Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has increased the investment scale of its sports nutrition project to 309 million yuan, with plans to reach operational status by August 2026 [3] - For the first three quarters of 2024, the company reported a revenue of 774 million yuan, a year-on-year increase of 30%, and a net profit attributable to shareholders of 65.56 million yuan, a year-on-year increase of 2% [1] - The company is focusing on high-end, differentiated competition, leveraging its brand, technology research and development, and sales channels to create value [1] Financial Performance Summary - Revenue for 2024 is projected to be 996 million yuan, with a year-on-year growth of 18.2% [4] - The net profit attributable to shareholders is expected to reach 96 million yuan in 2024, reflecting a year-on-year increase of 9.4% [4] - The company's gross margin is projected to be 40.7% in 2024, with a net margin of 9.7% [4] - Earnings per share (EPS) is forecasted to be 0.77 yuan in 2024, with a price-to-earnings (P/E) ratio of 19.2 times [4] Market Expansion and Brand Influence - The company is actively expanding its market presence by increasing promotional investments on platforms like Tmall, JD.com, and Douyin, with sales expenses rising by 43.44% year-on-year to 165 million yuan in 2024 [2] - The company is utilizing new media formats such as short videos and live streaming to enhance brand marketing and improve consumer shopping experiences [2] Investment Project Update - The investment scale for the "Sports Nutrition Food Production Base Construction Project" has been increased from 126 million yuan to 309 million yuan due to growing operational scale and market demand [3] - The project aims to build a new four-story production facility of 26,000 square meters in Hebei Province, with the installation of various production lines to meet increasing demand for solid and liquid dosage forms [3]
康比特：北交所信息更新：运动营养募投项目规模增加，2024年Q1-3扣非净利润同比+27%