Investment Rating - The report maintains an "Outperform" rating for the company [2][10]. Core Insights - The company reported a total revenue of 1.04 billion yuan in 2024, representing a year-on-year growth of 23.3%, and a net profit attributable to shareholders of 89 million yuan, with a growth of 1.4% [7]. - The company has a strong market position in the sports nutrition sector, with significant growth in core product categories such as protein supplements and energy products, driven by innovative product development and effective marketing strategies [7][10]. - The company is expected to benefit from the upcoming peak season for sports and fitness, particularly during the marathon events in April and May [10]. Financial Data and Profit Forecast - The company’s projected revenues for 2025 are estimated at 1.41 billion yuan, with a year-on-year growth rate of 35.2% [6]. - The net profit for 2025 is forecasted to be 115 million yuan, reflecting a growth of 29.3% compared to the previous year [6]. - The gross margin for 2024 was reported at 39.4%, slightly down from the previous year, primarily due to rising costs of whey protein [7][10]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.93 yuan [6]. Revenue Breakdown - In 2024, the revenue from sports nutrition products accounted for 75.9% of total revenue, with significant contributions from protein and energy supplements, which grew by 72.6% and 71.7% respectively [7]. - The military supply business generated 132 million yuan in revenue, although it saw a decline of 45.1% due to changes in procurement cycles [7]. - The company is actively increasing its inventory of whey protein to manage production costs effectively [7][10].
康比特（833429）：乳清原料备货充足，期待Q2旺季表现