证券代码：603983 证券简称：丸美生物 公告编号：2025-001 广东丸美生物技术股份有限公司 关于使用闲置募集资金购买理财产品到期赎回 并继续购买的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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。 重要内容提示： 履行的审议程序：广东丸美生物技术股份有限公司（以下简称"公司"）第五届 董事会第二次会议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意使 用不超过人民币 20,000 万元的闲置募集资金进行现金管理，该额度可滚动使用。具体 内容详见公司于 2024 年 8 月 24 日在上海证券交易所网站披露的《关于使用部分闲置募 集资金进行现金管理的公告》（公告编号：2024-036）。 一、本次使用闲置募集资金购买理财产品到期赎回的情况 2024 年 3 月 19 日，公司向重庆银行股份有限公司两江分行（以下简称"重庆银行 两江分行"）认购了重庆银行结构性存款 2024 年第 108 期（以下简称"重庆银行结构性 存款 108 期"），认购金额为人民币 4,000 万元。上述理财产品已于 2025 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that Marubi Biotech has received approval for the first domestic Class III medical device registration for hydroxyapatite microspheres, indicating a significant advancement in its "dual beauty integration" strategy [6][8] - The company is expected to maintain steady growth, with projected revenues of 28.92 billion, 35.90 billion, and 42.58 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 29.94%, 24.15%, and 18.60% [9] - The report emphasizes the strong market demand for hydroxyapatite products, with a compound annual growth rate of 16% in the U.S. from 2017 to 2022, outpacing other aesthetic treatments [8] Summary by Sections Investment Rating - The company maintains an "Overweight" rating, indicating a relative performance expectation of 5%-15% above the market index [12] Financial Performance - The forecasted main revenue figures are as follows: 17.32 billion yuan in 2022, 22.26 billion yuan in 2023, 28.92 billion yuan in 2024, 35.90 billion yuan in 2025, and 42.58 billion yuan in 2026 [7] - The projected net profit attributable to shareholders is expected to grow from 1.74 billion yuan in 2022 to 5.33 billion yuan in 2026, with corresponding EPS increasing from 0.43 yuan to 1.33 yuan [7][9] Market Position and Strategy - Marubi Biotech is actively expanding into the color cosmetics sector with its new brand "Lianhuo," focusing on the base makeup segment, which is expected to serve as a second growth engine [9] - The company has made strategic investments in various beauty and health-related firms, enhancing its market presence and growth potential [8][9]

评级 增持 评级变动 维持 | 交易数据 | | | --- | --- | | 当前价格（元） | 30.60 | | 52 周价格区间（元） | 20.56-36.17 | | 总市值（百万） | 12270.60 | | 流通市值（百万） | 12270.60 | | 总股本（万股） | 40100.00 | 涨跌幅比较 % 1M 3M 12M 丸美生物 -9.14 1.86 4.69 化妆品 1.31 -5.01 -0.39 -31% -11% 9% 29% 2024-02 2024-05 2024-08 2024-11 2025-02 丸美生物 化妆品 张曦月 分析师 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 2025 年 02 月 20 日 相关报告 | 1 美容护理行业 2025 年度策略：稳中求变，守 | | --- | | 正出奇 2025-01-23 | | 2 医美专题系列一：重组胶原蛋白赛道高景气延 | 续，先行者前景可期 2025-01-02 证券研究报告 公司点评 丸美生物(603983.SH) 美容护理｜ 化妆品 投资企业获批国 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company has made a strategic investment in Shanghai Moyang Biotechnology Co., which has received regulatory approval for its CaHA facial filler product, Aphranel®, marking a significant step in the company's "Double Beauty" strategy [1][2]. - The company is positioned as a leader in the eye care and anti-aging sectors, with strong growth anticipated from its main brand, Marubi, and its new makeup brand, Lianhuo, which is focused on the foundation segment [3][4]. - Revenue and profit forecasts show a robust growth trajectory, with expected net profits of 363 million, 470 million, and 575 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 39.8%, 29.7%, and 22.2% [4][8]. Summary by Sections Company Overview - Marubi has established a diversified brand matrix, with its core anti-aging brand complemented by emerging makeup and functional skincare brands [2]. Market Position - The company is actively expanding its presence in the medical aesthetics market through investments in innovative companies and technologies, enhancing its competitive edge [2][3]. Financial Projections - The company is projected to achieve total revenues of 2.93 billion, 3.65 billion, and 4.30 billion yuan for 2024, 2025, and 2026, with respective growth rates of 31.5%, 24.7%, and 17.9% [4][9]. - The earnings per share are expected to increase from 0.90 yuan in 2024 to 1.43 yuan in 2026, with corresponding price-to-earnings ratios decreasing from 33 to 21 [4][9].