芭薇股份 837023 广东芭薇生物科技股份有限公司 Guangdong Bawei Biotechnology Corporation 年度报告 2023 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------| | | 公司年度大事记 | | | 报告期内，芭薇股份参加广交会、上海美博 会、亚太区美容展等 14 场国内美业展会以及意 大利美容展、东盟美容展、迪拜美容展等 6 场海 外美业展会。 | | | 报告期内，芭薇股份向国家药品监督管理局 提交的"香露兜叶提取物"成功完成国家药监局 化妆品新原料信息备案 | | | 报告期内，芭薇股份《双数双智全生命周期 质量管理模式》入选广东省市场监督管理局评选 的 2023 年广东省企业首席质量官质量变革创新 典型案例 | | | 报告期内，广东省工业和信息化厅公布了广 东 ...

证券代码 : 837023 1 芭薇股份 广东芭薇生物科技股份有限公司 2024 年第一季度报告 第一节 重要提示 公司董事、监事、高级管理人员保证本报告所载资料不存在虚假记载、误导性陈述或者重大遗漏，并对 其内容的真实性、准确性和完整性承担个别及连带责任。 公司负责人冷群英、主管会计工作负责人夏玲玲及会计机构负责人（会计主管人员）夏玲玲保证 季度报告中财务报告的真实、准确、完整。 本季度报告未经会计师事务所审计。 本季度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，投资者及相关人士均应 对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|-------|-------| | 事项 是或否 \n是否存在公司董事、监事、高级管理人员对季度报告内容存在异议或无法保证其真 实、准确、完整 | □是 | \n√否 | | 是否存在未出席董事会审 ...

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| --- | --- | --- | --- | |-----------------|----------------------------------------------------------------------------------------|----------------------------------------|--------------------------------------| | 2024 \n投资要点 | 年 03 月 19 日 \n芭薇股份（ 837023.BJ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 本周三（ 3 月 20 日）有一只北交所新股"芭薇股份"申购，发行价格为 5.77 元， | 交易数据 | | | | 若全额行使超额配售选择权则发行后市盈率为 14.20 倍（以 2022 年扣除非经常性 | 总市值（百万元） | | | | 损益后归属于母公司股东净利润计算）。 | 流通市值（百万元） | | | | 芭薇股份（ 837023 ）：公司主营业务为化妆品的研发、生产、销售及检测，产品种 | 总股本（百万股） | 7 ...

Investment Rating - The report recommends an "active participation" in the new stock subscription of the company [6][24]. Core Insights - The company is a leading contract manufacturer in the domestic cosmetics industry, focusing on skincare product registrations and possessing strong market competitiveness [2][10]. - The cosmetics contract manufacturing industry in China is expected to grow from 43.41 billion yuan in 2022 to 62.29 billion yuan by 2025, with a CAGR of 12.8% [2][14]. - The company has a significant number of product registrations, with over 13,000 cosmetics products registered, including more than 11,000 skincare products, making it one of the top manufacturers in this category [3][11]. - The company holds 28 invention patents for cosmetic raw materials and has internal capabilities for efficacy testing, which shortens the product launch cycle [4][16]. Summary by Sections 1. Company Overview - The company was established in 2006 in Guangzhou, Guangdong Province, and specializes in the research, production, sales, and testing of cosmetics [10]. - It has established stable business relationships with over 1,000 cosmetic brands, including well-known names like Unilever and others [10]. 2. Industry Dynamics - The implementation of stricter regulations in the cosmetics industry is expected to increase market concentration, benefiting leading contract manufacturers with better production facilities and management systems [2][15]. - The industry has seen a compound annual growth rate (CAGR) of 16.49% from 2017 to 2021, driven by the emergence of new cosmetic brands [14]. 3. Financial Metrics - The company achieved revenues of 470 million yuan in 2023, with a CAGR of 6.2% over the past three years, and a net profit of 41.16 million yuan, with a CAGR of 39.2% [6][11]. - The gross margin improved to 33.2% in 2023, up by 2.7 percentage points from 2022, while the net margin increased to 8.9% [11]. 4. Subscription Details - The initial offering price is set at 5.77 yuan per share, with an expected market capitalization of 490 million yuan post-issuance [5][18]. - The expected free float ratio after the issuance is 28.3%, with a low subscription threshold of 219,300 yuan [5][20]. 5. Investment Appeal - The report highlights a favorable initial public offering (IPO) environment due to the low offering price and low price-to-earnings (P/E) ratio compared to comparable companies [6][24]. - The company has a stable customer base and a strong reputation in the market, making it an attractive investment opportunity [6][24].