研報掘金丨國盛證券:湯臣倍健Q2收入有望保持較快增長,維持“增持”評級
格隆匯7月5日丨國盛證券4日研報指出,上半年需求強勁,湯臣倍健(300146.SZ)業績表現亮眼,略上調全年盈利預測,維持“增持”評級。在國民健康意識提升、免疫需求提升的大背景下,儘管居民消費能力短期承壓,但膳食營養補充劑品類需求旺盛,消費者滲透率提升。綜合來看,受益於需求超預期強勁,公司二季度收入有望保持較快增長。由於線下推廣活動恢復、線上渠道佔比提升帶動費用率提升,預期二季度銷售費用較高,扣非歸母淨利潤增速環比回落。公司成本端無顯著壓力,未來2-3年銷售費用率有望回落至35%-40%,2023年或小幅回落至區間上限,後續費用端仍有改善空間。
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