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company has made significant strides in its "Double Beauty" strategy, enhancing its growth potential through a diversified brand matrix that includes its core anti-aging brand, Marubi, alongside emerging color cosmetics and functional skincare brands [2][3]. - The approval of the CaHA facial filler product Aphranel® by the National Medical Products Administration marks a pivotal moment for the company, positioning it as a leader in the medical aesthetics sector and filling a gap in the domestic market for CaHA microsphere applications [1][2]. - The company is expected to see substantial revenue growth, with projected net profits for 2024, 2025, and 2026 estimated at 363 million, 470 million, and 575 million yuan respectively, reflecting growth rates of 39.8%, 29.7%, and 22.2% [3][4]. Summary by Sections Company Overview - Marubi Biotech has strategically invested in Shanghai Moyang Biotechnology, which specializes in the development and application of modified hydroxyapatite materials, further solidifying its position in the regenerative medicine field [1][2]. Financial Projections - The company’s revenue is projected to grow from 2,226 million yuan in 2023 to 4,304 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 28.5% to 17.9% over the forecast period [4][9]. - The expected earnings per share (EPS) are forecasted to increase from 0.65 yuan in 2023 to 1.43 yuan in 2026, indicating a strong upward trend in profitability [4][9]. Market Position - The company is recognized as a leader in the eye care and anti-aging sectors, with its main brand Marubi actively adjusting its channel and product structure to achieve stable growth [3][4]. - The emerging color cosmetics brand, Lianhuo, is expected to create a second growth curve for the company by focusing on differentiated strategies in the base makeup segment [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that Marubi Biotech is transitioning from cosmetics to medical aesthetics, with a recent approval for its subsidiary's calcium phosphate injection product, marking a significant step in the medical beauty sector [5] - The company has shown strong e-commerce performance, with a notable increase in sales on platforms like Douyin, and has a robust pipeline of new products [5] - Financial projections indicate substantial revenue and profit growth, with expected revenues of 2.94 billion, 3.67 billion, and 4.27 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 382 million, 497 million, and 631 million yuan [5][6] Financial Data Summary - Total shares outstanding: 401 million [5] - Current price: 29.63 yuan [2] - Market capitalization: 11.88 billion yuan [5] - Revenue growth rates: 28.5% in 2024, 32.2% in 2025, and 24.6% in 2026 [6] - Net profit growth rates: 48.9% in 2024, 30.0% in 2025, and 27.0% in 2026 [6] - Gross margin is projected to improve from 70.7% in 2023 to 71.7% in 2026 [6] - The company has a diversified investment portfolio, holding stakes in nine companies across various sectors [5]

证券研究报告 美容护理 | 化妆品 非金融|首次覆盖报告 hyzqdatemark 2025 年 02 月 12 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 02 | 月 | | 日 | | 2025 | | 11 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 31.16 | | | | | | | | 一 年 内 低 | 最 | 高 | / | | | | | | 最 | | | | 36.82/20.17 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | 12,495.16 | | | | 流通市值（百万元） | | | | | | | | | | | 12,495.16 | | | ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Viewpoints - The company is actively investing in the regenerative medical aesthetics sector, indicating a strong focus on the development of regenerative biomaterials. It has increased its stake in Shengzhirunhe to 21.53%, making it the second-largest shareholder, and is optimistic about the market potential in this area [1] - The company has established five industry funds from 2020 to 2022, investing in nine beauty brands or enterprises across various segments, which has created a strong synergy for sustainable growth [2] - The company is enhancing its brand position and influence in the medical aesthetics field through investments in key products, such as calcium phosphate fillers, which are expected to enter major international markets [3] Summary by Sections Investment in Regenerative Medical Aesthetics - The company has invested 22.67 thousand yuan in Shengzhirunhe, focusing on regenerative biomaterials, with its first injectable ECM biological gel product entering clinical trials [1] - The regenerative biomaterials market is gaining traction, with multiple medical devices approved since 2021, and the company aims to seize opportunities in this growing sector [1] Coverage of the Beauty Industry Supply Chain - The company has set up five funds and invested in various beauty brands, including maternal and infant care, oral care, and men's grooming, which has resulted in significant revenue growth for some of these brands [2] - Notable investments include Bawei Co., which has listed on the Beijing Stock Exchange, and Gu Yu, which is projected to achieve approximately 4 billion yuan in revenue in 2024, reflecting over 40% year-on-year growth [2] Medical Aesthetics Strategy - The company is focusing on its core