仙乐健康(300791)：“健康蓄势”+“出海增链” 助力公司稳步迈向全球领先

Core Insights - The company aims to become a leader in the nutrition and health sector with a strategic roadmap for 2026-2028, focusing on global expansion and innovation [1][3] - The company plans to enhance its core capabilities through product innovation and operational efficiency, while also adapting to new consumer demands [1][2] Strategic Goals - The core objective is to transition from being the top player in China to a global leader, with a focus on differentiated growth strategies across regions [1] - The China region will drive revenue and profit growth through high-growth channels such as MCN, private domain, cross-border e-commerce, and new retail supermarkets [1] - The Americas will focus on establishing challenger brands and strengthening local capabilities, while Europe will expand production capacity and optimize customer structure to improve gross margins [1] - The Asia-Pacific region will leverage the Thailand factory as a model to penetrate the Australian and Southeast Asian markets [1] Core Competencies - The company is enhancing its product quality and speed by establishing an anti-aging research institute and focusing on innovative raw materials and processes [1] - It aims to reduce costs and improve efficiency through scale effects and refined operations, while also deepening differentiated services to create premium value for customers [1] - The company is building flexible production capacity and an agile delivery system to quickly respond to market demands [1][2] Digitalization and New Business Opportunities - Digitalization initiatives, including "dark factories," AI formulation engines, and CRM systems, are being implemented to enhance overall process efficiency [2] - New business ventures are focusing on AI-driven precise nutrition and pet services, with a gradual exploration of the TOC model for long-term growth [2] Global Expansion and Capital Empowerment - The company has established seven production bases and five R&D centers, covering over 50 countries, indicating a robust global presence [2] - Plans for an H-share listing are underway, which would address long-term funding needs and support the effective implementation of international strategies [2] Business Divestiture - The company plans to divest its BF personal care business, which has been underperforming and lacks synergy with its core nutrition health business, to improve overall financial performance [2][3] Financial Projections - Revenue projections for 2025-2027 are estimated at 4.45 billion, 4.94 billion, and 5.57 billion yuan, reflecting year-on-year growth of 6%, 11%, and 13% respectively [3] - Expected net profits for the same period are projected at 260 million, 390 million, and 500 million yuan, with year-on-year changes of -21%, 51%, and 29% respectively [3] - The company is assigned a PE ratio of 30, 20, and 15X for the years 2025, 2026, and 2027, respectively, with a "recommended" rating [3]