仙乐健康（300791）：业绩点评：境外业务高增长，盈利提升显著

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [10]. Core Views - The company has shown significant growth in overseas markets, with a notable shift in revenue distribution towards international sales, which now account for 60.56% of total revenue, up from 39.44% the previous year [5][6]. - In 2024, the company achieved a revenue of 42.11 billion yuan, a year-on-year increase of 17.56%, and a net profit of 3.28 billion yuan, reflecting a growth of 16.70% [5]. - The company's main products, soft capsules and gummies, contributed over 70% of total revenue, with soft capsules generating 19.84 billion yuan (up 29.91%) and gummies 9.95 billion yuan (up 34.54%) in 2024 [5][6]. - The gross profit margin for the main business improved to 31.05%, with the gross margin for soft capsules slightly decreasing to 25.57% and for gummies increasing to 48.88% [5][6]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 9.54 billion yuan, a slight increase of 0.28% year-on-year, while the net profit was 0.65 billion yuan, up 0.21% [5]. - The domestic market faced challenges, leading to limited sales growth in Q4 2024 and Q1 2025, with revenue growth rates dropping significantly compared to previous periods [5]. - The company forecasts earnings per share (EPS) of 1.68 yuan, 2.08 yuan, and 2.41 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 16.01, 12.88, and 11.14 based on the closing price of 26.85 yuan on May 14 [6][7]. Market Dynamics - The Americas market saw a remarkable revenue growth of 59.56%, contributing 39.56% to the main revenue, while the European market grew by 14.25% [5][6]. - The report highlights that the company’s expansion strategy, including the acquisition of BF, positions it well in the U.S. market, which is expected to remain unaffected by new trade tariffs [6].