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% [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 sports industry is experiencing growth due to national policies promoting sports development, with the number of fitness enthusiasts in China expected to exceed 460 million by 2027, creating favorable conditions for the demand for sports health products [3]. - The company has been increasing its R&D investment, with an average R&D expenditure of 18.66 million yuan from 2018 to 2022, and a significant increase to over 30 million yuan in 2023, reflecting its strong R&D capabilities [3]. - The company is expected 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]. Financial Summary - Total revenue is projected to grow from 843.22 million yuan in 2023 to 1,404.06 million yuan in 2026, with a compound annual growth rate (CAGR) of 14.86% [1][4]. - The company's net profit is expected to increase from 88.10 million yuan in 2023 to 143.85 million yuan in 2026, with a CAGR of 17.24% [1][4]. - The current P/E ratios are projected to decrease from 22.61 in 2023 to 13.85 in 2026, indicating an attractive valuation as earnings grow [1][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