Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a revenue of 5.07 billion yuan in H1 2024, representing a year-on-year growth of 35.62%. The net profit attributable to shareholders is 473.26 million yuan, with a year-on-year increase of 5.14%. The non-net profit is 466.83 million yuan, up by 33.98% [3][10] - The company has seen significant growth in military food products, with a revenue increase of 209% year-on-year in 2023. The upcoming 2024 Paris Olympics is expected to further boost the company's performance [9][15] - The company is continuously supplying to the national team and is well-positioned to benefit from the sports nutrition market driven by national policies and the health strategy [15][23] Summary by Sections Company Performance - In 2023, the company achieved a revenue of 8.43 billion yuan, a growth of 32.78% compared to 2022. The military food segment has shown rapid growth, increasing from 18.72 million yuan in 2019 to 241.19 million yuan in 2023 [3][9][12] - The company has maintained a strong gross margin of around 40% and a net margin of approximately 10% in 2023 [10][11] Market Trends - The global sports nutrition market is projected to grow from 19.73 billion USD in 2023 to 25.19 billion USD by 2026. The Chinese sports nutrition market is expected to reach 7.4 billion yuan in 2024, up from 6 billion yuan in 2023 [23][24][25] - The increasing awareness and habits regarding nutritional supplements among the fitness population in China are driving market expansion [23][24] Competitive Landscape - The company is positioned as a leading domestic brand in the sports nutrition sector, with strong product quality and technical capabilities. It competes with brands like Tongrentang and MuscleTech [26][27] - The company has a significant number of patents (172) and a strong R&D team, which enhances its competitive edge [18][20][21] Financial Projections - The company has revised its profit forecasts for 2024-2026, expecting net profits of 960 million yuan, 1.14 billion yuan, and 1.28 billion yuan respectively, with corresponding EPS of 0.77, 0.92, and 1.03 yuan per share [3][5] - The projected P/E ratios for the next three years are 12.6, 10.6, and 9.4 times, indicating a favorable valuation [5][3]
康比特：北交所信息更新：体运潮流+高品质产品推动成长，2024H1扣非净利润+34%