Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][4]. Core Insights - The company achieved a revenue of 774 million yuan in Q1-Q3 2024, a year-on-year increase of 29.84%, and a net profit attributable to shareholders of 65.56 million yuan, up 2.06% from the previous year. The net profit excluding non-recurring items increased by 27.25% year-on-year [2]. - The growth in revenue is primarily driven by the expansion of the sports nutrition and general nutrition product lines, supported by increased marketing efforts, which saw sales expenses rise by 48.84% to 128 million yuan [2]. - The company is well-positioned to benefit from the growing sports industry in China, with the number of fitness enthusiasts expected to exceed 460 million by 2027, creating a favorable environment for the demand for sports health products [3]. - Continuous investment in research and development has strengthened the company's competitive edge, with R&D expenses increasing to over 30 million yuan in 2023, reflecting a compound annual growth rate of 19.37% [3]. Financial Forecast and Valuation - The company is projected to achieve net profits of 104 million yuan, 123 million yuan, and 144 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.83 yuan, 0.99 yuan, and 1.16 yuan per share [4]. - The current price-to-earnings (P/E) ratios are estimated at 19, 16, and 14 times for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation relative to expected earnings growth [4].
康比特：2024三季报点评：Q1~Q3扣非净利润同比+27.25%，业绩符合预期