2025 年 04 月 28 日 公司研究 评级：买入(维持) | 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 | | 联系人 ： | 黄诗汶 S0350124040004 | | | huangsw01@ghzq.com.cn | [Table_Title] 2025Q1 国内业务企稳，盈利能力持续强化 ——仙乐健康（300791）2024 年报和 2025 年一 季报点评 最近一年走势 | 相对沪深 300 | 表现 | 2025/04/25 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 仙乐健康 | -4.7% | 1.8% | -9.5% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | 2025/04/25 | | --- | --- | | 当前价格（元） | 25.41 | ...

Group 1: Company Performance - In Q1 2025, the company achieved a net profit of 68.64 million RMB, representing an 8.90% year-on-year increase [6] - The gross profit margin for Q1 2025 was 33.09%, an increase of 2.47 percentage points compared to the same period last year [6] - For the full year 2024, the company reported total revenue of 4.21 billion RMB, a 17.6% increase year-on-year, and a net profit of 325 million RMB, up 15.7% [8] Group 2: Market and Growth Strategy - The Chinese nutrition and health food market is projected to reach 260.2 billion RMB in 2024, with a CAGR of 6.3% from 2019 to 2024 [8] - The company plans to enhance its global smart supply chain capabilities and strengthen collaboration between domestic and international operations [2][7] - The company aims to expand its domestic market share by focusing on high-value clients and exploring new consumption channels such as live streaming and offline retail [2][7] Group 3: International Business and Challenges - Approximately 60% of the company's business is international, with 40% coming from the U.S. market [3] - The company is actively managing the impact of tariffs on its U.S. exports, with less than 15% of its total revenue coming from exports to the U.S. [3] - The company is exploring local production options in the U.S. to mitigate tariff impacts and enhance its supply chain resilience [3] Group 4: Product Development and Innovation - The company focuses on six key functional areas: anti-aging, probiotics, beauty and health, cardiovascular metabolism, immune enhancement, and bone and joint health [5] - The company is developing a "Xianle Probiotic Technology Platform" to lead the probiotics industry and is responding to national initiatives on weight management with new product launches [5] - The production capacity utilization rate for gummies and bagged drinks exceeded 70% as of March 2025, while powder products still have room for improvement [4]

