汤臣倍健(主品牌)

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汤臣倍健(300146):业绩继续承压,关注新品上市进展
EBSCN· 2025-04-27 08:43
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company continues to face pressure on performance, with a significant decline in revenue and net profit in Q1 2025. Revenue decreased by 32.3% year-on-year to 1.79 billion yuan, and net profit fell by 37.4% to 450 million yuan [1][4]. - The company is focusing on new product launches in Q2 to stimulate sales and improve performance, particularly in the offline channel [4]. Summary by Sections Financial Performance - In Q1 2025, the main brand "汤臣倍健" generated revenue of 983 million yuan, down 36.37% year-on-year. The "健力多" brand saw a revenue drop of 46.15% to 201 million yuan, while Life-Space's domestic products generated 77 million yuan, a decrease of 36.19% [2]. - The company's gross margin for Q1 2025 was 68.66%, a decline of 1.24 percentage points year-on-year, attributed to a higher proportion of low-margin products and increased fixed costs due to lower revenue [3]. - The sales expense ratio was 30.29%, down 0.91 percentage points year-on-year, reflecting effective cost control measures [3]. Future Outlook - The company plans to launch new products in Q2, targeting essential consumer needs and enhancing offline channel performance through promotional activities [4]. - The profit forecasts for 2025-2027 have been revised downwards to 791 million yuan, 921 million yuan, and 1.024 billion yuan, respectively, reflecting a cautious outlook due to ongoing weak demand [4]. Valuation Metrics - The current stock price corresponds to a PE ratio of 23x for 2025, 20x for 2026, and 18x for 2027, indicating the company's position as a leader in the dietary supplement industry with growth potential [4].