Debon securities issued a research report on April 29, giving By-Health Co.Ltd(300146) ( By-Health Co.Ltd(300146) .sz, latest price: 20.07 yuan) a buy rating. The reasons for rating mainly include: 1) domestic business is under pressure, life space Chinese products grow against the trend, and the annual volume can be expected; 2) Under the change of product and channel structure, the increase of gross profit rate and the increase of sales expense rate are the main reasons for the decrease of net profit rate. The annual sales expense rate is expected to remain stable compared with the previous year; 3) In 2022, we will focus on improving business quality and look forward to recovery after the epidemic. Risk tip: the competition of e-commerce channels intensifies; The promotion of new products is less than expected; Weak terminal consumption; Goodwill impairment risk.
AI comments: By-Health Co.Ltd(300146) has received two research reports from securities companies in the past month, including one purchase and one additional holding.
