证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年中报点评：拥抱新消费，经营韧性强 2025 年 08 月 27 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,582 | 4,211 | 4,572 | 5,092 | 5,664 | | 同比（%） | 42.87 | 17.56 | 8.58 | 11.38 | 11.22 | | 归母净利润（百万元） | 281.04 | 325.06 | 366.85 | 459.03 | 527.04 | | 同比（%） | 32.39 | 15.66 | 12.86 | 25.13 | 14.82 | | EPS-最新摊薄（元/股） | 0.91 | 1.06 | 1.19 | 1.49 | 1.71 | | P/E（现价&最新摊薄） | 28.34 | 24.51 | 21.71 | 17.35 | 15.11 | [Table_ ...

分剂型：25H1 软胶囊实现销售收入9.47 亿元，同比+6.47%，软糖实现销售收入5.17 亿元，同比 +6.35%，片剂实现销售收入1.89 亿元，同比+33.37%，饮品实现销售收入1.11 亿元，同比-20.84%，硬 胶囊实现销售收入1.08 亿元，同比+11.00%，粉剂实现销售收入0.91 亿元，同比-36.02%。 分地区：25H1 中国区实现销售收入8.18 亿元，同比-1.63%，美洲区实现销售收入7.60 亿元，同比 +4.26%，欧洲区实现销售收入3.59 亿元，同比+21.96%，其他地区实现销售收入1.05 亿元，同 比-22.91%。 具体来看：1）中国事业群：坚持大客户发展战略，全面发力新消费增量市场，直播/私域/跨境/跨 界/MT 等新赛道业务占比持续提升，25H1 新消费客户营收同比增速超40%，但受制于传统医药保健品 牌、直销、OTC 等赛道客户业绩下滑的影响，长青市场营收同比回落；2）美洲事业部：全力攻坚软糖 业务规模化，加大软糖业务开拓力度，当前已为25H2 及26 年储备销售商机，通过更加韧性的商业和运 营措施克服关税波动影响，聚焦拉美市场，突破巴西等国新客户；3 ...

证券研究报告 | 公司点评报告 2025 年 08 月 26 日 仙乐健康（300791.SZ） 营收环比改善，内生利润率提升 消费品/食品饮料 25Q2 公司收入/归母净利润分别同比+4.66%/+1.13%，整体收入端环比改善， BF 亏损扩大，但内生净利率受益于降本增效有所提升。公司锚定全球营养健康 食品行业 CDMO 龙头，积极探索完善产品矩阵寻求开发更多客户，洞察需求提 升成长能力。同时公司前瞻布局高潜赛道，聚焦孕婴童、女性、益生菌与现代 汉方等前沿领域打造全生命周期营养产品矩阵，前瞻布局宠物赛道，打造"人 类营养技术迁移+宠物风味场景适配"创新模式，有望支撑未来增长。我们认为 公司 H2 有望延续全年逐季改善的态势，同时建议关注 BF 个护业务剥离进展， 及其带动的盈利能力显著改善的弹性。考虑到 BF 个护业务对亏损扩大对全年 业绩的影响，我们对此前盈利预测有所调整，预计 25-26 年 EPS 分别为 1.17 元、1.35 元，维持"强烈推荐"投资评级。 强烈推荐（维持） 目标估值：NA 当前股价：25.2 元 基础数据 | 总股本（百万股） | 307 | | --- | --- | | 已 ...

8月25日20:00 - 21:00，仙乐健康科技股份有限公司举办投资者关系活动，副总经理、董事会秘书、总裁 办负责人刘若阳，副总经理、财务负责人（代行）郑丽群，证券事务代表陈安妮接待了来自金鼎资本、 华安证券、天风证券等59家机构的投资者。活动围绕公司2025年上半年度战略落地成效以及经营情况等 方面展开交流互动。 投资者关系活动重要信息投资者活动关系类别：特定对象调研时间：2025年8月25日20:00 - 21:00地点： 未提及参与单位名称：金鼎资本、华安证券、天风证券、国泰海通、长城基金、国盛证券、浙商证券、 华鑫证券、财通证券、农银汇理、申万资管、君和资本、磐厚资本、华西证券、汇安基金、路博迈基 金、招商证券、国海证券、健顺投资、中邮证券、建信养老金、光大保德信、开源证券、华福证券、国 信证券、易方达基金、富乐森投资、理成资产、万纳基金、天风证券、广发证券、申万宏源、个人投资 者、太平洋证券、方正证券、渊泓投资、兴业证券、银河证券、申万宏源、长乐汇资本、国信证券、中 金公司、东北证券、华泰证券、信达证券、东吴证券、华源证券、东兴证券、浙商证券、华泰证券、华 福证券、国华兴益保险、华创证券、中金公司 ...

仙乐健康科技股份有限公司 投资者关系活动记录表 证券代码：123113 证券简称：仙乐转债 仙乐健康科技股份有限公司 2025 年 8 月 25 日投资者关系活动记录表 编号： 2025-003 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | □其他（ ） | | | 王见鹿（信达资本）、周韵（华安证券）、张潇倩（天风证券）、訾猛（国 | | | 泰海通）、陈力宇（国泰海通）、柴程森（长城基金）、吴林轩（国盛证 | | | 券）、孙天一（浙商证券）、张梓萱（华鑫证券）、黄欣培（财通证券）、 | | | 蒲天瑞（农银汇理）、赵玥（申万资管）、张玉洁（君和资本）、张云（磐 | | | 厚资本）、吴越（华西证券）、王苏煦（汇安基金）、黄亚铷（路博迈基 | | | 金）、任龙（招商证券）、秦一方（国海证券）、韩骋（健顺投资）、杨 | | 参与单位名称 | 逸文（中邮证券）、官忠涛（建信养老金）、董旭（光大保德信）、方勇 | | 及人员姓名 | （开源证券）、童杰（华福 ...

