Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% within the next six months [5]. Core Insights - The company, Kangbiter (833429.BJ), reported a significant increase in sales of protein muscle gain products, with a 2024 revenue of 1.04 billion yuan, representing a year-on-year growth of 23.34%. The net profit attributable to shareholders was 89 million yuan, up 1.38% year-on-year [3][4]. - In Q1 2025, the company achieved a revenue of 194 million yuan, a year-on-year increase of 26.08%, with a net profit of 12 million yuan, reflecting a 9.66% growth compared to the same period last year [3]. - The company’s core products, including whey protein and energy gels, have seen substantial sales growth, with protein muscle gain products revenue reaching 529 million yuan in 2024, a 72.64% increase year-on-year [3][4]. Financial Summary - For 2024, the total revenue is projected at 1.04 billion yuan, with a net profit of 89 million yuan. The earnings per share (EPS) for 2025 and 2026 are estimated to be 0.89 yuan and 1.19 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 26 and 19 [4]. - The company’s gross margin for Q1 2025 was 38.64%, showing a year-on-year decline of 9.03 percentage points, while the net profit margin was 6.21%, down 0.94 percentage points year-on-year [3].
康比特（833429）：2024年年报及2025年一季报点评：蛋白增肌类产品销量大幅增长