Small and medium -sized market value tracking 丨 industry expansion promotes Cumidi’s performance, but the new growth point still needs to be cultivated
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Small and medium -sized market value tracking 丨 industry expansion promotes Cumidi’s performance, but the new growth point still needs to be cultivated

In recent years, with the continuous understanding of the health concept of “sports+nutrition”, the emerging track of sports nutrition has gradually entered people’s vision.

Drive to the rapid expansion of the industry,Cumid (833429.bj)In recent years, it has maintained a higher growth rate.The company’s recent performance express report shows that in 2023, the annual operating income achieved 843 million yuan, an increase of 32.79%year -on -year.The net profit attributable to shareholders of listed companies was 88.37 million yuan, an increase of 53.39%year -on -year.

As a sports nutrition brand that entered the fitness market earlier, Cumidi currently has 4 categories: sports nutritional foods, mass nutrition foods, trustee processing business and digital sports.While focusing on food core products, the company has put more attention to the “Digital Sports Technology” service in recent years, trying to create new growth poles, but as of now, the prospects are still not very clear.

Military demand business has maintained rapid growth

According to the latest survey report of Qyresearch (Hengzhou Bozhi), the size of the global sports nutritional supplement market in 2023 is about US $ 26.136 billion, and it is expected to reach US $ 41.836 billion in 2029, with a Cagr of 8.16%.

The “2023-2028 China Sports Nutrition Food Market Survey and Industry Prospect Forecast Research Report” released by the China Business Industry Research Institute shows that the size of China’s sports nutritional food market in 2023 reached 6 billion yuan, and the average annual growth rate in the past five years reached reached reaching the annual growth rate of reaching the annual growth rate of reaching the annual growth rate of reaching the annual growth rate of reaching the annual growth rate of reaching the annual growth rate23.25%, the growth rate is much higher than the European and American markets.It is predicted that the size of China’s sports nutritional food market will reach 7.4 billion yuan in 2024.

The steady growth of Candy’s operating performance is benefiting from the rapid expansion of the industry.From 2013-2023, the company’s operating revenue increased from 159 million to 843 million yuan, CAGR was 18.14%, and CAGR reached 18.55%in the past 5 years; net profit attributable to the mother increased from 23 million to 88 million yuan.The year CAGR is about 13.85%.

The announcement shows that the main reason for the high increasing company’s revenue in 2023 is that the company continues to conduct research and development investment, actively upgrade its product, and continuously expand sales channels to increase marketing efforts. Under the condition of ensuring the original market share, new ones are developed.At the same time, the military demand business has grown rapidly, and under multiple effects, it has achieved stable growth in operating income.

In terms of business structure, sports nutritional foods are “basic disks”, and revenue remains rising.In 2022, the scale of sports nutritional food revenue exceeded 400 million yuan for the first time. In the first half of 2023, revenue achieved 180 million yuan, accounting for nearly 50%, which was a decline of 63.51%from 2022.Sports nutritional food is also the company’s profitability, and the gross profit margin is basically floating up and down 47%.

The announcement shows that in the first half of 2023, driven by the increase in the sales of military products, Cumid’s healthy nutritional food revenue reached 143 million yuan, an increase of 106%year -on -year.Although since 2021, the company’s regular reports will no longer announce the specific situation of military demand products, according to the calculation of open source securities, the company’s military product revenue has grown rapidly. In the first half of 2022, it reached 5,1264,400 yuan.It has increased to 74%.

The company said in an institutional survey on January 31 that in recent years, the company has ranked among the military demand procurement of rations, and its self -heating food orders have made a big breakthrough. In the future, the company is confident to make a good job of military market products and services.

The diverse form of sports and a wide range of sports groups accompanied by more segmented consumption needs, which requires manufacturers to conduct targeted research and development and innovation to create differentiated products.Cumid believes that high R & D investment can help build a “moat” in market competition, and the amount of R & D investment has increased year by year.In recent years, Cumidi R & D cost rate has basically remained above 4%, ranking first in the same company.

“New Growth Point” is still long.

In recent years, with the merger of foreign -funded brands in domestic manufacturers, the domestic sports nutrition market has basically formed a business model of “Chinese capital+foreign brands”.But there are many opinions that the industry’s own threshold is not high.

In fact, international and domestic brand companies have laid out sports and nutritional food tracks.Ordinary food companies such as Nestlé, Pepsi, Amway, Danan, Yili, Mengniu, Nongfu Spring, and Vitality Forest have launched sports nutritional foods or sports -related products.The rapid development of the domestic e -commerce environment, especially cross -border e -commerce, has given more small brands and start -up brands the opportunity to cut into the sports nutrition market.The track is becoming more and more crowded.

According to Haitong Securities, from 2021 to 2022, the share of Cumidi gradually increased, about 13.23%in 2022.However, due to the continued decline in the gross profit margin of Volkswagen Nutrition Food, the gross profit of the business in the first half of 2023 had fallen to 32.69%, which was 14.88 percentage points lower than that of sports nutrition products. Cumid also began to seek new growth points.

In the context of the continuous development of digitalization, consumers’ behavior and habits have also followed changes. The use of modern scientific and technological means such as digitalization and intelligence is empowering sports, which has become increasingly becoming a trend.The Sports Bank Think Tank predicted in the “China Intelligent Sports Development Report 2023” that the size of the domestic smart sports market in 2023 reached about 150 billion yuan.

Based on the product advantage, Cumidi conforms to policy guidelines such as national fitness plans, focusing on developing digital sports technology service business, and defining it as “an extension of the new direction of the extension.”

At present, the company has developed products and service systems such as scientific training management systems, smart nutrition platforms, and smart fitness platforms.Related products have been put into use at the National Team Training Base of Beijing Sports University and Qinhuangdao Training Base of the State Sports General Administration.

From the perspective of the revenue side, although the revenue of digital sports technology services has been steadily increased, the proportion of income is still low and continued to decline.In 2022, the scale of revenue was 32.3534 million yuan, accounting for about 5%. In the first half of 2023, revenue created 12.85 million yuan, an increase of 65.20%year -on -year, and revenue proportion has fallen to 3.5%.

In terms of profitability, the gross profit margin of digital sports technology services has also continued to decline.In 2019, the gross profit margin of digital sports business reached 66.24%, which seemed to have the potential of new growth poles.However, after 2020, under the influence of multiple factors, services such as health consultation, scientific training guidance, and physical monitoring were blocked, and the overall gross profit margin was dragged down. In 2022, the gross profit margin of the business fell to 40.09%.In the first half of 2023, with the recovery of sports activities, the increase in training income and physical measurement income, the gross profit margin of the digital sports business rose to 45.5%, and it still could not be compared with the nutritional food of the shoulder.