Investment Rating - The report assigns an "Outperform" rating to the company [4][18]. Core Viewpoints - The sports nutrition industry is experiencing high demand, and the company is leveraging a multi-channel strategy to enhance its market presence. The company has established a strong brand in competitive sports and has consistently ranked high in the national procurement list for nutritional products [6][9]. - The company's revenue has shown steady growth, increasing from 159 million yuan in 2013 to 843 million yuan in 2023, with a CAGR of 18.14%. The net profit attributable to the parent company rose from 23 million yuan to 88 million yuan during the same period, with a CAGR of 14.22% [6][52]. - The company has set ambitious revenue and profit growth targets for the next three years, aiming for a year-on-year increase of 26% and 21% in 2023, 15% in both revenue and profit for 2024, and 15% in both for 2025 [6]. Financial Summary - The company's projected financials for 2023 to 2025 include: - Revenue: 843 million yuan in 2023, 1,042 million yuan in 2024, and 1,264 million yuan in 2025, with year-on-year growth rates of 32.8%, 23.5%, and 21.3% respectively [8]. - Net profit: Expected to be 88 million yuan in 2023, 107 million yuan in 2024, and 130 million yuan in 2025, with growth rates of 53.4%, 20.9%, and 21.5% respectively [8]. - EPS: Projected to be 0.71 yuan in 2023, 0.86 yuan in 2024, and 1.04 yuan in 2025 [24]. Industry Insights - The domestic sports nutrition market has significant growth potential, primarily driven by domestic brands. The market is expected to reach 6 billion yuan by 2023, with a CAGR of 21% over the next three years, significantly higher than the global growth rate of 5% [41][42]. - The company focuses on core products in the sports and health nutrition segments, which have maintained rapid growth rates of 36% and 45% respectively from 2020 to 2022 [23][55].
公司研究报告：运动营养行业景气度较高，公司全渠道发力