每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 张喜威） 每经AI快讯，仙乐健康（SZ 300791，收盘价：25.2元）8月25日晚间发布公告称，公司第四届第十三次 董事会会议于2025年8月22日在上海市长宁来福士33楼公司会议室以现场会议与通讯表决相结合方式召 开。会议审议了《2025年半年度报告》等文件。 2025年1至6月份，仙乐健康的营业收入构成为：软胶囊占比46.38%，软糖占比25.31%，片剂占比 9.26%，功能饮品占比5.42%，硬胶囊占比5.31%。 截至发稿，仙乐健康市值为77亿元。 ...

Core Viewpoint - The credit rating report for Xianle Health Technology Co., Ltd. indicates a stable credit rating of AA- with a focus on the company's strong production capabilities and market position in the nutritional health food sector [3][6][11]. Company Overview - Xianle Health specializes in B-end business as a significant contract manufacturer of nutritional health foods, with a diverse product line including soft capsules, gummies, beverages, tablets, powders, and hard capsules [3][17]. - The company has established seven production bases and five R&D centers across China, Europe, and the United States, enhancing its manufacturing and research capabilities [5][17]. Financial Performance - In 2024, the company achieved total revenue of 42.11 billion yuan, representing a year-on-year growth of 17.56%, with a gross profit margin of 31.46% [5][22]. - Key financial metrics include total assets of 56.14 billion yuan and total liabilities of 16.19 billion yuan as of 2024 [3][22]. Market Position and Growth - The global nutritional health food market is projected to grow, with the Chinese market expected to reach 260.2 billion yuan in 2024, reflecting a compound annual growth rate of 6.3% from 2019 to 2024 [11][12]. - The company has seen a significant increase in overseas revenue, which accounted for 60.56% of total revenue by the end of 2024, driven by sales growth in the Americas [22]. Product and R&D Capabilities - The company has over 6,000 mature nutritional health food formulations and has received multiple health food registration certificates, indicating strong product development capabilities [17][16]. - R&D expenses increased by 13.98% in 2024, showcasing the company's commitment to innovation and product development [16]. Debt and Financial Stability - The company's debt structure is considered reasonable, with a strong ability to generate cash flow from operations, and a good EBITDA interest coverage ratio [6][22]. - The company issued 10.25 billion yuan in convertible bonds to fund expansion projects, with a portion of the funds redirected to supplement working capital [8][9]. Industry Environment - The nutritional health food industry is supported by government policies promoting health management and the "Healthy China" initiative, which is expected to drive market growth [12][11]. - New consumption trends, including online and cross-border sales channels, are emerging, with a notable increase in the online penetration rate of nutritional health products [13][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's revenue for 2024 reached 4.211 billion yuan, a year-on-year increase of 17.56%, with a net profit attributable to shareholders of 0.325 billion yuan, up 15.66% year-on-year [6] - In Q1 2025, the company achieved revenue of 0.954 billion yuan, a slight increase of 0.28% year-on-year, and a net profit of 0.069 billion yuan, up 8.90% year-on-year [6] - The company is positioned as a leading CDMO in the health food industry, with a focus on product innovation and technological upgrades, supported by a global supply capability across China, the US, and Europe [9] Summary by Sections Recent Performance - The company's performance in the last year shows a mixed trend, with a 1-month decline of 4.7% and a 12-month decline of 9.5% compared to the CSI 300 index [4] - As of April 25, 2025, the current stock price is 25.41 yuan, with a market capitalization of approximately 6.029 billion yuan [4] Regional Performance - In 2024, revenue by region was as follows: China 1.661 billion yuan (down 10.28%), Europe 0.604 billion yuan (up 14.25%), Americas 1.666 billion yuan (up 59.56%), and other regions 0.280 billion yuan (up 77.38%) [6] - The Chinese market showed signs of recovery in Q1 2025, with revenue stabilizing due to the company's efforts in expanding new consumer markets [6] Product Performance - In 2024, revenue by product type was: soft capsules 1.984 billion yuan (up 29.91%), tablets 0.326 billion yuan (down 10.05%), powders 0.232 billion yuan (down 20.90%), gummies 0.995 billion yuan (up 34.54%), beverages 0.248 billion yuan (down 41.22%), hard capsules 0.223 billion yuan (up 46.83%), and other forms 0.177 billion yuan (up 141.32%) [6] - The company has seen significant growth in high-margin products like gummies, which have increased their market share from approximately 5% in 2022 to nearly 10% in 2024 [6] Profitability - The gross margin for 2024 was 31.46%, improving to 33.09% in Q1 2025, reflecting a year-on-year increase of 1.19 percentage points and 2.47 percentage points respectively [6] - The company’s net profit margin for 2024 was 7.72%, slightly decreasing to 7.19% in Q1 2025 [7] Financial Forecast - The projected revenue for 2025 is 4.663 billion yuan, with a net profit of 0.400 billion yuan, and EPS of 1.69 yuan [8] - The company expects a revenue growth rate of 11% in 2025, with a net profit growth rate of 23% [8] Competitive Position - The company is enhancing its competitive barriers through multi-dimensional capability improvements, including product innovation, supply chain optimization, and digital transformation [9] - The company’s innovative products contributed over 35% to sales in 2024, with higher gross margins than average [9]