金达威：全球首屈一指的辅酶Q10供应商

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 18.19 CNY based on a relative valuation method with a PEG of 0.9 for 2024 [4][6]. Core Insights - The company, Xiamen Kingdawei Group Co., Ltd., is a leading global supplier of coenzyme Q10 and health supplement raw materials, established in November 1997 and listed on the Shenzhen Stock Exchange in October 2011 [1][13]. - The global health supplement market is expanding, driven by increased health awareness, an aging population, and a growing demand from younger demographics [2][4]. - The company possesses significant competitive advantages in both B2B and B2C sectors due to its comprehensive technology platform and established brand influence in mature overseas markets [3][4]. Financial Performance - In H1 2024, the company reported revenue of 1.523 billion CNY, a decrease of 1.82% year-on-year, and a net profit attributable to the parent company of 130 million CNY, down 29.31% [1][21]. - For the full year 2023, the company achieved revenue of 3.103 billion CNY, a year-on-year increase of 3.10%, with a net profit of 277 million CNY, up 7.50% [1][21]. - The gross margin for 2023 was 37.33%, a decrease of 3.16 percentage points year-on-year, while the net profit margin was 8.92%, an increase of 0.38 percentage points [1][21]. Market Dynamics - The VDS (Vitamin Dietary Supplements) market is experiencing continuous expansion, with key drivers including rising household income, increased health consciousness, and a growing elderly population [2][4]. - The company is well-positioned to benefit from the ongoing growth in the health supplement sector, particularly in coenzyme Q10 and vitamins, which are expected to maintain a growth trend [4][5]. Competitive Advantages - The company has established a "National Enterprise Technology Center" and a large-scale enzyme library platform, which supports its competitive edge in both raw material supply and finished health products [3][4]. - The company is actively expanding its new business ventures, which are expected to provide additional growth opportunities, alongside the coenzyme Q10 expansion project aimed at increasing market share [3][4].