| 市场数据： | 2025 年 08 月 15 日 | | --- | --- | | 收盘价（元） | 21.81 | | 一年内最高/最低（元） | 34.00/8.28 | | 市净率 | 3.3 | | 股息率%（分红/股价） | 1.15 | | 流通 A 股市值（百万元） | 2,471 | | 上证指数/深证成指 | 3,696.77/11,634.67 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.73 | | 资产负债率% | 31.02 | | 总股本/流通 A 股（百万） | 125/113 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 上 市 公 司 食品饮料 2025 年 08 月 17 日 康比特 (833429) ——Q2 毛利率显著承压，H2 多措并举改善盈利能力 报告原因：有业绩公布需要点评 增持（维持） 08-15 09-15 10-15 11-15 12-15 01-15 02-15 03-15 04-15 0 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment in the future [5]. Core Viewpoints - The company is positioned to transition from a professional to a mass-market brand, leveraging both brand strength and channel expansion in the sports nutrition sector [5]. - The sports nutrition market in China is expected to grow significantly, with a projected CAGR of 23% from 2015 to 2024, indicating substantial growth potential [6][47]. - The company has established a strong market presence with its core products, including whey protein and energy gels, which are expected to drive revenue growth [6][9]. Summary by Sections Business Overview - The company, established in 2001, focuses on sports nutrition, health food R&D and manufacturing, and digital sports technology services, catering to various consumer segments including competitive athletes and the general public [14]. - In 2024, sports nutrition products accounted for 75.9% of total revenue, with a revenue growth rate of 71.4% [17]. Financial Performance - Revenue forecasts for 2023 to 2027 show a steady increase, with expected revenues of 843 million RMB in 2023, growing to 2,217 million RMB by 2027 [5]. - The company’s net profit is projected to rise from 88 million RMB in 2023 to 189 million RMB in 2027, reflecting a strong growth trajectory [5]. Market Position and Strategy - The company has a competitive edge in the sports nutrition market due to its differentiated product offerings and established sales channels, which include both online and offline strategies [9][41]. - The introduction of electrolyte drinks and other health products aims to capture a broader consumer base, moving from professional athletes to the general health-conscious public [6][9]. Research and Development - The company emphasizes innovation and has increased its R&D investment, holding 198 authorized patents as of 2024, which positions it as a leader in the industry [42]. - The R&D team comprises a significant proportion of master's and doctoral graduates, enhancing the company's capability to innovate [43]. Future Outlook - The report anticipates that the company will maintain a high market share in the sports nutrition sector, driven by strong product demand and effective marketing strategies [6][9]. - The overall market for sports nutrition products is expected to grow from 6.27 billion RMB in 2024 to 14.8 billion RMB by 2034, indicating a robust growth environment for the company [9][47].