After the Spring Festival this year, inspired by the movie "Hot and Hot" and its spirit, people flocked to the gym, igniting many people's determination to exercise and fitness.
Whether it is sports and fitness, or supplementing nutrition and improving immunity, a cup of protein powder and a probiotic every day can make the body energetic and mentally better, and become the choice of more people.
It has to be said that the consumption of health food is now more youthful. According to statistics, among the buyers of nutritional supplements, the post-90s generation accounts for 25%, and the age of consumers is concentrated in 26-45 years old, and young and middle-aged people have gradually become the main consumer group.
However, as the world's second largest product market, the domestic per capita consumption is still low, with huge potential, and it is not surprising that the growth momentum of China's health care products market will continue for many years.
What is the market size of nutraceuticals?
With the improvement of consumers' health awareness, the "younger generation" and "silver-haired people" have become the main driving force for the growth of the industry, and the investment logic of health care products is also easier to understand.
In 2022, the market size of China's health care products industry will reach 298 billion yuan, a year-on-year increase of 104%, although the accurate data for 2023 has not yet been released, judging from the data of a third party, it is expected to be close to 330 billion yuan in 2023, a year-on-year increase of more than 10%.
From the above figure, we can see that it is expected to exceed 465 billion yuan in 2027, and the average compound growth rate of the industry can reach about 9%.Significantly ahead of other consumer industries
From the perspective of per capita consumption, China's per capita consumption level of health care products is low, with a per capita consumption of 22 US dollars, while the average of developed countries in Europe and the United States is about 75 US dollars.
Social health awareness will be improved with the improvement of the economic level, health care products are an optional consumption, after the basic living needs of consumers are met, a higher level of prevention and health care needs will be considered, and China's health care products market will undoubtedly continue this development trend.
At present, Tomson Beijian's domestic market share ranks first in the industry
From the perspective of the competition pattern of health care products, in 2023, Tomson By-Health will occupy 62% market share, with a market share of 10 in the vitamin and protein powder segment4%。
From the comparison of the performance data in the above table, it can be seen that Tomson Beijian's revenue data is definitely the domestic leader, ranking in the forefront of the first echelon, and the revenue of health cloud health care products accounts for less than 1%, which is not for reference here, and the second place is Dong'e Ejiao, but its revenue growth has slowed down in recent years, mainly because the health care effect of Ejiao is not obvious, and the consumer experience has not kept up with the first improvement, resulting in a decline in revenue.
2022 is the bottom of Tomson's recent performance, and 2023 is expected to return to high growth.
In the first three quarters of 2023, the company achieved an operating income of 778.2 billion, close to the level of the whole year of 2022, an increase of 263%, net profit of 1.9 billion, an increase of 28 over the same period last year2%, both of which hit a record high.
Gross margin reached a record high
In the first three quarters of 2023, the company's gross profit margin has increased to 6966%, the highest level in the past four years.
In 2023, online revenue increased by 62% year-on-year, accounting for more than 40%, and the online gross profit margin was 10 percentage points higher than that of offline channels, which is the main factor for the steady increase in the company's overall gross profit margin.
Reduced sales rates
In recent years, Tomson's product structure has been continuously optimized, and in order to increase the promotion of new products, the company's sales expenses have increased from 2021 to 2022, but with the gradual stabilization of new single product sales, the company's sales expense ratio will begin to decline in 2023, and the sales expense rate in the first three quarters has dropped to 35%, compared with 40 in 20223% compared to 5 percentage points.
For FMCG, maintaining a certain sales expense is an inevitable brand strategy, but Tomson's sales rate has formed a downward trend, and it is expected to transition to 20%-25% in the next 3-5 years, which also highlights the company's operating efficiency and brings confidence to long-term financial investors.
Tomson's future focus is on new big items
In the first three quarters of 2023, the company's traditional protein powder and vitamin single products still achieved high growth, and the revenue of protein powder in the first three quarters of 2023 was 4.5 billion yuan, a year-on-year increase of 304%, the growth accelerated, and the high growth is expected to continue in the short term.
Protein powder and vitamins are the main brand products of "Tomson Beijian", which is the basic plate of Tomson, and no one can shake it at present.
In addition to the main brand, the new big products Jianliduo and probiotics have signs of speeding up.
In terms of cultivating new single products, Tomson By-Health first developed the bone and joint health "Jianliduo", and in 2022, Jianliduo will earn 1.2 billion, accounting for 154%。At present, the penetration rate of offline pharmacies is high (40%), and at the same time, it actively lays out the online youth market and launches the Highflex brand, which has reached 20% of the market share on the Alibaba platform.
However, the market limit of Jianliduo's ammonia sugar products is estimated to be about 3 billion, that is to say, there is still 1 times the space, after all, this market is not very large, and new large single products are needed to promote it in the future.
Fortunately, probiotics are performing strongly
In 2024, there is basically no problem for probiotics revenue to surpass Jianliduo, and in the first three quarters of 2023, the company's probiotics revenue will exceed 1 billionA year-on-year increase of 764%The market share of domestic pharmacies is about 5%, and there is still room for improvement, and the market share of probiotics on the Ali platform is about 15%, ranking first.
At the same time, probiotics achieved a revenue of 700 million yuan overseas, and the total revenue at home and abroad has surpassed that of Jianliduo, becoming the company's largest revenue of new large single products**.
At this stage, the market size of domestic probiotics has exceeded 90 billion, surpassing Italy, ranking second in the world, and expanding at an annual growth rate of 15%. Therefore, the market for probiotics is large enough that men, women and children can benefit, and the number of people who supplement probiotics every day is gradually increasing.
The important thing is that the consumer brand of probiotics has good stickiness, the repurchase rate is large, and it is only a matter of time before the income becomes bigger and bigger.
In addition,"."Jianshijia" is the second largest brand of the company, specializing in eye health, the consumer group focuses on the middle-aged and elderly, and will achieve an income of 300 million yuan in 2022The growth rate reached 70%.In the future, as Jianshijia gradually expands from regional promotion to national promotion, it is expected to become the company's future performance growth engine.
In short, as long as the economy continues to grow, the health awareness of the whole society will be further improved, the leading Tomson Beijian will share the greater the space for dividends, the current growth rate of the company's new large single products are more than 70%, as the company increases investment in promotion, new products are expected to continue to accelerate the volume, becoming the second growth curve of Tomson.
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