Investment Rating - The report maintains a "Buy-B" rating for the company [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.47-1.62 billion yuan in H1 2024, representing a year-on-year growth of 45%-60% [12] - The company anticipates a stable performance in the domestic market, with overseas contributions expected to drive growth [12] - The company is focusing on expanding its overseas business while solidifying its domestic base, leveraging its production facilities in Germany and Best Formulations [12] Financial Data and Valuation - The company forecasts a net profit of 0.84-0.99 billion yuan for Q2 2024, a year-on-year increase of 16.6%-37.7% [12] - Revenue projections for 2024-2026 have been slightly adjusted, with expected revenues of 43.42 billion yuan, 50.50 billion yuan, and 57.17 billion yuan, reflecting year-on-year growth rates of 21.2%, 16.3%, and 13.2% respectively [12][15] - The net profit forecast for the same period is adjusted to 3.98 billion yuan, 4.99 billion yuan, and 5.95 billion yuan, with year-on-year growth rates of 41.5%, 25.4%, and 19.2% respectively [12][15] Revenue Analysis - The company expects steady growth in the Chinese market driven by major clients and retail business, while the Americas region is anticipated to see an end to inventory destocking [12] - The company is optimistic about revenue growth due to continuous positive orders and the release of new production capacity from the BF factory [12] Profit Analysis - The company’s internal net profit margin may slightly decline due to a high base, but improvements are expected in the BF segment [12] - The company aims to maintain its internal net profit margin through ongoing supply chain management optimization [12] Long-term Outlook - The company is positioned to benefit from downstream scale growth, increased outsourcing ratios, and rising concentration among leading players in the industry [12] - The company has a strong product pipeline and sufficient regulatory approvals, with robust R&D capabilities and customer loyalty expected to enhance its market influence [12]
仙乐健康:海外加强开拓,业绩表现稳健