brands, Marubi and Lianhuo, and is expected to maintain steady growth through its investments in the regenerative medical aesthetics sector [3] - The profit forecast for 2024-2026 has been slightly adjusted downwards, with expected net profits of 360.82 million yuan, 468.03 million yuan, and 579.86 million yuan, respectively, reflecting growth rates of 39.1%, 29.7%, and 23.9% [3]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 39.25 CNY per share, reflecting a 35x PE for 2025 [55][63]. Core Insights - The company has shown strong growth momentum since the end of 2022, achieving seven consecutive quarters of high growth. The expected net profits for 2024, 2025, and 2026 are projected to be 3.5 billion, 4.5 billion, and 5.5 billion CNY respectively [7][63]. - The main brand, Marubi, is focusing on big product lines and enhancing online channel development, with significant sales growth observed in key products [11][63]. - The sub-brand, Lianhuo, has maintained high profit margins while achieving substantial revenue growth, indicating a strong second growth curve for the company [5][11]. Financial Summary - The total revenue for 2024 is projected to be 2.906 billion CNY, with a year-on-year growth rate of 30.6%. The gross margin is expected to improve to 71.9% [12][64]. - The company's net profit for 2024 is estimated at 353 million CNY, reflecting a 36.2% increase compared to the previous year [12][64]. - The report highlights a significant increase in the gross merchandise volume (GMV) for key products on platforms like Douyin, with the small red pen eye cream achieving a GMV of 426 million CNY, up 202% year-on-year [11][63]. Brand Performance - Marubi brand revenue growth rates for 2024, 2025, and 2026 are projected at 27.2%, 22.5%, and 18.8% respectively, while Lianhuo is expected to grow at 40%, 35%, and 30% during the same period [11][12]. - The report emphasizes the company's successful adjustments in product offerings and e-commerce operations, which have contributed to its recovery and growth in a challenging market environment [7][11]. Market Context - The beauty and cosmetics industry has faced pressures due to the pandemic, but the report indicates a recovery in consumer demand and a favorable outlook for the company [7][15]. - The competitive landscape remains intense, with the need for continuous product innovation to maintain market share [15].

Investment Rating - The investment rating for the company is "Outperform the Market" [34][35]. Core Insights - The company has successfully transformed its operations over the past three years, revitalizing its brand presence in the domestic beauty market. The main brand, Marubi, has leveraged its long-standing expertise in eye creams and collagen products to achieve significant growth, particularly through online channels and targeted marketing strategies aimed at younger consumers. The emerging makeup brand, "Lianhuo," is also gaining traction by addressing consumer needs in the base makeup segment [18][51]. - Revenue forecasts for 2024-2026 are projected at 28.66 billion, 37.70 billion, and 47.69 billion yuan, representing year-on-year growth rates of 28.7%, 31.5%, and 26.5% respectively. The net profit attributable to the parent company is expected to reach 3.68 billion, 5.16 billion, and 6.75 billion yuan, with corresponding growth rates of 41.7%, 40.5%, and 30.7% [12][16][18]. Revenue and Profitability Forecast - The company's revenue is expected to grow significantly, with the main brand Marubi projected to achieve a revenue growth rate of 26.8%, 33.1%, and 27.3% for 2024-2026. The new brand Lianhuo is anticipated to grow at rates of 34.1%, 28.7%, and 25.3% during the same period [29][30]. - The gross margin is expected to improve, with forecasts of 73.9%, 75.3%, and 75.8% for 2024-2026, driven by the increasing contribution of high-margin products [16][18]. Financial Metrics - The company’s earnings per share (EPS) are projected to be 0.92, 1.29, and 1.68 for 2024, 2025, and 2026 respectively, indicating a strong upward trend in profitability [17][26]. - The price-to-earnings (P/E) ratio is expected to decrease from 37 in 2024 to 20 in 2026, reflecting the anticipated growth in earnings [18][26]. Strategic Initiatives - The company has established four industry funds since 2020, focusing on various segments such as beauty devices, maternal and infant care, and skincare brands. The latest fund emphasizes high-tech and research-intensive areas, laying a foundation for long-term growth [27][28]. - The successful transformation of the company’s online sales strategy has resulted in a significant increase in revenue, with online sales accounting for over 80% of total revenue in recent quarters [61].