2025Q1 毛利率同增2pct 至33.09%，主要系采购端降本叠加优化定价策略所致，销售/管理费用率分别同 增2pct/2pct 至9.33%/11.85%，主要系销售团队升级及市场营销推广所致，净利率同增0.3pct 至5.92%， 基本持平。 事件 2025 年4 月23 日，仙乐健康发布2025 年一季度报告。 2025Q1 总营收9.54 亿元（同增0.3%），高基数下增速边际放缓，归母净利润0.69 亿元（同增9%），扣 非净利润0.65亿元（同增0.2%）。 投资要点 降本增效持续推进，盈利能力保持稳定 内生外延释放规模，海外市场加速开拓 公司一方面通过产品创新与运营优化提升内生业务，另一方面BF 贡献外延式增长。分地区来看，国内 通过重组销售团队，建立新零售赛道BD 团队，推动内外部资源共享与整合，有望助推国内业务企稳回 升；美洲BF 规模效应持续显现，目前在手订单充足；欧洲自动化包装生产线投产缩短本地交付周期， 后续公司持续优化产品清单，提升现有品牌和渠道客户体量。 盈利预测 我们短期看好公司通过推动一系列整合措施和降本增效措施，促进BF 盈利能力提升，长期看好公司产 品研发创新能力、B ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's Q1 2025 total revenue reached 954 million yuan, reflecting a year-on-year growth of 0.3%, while the net profit attributable to shareholders was 69 million yuan, up 9% year-on-year [4][5] - The company is focusing on cost reduction and efficiency improvement, with a gross margin increase of 2 percentage points to 33.09% due to cost savings in procurement and optimized pricing strategies [5] - The company is expanding its overseas market presence while enhancing its domestic operations through product innovation and operational optimization [6] Summary by Sections Financial Performance - Q1 2025 revenue was 954 million yuan, with a year-on-year growth of 0.3% - Net profit attributable to shareholders was 69 million yuan, up 9% year-on-year - Non-recurring net profit was 65 million yuan, reflecting a 0.2% increase year-on-year [4] Cost Management - Gross margin improved by 2 percentage points to 33.09% - Selling and administrative expense ratios increased by 2 percentage points each to 9.33% and 11.85%, respectively, due to sales team upgrades and marketing promotions [5] Growth Strategy - The company is leveraging both organic growth through product innovation and external growth via business expansion - Domestic operations are being stabilized through the restructuring of sales teams and the establishment of new retail channels - The Americas market is showing scale effects with sufficient orders, while the European automated packaging production line has been launched to shorten local delivery times [6] Earnings Forecast - The company is expected to achieve EPS of 1.73, 2.23, and 2.70 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 15, 11, and 10 times [7][10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a total revenue of 4.211 billion yuan for 2024, representing a year-on-year increase of 17.56%. The net profit attributable to the parent company was 325 million yuan, up 15.66% year-on-year, while the net profit excluding non-recurring items was 328 million yuan, reflecting a 16.7% increase [2][4] - In Q4 2024, the company achieved a total revenue of 1.163 billion yuan, which is a 7.74% year-on-year increase. However, the net profit attributable to the parent company decreased by 11.09% to 85.26 million yuan, and the net profit excluding non-recurring items fell by 5.14% to 91.38 million yuan [2][4] Summary by Sections Financial Performance - The company's revenue for 2024 was 4.211 billion yuan, with a gross profit margin of 31.46%, an increase of 1.2 percentage points year-on-year. The net profit margin was 7.72%, down 0.13 percentage points from the previous year [10] - The revenue breakdown shows that domestic revenue was 1.661 billion yuan, down 10.28% year-on-year, while revenue from the Americas was 1.666 billion yuan, up 59.56% year-on-year. European revenue reached 604 million yuan, a 14.25% increase [10] Business Strategy - The company is actively exploring new retail channels and membership-based supermarkets in China to mitigate pressure on domestic sales. The establishment of local factories in Germany and the United States is expected to reduce the impact of tariff changes [10] - The company anticipates that its net profit will reach 370 million yuan in 2025, 438 million yuan in 2026, and 491 million yuan in 2027, with corresponding EPS of 1.56, 1.84, and 2.07 yuan, respectively [10]

证券研究报告 | 公司点评报告 2025 年 04 月 23 日 仙乐健康（300791.SZ） 24 年迎难交出答卷，25 年改善可期 消费品/食品饮料 公司 24 年迎难交出答卷，同时积极调整客户结构应对渠道分流变化。叠加提振 内需大背景下预计中国区收入逐季改善，美洲虽面临关税扰动，但公司积极和 客户协商成本转移的同时，动态评估产能转移的可行性；其他地区深化战略客 户合作及扩大区域市场覆盖。公司锚定全球营养健康食品行业 CDMO 龙头，前 瞻性布局海外市场及全球供应链，多元成长潜力显现。 ❑ 风险提示：需求疲软、阶段性产能过剩、政策变动、成本上涨等 强烈推荐（维持） 目标股价：NA 当前股价：25.48 元 基础数据 | 总股本（百万股） | 237 | | --- | --- | | 已上市流通股（百万股） | 198 | | 总市值（十亿元） | 6.0 | | 流通市值（十亿元） | 5.0 | | 每股净资产（MRQ） | 10.9 | | ROE（TTM） | 12.8 | | 资产负债率 | 51.7% | | 主要股东 | 广东光辉投资有限公司 | | 主要股东持股比例 | 42.6% | ...

