| 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 ...

Core Viewpoint - Company 康比特 has reported record-high revenue and net profit for 2024, indicating strong profitability and growth momentum, driven by the dual trends of "sports nutrition + health consumption" [1] Financial Performance - In 2024, 康比特 achieved revenue of 1.04 billion yuan, a year-on-year increase of 23.34%, with a compound annual growth rate (CAGR) exceeding 30% from 2020 to 2024 [1] - The company reported a net profit of 87.17 million yuan, up 15.07% year-on-year, with a CAGR exceeding 60% from 2020 to 2024 [1] - For Q1 2025, 康比特's revenue was 194 million yuan, a 26.08% increase year-on-year, and net profit was 12.04 million yuan, up 9.66% year-on-year [1] Business Segments - The military supply business saw a revenue decline of 45.1% in 2024, totaling 132.44 million yuan, primarily due to the cyclical nature of military procurement [2] - Despite the decline, 康比特 maintained a leading position in military procurement, and future demand for military products is expected to remain strong due to ongoing national defense modernization [2] Industry Trends - The sports nutrition industry is entering a golden development period, driven by the "Healthy China" strategy and consumption promotion policies [3] - The market for sports nutrition products in China has significant growth potential, as awareness and consumption habits are still developing compared to developed countries [3] - Recent government initiatives, such as the "Weight Management Year" action plan, are expected to boost demand for weight control products, including protein supplements [4] Product Development - 康比特's core products, particularly protein muscle gain products, have seen significant revenue growth, with a 72.64% increase to 52.91 million yuan in 2024 [5] - The company plans to establish four product project teams focusing on protein muscle gain, energy supplementation, weight control, and professional sports markets to enhance resource integration and market responsiveness [5] Sales Strategy - 康比特 has implemented a robust channel strategy, expanding distribution through traditional e-commerce and new media channels, and engaging consumers through events and competitions [6] - The company has reached 4.24 million runners through 470 events in 2024, leveraging its partnership with the Chinese Athletics Association [6] Market Outlook - Analysts project 康比特's net profit to reach 115 million yuan in 2025, with a corresponding price-to-earnings (PE) ratio of 28 [7] - The company is viewed as an attractive investment opportunity in the sports nutrition sector, with a current stock price that is considered undervalued compared to its growth potential [7]