保健品行业专题三：技源集团：HMB全球龙头，营养健康产业链延伸

Investment Rating - The report provides a positive investment rating for the health supplement industry, particularly highlighting the growth potential of the HMB segment and the overall market expansion [4][28]. Core Insights - The report emphasizes that the global dietary supplement industry is experiencing continuous expansion, with the market size expected to approach $200 billion by 2025, driven by increasing health awareness among consumers [28]. - The company, as the largest global supplier of HMB, is well-positioned to benefit from the growing demand for muscle health products, with a projected revenue increase of 22.8% in 2024 [49][60]. - The report also notes the company's strong partnerships with major clients like Abbott, which significantly contribute to its revenue, particularly in the HMB segment [55][111]. Financial Performance - The company achieved a revenue of 1.0 billion yuan in 2024, reflecting a year-on-year growth of 12.3% [3][7]. - The net profit attributable to shareholders reached 174.4 million yuan in 2024, with a compound annual growth rate (CAGR) of 16.7% from 2021 to 2024 [7][21]. - The gross margin improved to 43.5% in 2024, while the net margin slightly decreased to 17.5% due to a minor increase in expenses [21][22]. Revenue Breakdown - In 2024, the revenue from nutritional raw materials and formulations was 6.5 billion yuan and 3.5 billion yuan, respectively, accounting for 64.6% and 35.1% of total revenue [12][96]. - The HMB segment generated 2.93 billion yuan in revenue in 2024, representing 45.3% of the nutritional raw materials revenue [49][85]. - The company’s international sales are significant, with the U.S. accounting for 30.6% of revenue, indicating a strong presence in overseas markets [15]. Market Trends - The global sports nutrition market is projected to grow at a CAGR of 4.5% from 2020 to 2026, with HMB being a key ingredient driving this growth [33][35]. - The joint health supplement market, including glucosamine and chondroitin sulfate, is expected to maintain a steady growth rate of 5.8% from 2020 to 2027, supported by an aging population [39][41]. - The report highlights the increasing penetration of contract manufacturing in the health supplement industry, with a market size exceeding 100 billion yuan [45]. Production Capacity and Utilization - The company’s production capacity for HMB, glucosamine, and chondroitin sulfate is expected to exceed 90% utilization in 2024, indicating strong demand [117]. - The company plans to invest 210 million yuan to expand its production capacity for HMB and other nutritional raw materials, which will enhance its ability to meet growing market demands [117][120].