证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年一季报点评：积极调整，稳扎稳打 2025 年 04 月 24 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,582 | 4,211 | 4,701 | 5,346 | 5,984 | | 同比（%） | 42.87 | 17.56 | 11.64 | 13.71 | 11.95 | | 归母净利润（百万元） | 281.04 | 325.06 | 391.89 | 496.65 | 585.57 | | 同比（%） | 32.39 | 15.66 | 20.56 | 26.73 | 17.90 | | EPS-最新摊薄（元/股） | 1.18 | 1.37 | 1.65 | 2.09 | 2.47 | | P/E（现价&最新摊薄） | 20.75 | 17.94 | 14.88 | 11.74 | 9.96 | 证券分析师 苏铖 ...

Core Viewpoint - Xianle Health reported a positive performance in Q1 2025, with revenue growth and improved profit margins, indicating strong market positioning and growth potential in both domestic and international markets [1][2][3] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 954 million yuan, a year-on-year increase of 0.28% [1] - The net profit attributable to shareholders reached 68.64 million yuan, reflecting a year-on-year growth of 8.90% [1] - The gross profit margin was 33.09%, an increase of 2.47 percentage points compared to the previous year [1] Group 2: Domestic Business Development - The company maintained positive revenue growth in the China region despite a high base from the previous year, with order growth outpacing revenue growth [1] - Xianle Health expanded its leading position in the domestic market by targeting new consumer markets and enhancing its MCN channel [1] - The company successfully launched 13 major products and established a global product map, creating vertical solutions [1] Group 3: International Business Strategy - The company adopted a localized operational strategy to enhance its global business layout, responding quickly to market demands [2] - In the Americas, despite tariff-related uncertainties, the company reported a strong start with improved gross margins and significant order growth [2] - The European business performed well, establishing partnerships with top brands in Southern Europe, while the Asia-Pacific region saw a gross margin exceeding 45%, the highest since 2022 [2] Group 4: Research and Innovation - Xianle Health emphasized research and development by establishing an Anti-Aging Research Institute and launching innovative products [2] - New products include QUICKFIZZ probiotic drinks and DHA algae oil gummies, which received regulatory approval [2]

盈利预测与投资评级：当前中国区表现已呈现改善迹象，有望在新消费市场实现重点突破，美洲区BF 核心业务扭亏进入攻坚期，人效提升显著，期待逐步改善。我们预计公司2025-27 年可实现归母净利润 4.00/5.00/5.68 亿元，同比分别+23.01%/+24.94%/+13.75%，当前股价对应2025-27 年PE 分别为 15X/12X/11X，维持"推荐"评级。 25Q1 收入保持平稳，中国区趋势良好，欧洲区大客户实现突破。25Q1 公司收入端实现平稳增长，其 中：1）中国区：实现收入正增长，订单增速高于收入增速，趋势良好；2）美洲区：美洲出口业务实现 稳健开局，且出口业务毛利率同比提升，BF 新增订单增速显著，BF 核心业务的扭亏进入攻坚期；3） 欧洲区：收入同比增长超35%，订单总量增长超30%，公司与南欧头部品牌达成战略合作，并对其拉美 公司产生积极的溢出效应；4）亚太及新兴地区：深化澳洲战略客户合作，同步扩大印尼、泰国等东南 亚市场覆盖，新品销售收入突破百万级，营养软糖品类收入增长超20%。 毛利率有效提升，盈利能力保持稳定。25Q1 公司毛利率/归母净利率分别为33.09%/7.19%，同比 ...

证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年一季报点评：积极调整，稳扎稳打 2025 年 04 月 24 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,582 | 4,211 | 4,701 | 5,346 | 5,984 | | 同比（%） | 42.87 | 17.56 | 11.64 | 13.71 | 11.95 | | 归母净利润（百万元） | 281.04 | 325.06 | 391.89 | 496.65 | 585.57 | | 同比（%） | 32.39 | 15.66 | 20.56 | 26.73 | 17.90 | | EPS-最新摊薄（元/股） | 1.18 | 1.37 | 1.65 | 2.09 | 2.47 | | P/E（现价&最新摊薄） | 20.75 | 17.94 | 14.88 | 11.74 | 9.96 | [Table_T ...