Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5] Core Views - The company reported a revenue of 1.94 billion yuan in Q1 2025, representing a year-on-year increase of 26% and a net profit attributable to shareholders of 12.04 million yuan, up 10% year-on-year [5] - The company is focusing on high-end, differentiated competition, leveraging its brand, technology research and development, and sales channel advantages [5] - The company expects net profits for 2025-2027 to be 1.23 billion, 1.42 billion, and 1.83 billion yuan respectively, with corresponding EPS of 0.99, 1.14, and 1.47 yuan per share, indicating a positive outlook for its energy gel and whey protein products [5] Financial Summary - In 2024, the company achieved a revenue of 1.04 billion yuan, a year-on-year growth of 23.34%, and a net profit of 89.31 million yuan, a growth of 1.38% [5] - The gross margin for 2024 was 39.41%, a decrease of 0.69 percentage points from 2023 [5] - The company’s revenue is projected to grow from 1.33 billion yuan in 2025 to 1.92 billion yuan in 2027, with corresponding net profits increasing from 123 million yuan to 183 million yuan [9] Product Innovation and Market Expansion - The company launched a higher quality CPT pro specialized nutrition whey protein in 2024, leading to a 72.64% increase in revenue from protein muscle gain products [6] - The company developed a new 7-layer energy gel, achieving a revenue of 38.79 million yuan in 2024, a year-on-year increase of 48.64% [6] - The company collaborated with nearly 470 events, including marathons and trail races, in 2024, enhancing brand exposure and market influence [7]
康比特：北交所信息更新：能量胶、乳清蛋白爆品创新+470场赛事赋能打开健身市场新空间-20250424