase from ¥101,185,645.67 year-on-year[33]. - The basic earnings per share increased to ¥0.86, reflecting a growth of 53.57% compared to ¥0.56 in the same period last year[33]. - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a 15% year-over-year growth[163]. - The company expects a revenue guidance of RMB 1.2 billion for the full year 2024, indicating a projected growth of 25% year-over-year[19]. - The management expressed confidence in achieving a net profit margin of 12% for the full year 2024, up from 10% in 2023[163]. Market Expansion and Strategy - The company plans to enhance its local supply capabilities in China, Europe, and the US to meet regional demands and mitigate risks from policy changes[8]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[19]. - The company is actively exploring cross-selling opportunities between its U.S. and China operations to enhance sales[73]. - The company is focusing on market insights and customer-oriented strategies to maintain its competitive edge in the nutrition and health food industry[7]. - The company launched two new health products in Q2 2024, which are anticipated to generate RMB 200 million in sales within the first year[19]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[163]. Research and Development - Research and development expenses increased to RMB 50 million, accounting for 10% of total revenue, reflecting the company's commitment to innovation[19]. - The company launched the BloomDays™ plant-based gummy and introduced the E-Lifeforce bionic enhancement technology platform at 15 industry forums and exhibitions in the first half of 2024[69]. - The company has established five R&D centers in China and the U.S. focusing on innovation in nutritional health products[104]. - The company obtained 25 invention patents in the first half of 2024, enhancing its technological moat and industry leadership[79]. - Research and development investments increased by 18%, totaling 150 million RMB, focusing on innovative health technologies[163]. Risk Management - The company has implemented measures to hedge against foreign exchange risks, particularly fluctuations in the USD/RMB exchange rate[9]. - The company has a robust risk management framework to address various risks, including market competition and economic fluctuations[4]. - The company is facing regulatory challenges in the European market, which may impact future growth projections[19]. Corporate Governance and Compliance - The company emphasizes compliance with industry regulations and has a dedicated legal department to adapt to new policies[6]. - The company has been recognized as a high-tech enterprise and has received multiple awards for its contributions to the industry[65]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[174]. Sustainability and Social Responsibility - The company has been recognized as a "Green Factory" by the national government and has received various environmental certifications, including ISO9001 and HACCP[181]. - The company has established a waste management control procedure to ensure proper classification, storage, and disposal of waste, exceeding national standards[182]. - The company donated 1 million yuan to support community infrastructure projects in Shantou's Longhu District, enhancing local living standards[197]. - The company has implemented a water resource management plan, achieving a significant increase in water recycling rates through a reclaimed water system[180]. - The company has achieved recognition as a water-saving enterprise by local authorities, reflecting its commitment to sustainable practices[180]. Product Development and Innovation - The company has a complete product line and is actively managing raw material procurement to mitigate risks from price volatility and supply stability[10]. - The company launched 435 new products in the first half of 2024, achieving significant innovation results in the health food sector[76]. - The company focuses on six key functional tracks, including probiotics, anti-aging, beauty health, cardiovascular metabolism, immune enhancement, and sports nutrition[62]. Employee Welfare and Community Engagement - The company provides competitive salaries and a comprehensive benefits package, enhancing employee satisfaction and retention[193]. - The company has established a dual-channel development system for talent, focusing on internal training and international management talent development[194]. - In the first half of 2024, the company donated over 1.1 million yuan through various channels, demonstrating its commitment to social responsibility[197].

| 证券代码：300791 证券简称：仙乐健康 | 公告编码：2024-075 | | --- | --- | | 债券简称：仙乐转债 债券代码：123113 | | 仙乐健康科技股份有限公司 第四届董事会第二次会议决议公告 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。 一、 董事会会议召开情况 仙乐健康科技股份有限公司（以下简称"公司"）第四届董事会第二次会议 于 2024 年 8 月 8 日在汕头市泰山路 83 号公司会议室以现场与通讯表决相结合 方式召开。会议通知和增加议案的通知分别于 2024 年 7 月 29 日和 2024 年 8 月 6 日以电子邮件、微信信息等方式送达给全体董事及其他列席人员，并取得全体 董事对本次会议如期举行的同意和认可。本次会议由董事长林培青先生召集和主 持，应出席董事 7 人，实际出席董事 7 人，其中，董事林培青、陈琼、姚壮民、 朱桂龙、胡世明以通讯表决方式出席。本次会议的召集、召开符合《中华人民共 和国公司法》《中华人民共和国证券法》《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》《仙乐健 ...

仙乐健康科技股份有限公司2024半年度非经营性资金占用及其他关联资金往来情况汇总表 | 其 他 关 联 | 金 资 往 来 | 金 名 资 往 来 方 称 | 往 来 方 与 上 市 公 | 司 上 市 公 司 核 算 的 | 20 24 年 期 初 往 金 | 20 24 年 度 往 来 生 金 累 计 发 额 | 20 24 年 度 往 来 金 息 资 的 利 ( 如 | 20 24 年 度 偿 还 生 金 | 20 24 年 期 末 往 金 | 单 原 往 来 形 成 因 | 位 人 民 币 万 元 ： 往 来 性 质 （ 经 营 性 往 经 性 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 的 关 联 关 系 | 会 计 科 目 | 来 资 余 额 | （ 不 含 利 息 ） | 有 ) | 累 计 发 额 | 来 资 余 额 | | 来 非 营 、 往 来 ） | | 控 股 股 东 实 际 控 、 | 制 人 及 其 附 属 企 业 | 不 适 用 | 不 适 用 | 不 适 ...