Investment Rating - The report maintains a "Strong Buy" rating for the company [1][8]. Core Views - The company shows strong performance with a projected revenue growth of 33% and a net profit growth of 32% for 2024, continuing into Q1 2025 with revenue growth of 28% and net profit growth of 22% [1][2]. - The dual-brand strategy, featuring the main brand Marubi and the PL brand Lianhuo, is driving growth, with significant contributions from key products like the Marubi Eye Cream and the Golden Needle series [1][3]. - The company is expected to achieve net profits of 445 million, 549 million, and 643 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 30%, 23%, and 17% [1][8]. Financial Performance - In 2024, the company achieved a total revenue of 2.97 billion yuan, a year-on-year increase of 33.44%, and a net profit of 342 million yuan, up 31.69% [2][9]. - The main brand Marubi generated revenue of 2.06 billion yuan in 2024, growing by 31.69%, while the PL brand Lianhuo achieved 905 million yuan, a growth of 40.72% [3][9]. - The company's gross margin improved to 73.70% in 2024, up by 3.01 percentage points, attributed to product structure optimization and cost control [7][12]. Product and Channel Analysis - The company’s product categories showed strong performance, with eye care products generating 689 million yuan in revenue, a 60.78% increase, and skincare products reaching 1.13 billion yuan, up 21.60% [3][9]. - Online sales channels contributed significantly, with revenue of 2.54 billion yuan in 2024, reflecting a growth of 35.77%, while offline channels saw a 20.79% increase to 427 million yuan [3][9]. Future Outlook - The company is expected to continue its growth trajectory with a stable cash flow and a focus on product innovation, which is anticipated to contribute to incremental growth [8][9]. - The projected earnings per share (EPS) for 2025 is 1.11 yuan, with a price-to-earnings (PE) ratio of 39.3 [9][12].

Investment Rating - The investment rating for Marubi Biotechnology (丸美生物) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth projections. Core Insights - Marubi Biotechnology reported a revenue of 2.97 billion yuan in 2024, representing a year-over-year increase of 33.4%, with a net profit attributable to shareholders of 342 million yuan, up 31.7% year-over-year [1] - The company is experiencing continuous growth driven by both product innovation and technological advancements, positioning itself as a leader in the collagen industry [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.97 billion yuan and a net profit of 342 million yuan, with a significant increase in net profit margin [1] - For Q1 2025, revenue reached 847 million yuan, reflecting a year-over-year growth of 28% [1] - The gross profit margin improved to 74.6% in 2024, with a further increase to 76% in Q1 2025 [4] Product and Brand Development - The product structure is continuously optimized, with skincare, eye care, cleansing, and beauty products generating revenues of 1.125 billion, 689 million, 241 million, and 913 million yuan respectively in 2024 [2] - The eye care segment saw significant growth, particularly with the "胜肽小红笔眼霜" product, which achieved an online GMV of 533 million yuan, up 146% year-over-year [2] Sales Channels - Online sales accounted for 25.41 billion yuan in 2024, growing by 35.8% year-over-year, while offline sales reached 4.27 billion yuan, up 20.8% [3] - The online sales proportion increased to 86%, indicating a strong digital presence and effective multi-platform strategies [3] Cost Management and Efficiency - The company maintained stable expense ratios across sales, management, and R&D, with a sales expense ratio of 55% in 2024 [4] - Inventory turnover days improved to approximately 90.2 days in 2024, indicating enhanced operational efficiency [4] Future Projections - The forecast for net profit attributable to shareholders is projected to be 450 million yuan in 2025, 582 million yuan in 2026, and 692 million yuan in 2027, reflecting a consistent growth trajectory [8] - The expected P/E ratios for 2025, 2026, and 2027 are 38.9X, 30.1X, and 25.3X respectively, suggesting a favorable valuation outlook [6]

Investment Rating - The report upgrades the investment rating to "Buy" for the company [1]. Core Insights - The company has shown strong performance with significant revenue growth driven by key products and brand strategies [6][5]. - The financial outlook remains positive with projected revenue and profit growth over the next few years [5][6]. - The company is focusing on optimizing its marketing strategies and enhancing product offerings to capture market share [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 2,970 million, with a year-on-year growth of 33.4% [5]. - The net profit attributable to the parent company for 2024 is expected to be 342 million, reflecting a growth of 31.7% [5]. - The gross margin for 2024 is forecasted at 73.7%, an increase of 3.01 percentage points compared to the previous year [6]. - The company anticipates a net profit of 438 million in 2025, with a year-on-year growth of 28.2% [5]. Revenue Breakdown - Revenue from eye care products reached 689 million, a year-on-year increase of 60.78% [6]. - Skincare products generated 1,125 million, growing by 21.60% year-on-year [6]. - The main brand, Marubi, achieved revenue of 2,055 million, up 31.69% year-on-year, while the sub-brand, Lianhuo, saw a 40.72% increase [6]. Marketing Strategy - The company is enhancing its marketing efforts around key products, participating in major online promotional events, and leveraging social media for brand engagement [6]. - The focus on big-ticket items and targeted marketing campaigns has resulted in significant brand visibility and consumer connection [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved impressive growth in 2024, with total revenue reaching 2.97 billion yuan, a year-on-year increase of 33.44%, and net profit attributable to shareholders of 342 million yuan, up 31.69% year-on-year [7] - The dual-brand strategy of Marubi and PL Fire is showing positive momentum, with both brands contributing significantly to revenue [7] - The company is expected to maintain strong growth in the coming years, with projected net profits of 469 million yuan in 2025, 590 million yuan in 2026, and 724 million yuan in 2027, reflecting growth rates of 37.4%, 25.8%, and 22.7% respectively [7][8] Financial Performance Summary - Revenue projections for the company are as follows: 2,226 million yuan in 2023, 2,970 million yuan in 2024, 3,832 million yuan in 2025, 4,735 million yuan in 2026, and 5,615 million yuan in 2027, with respective growth rates of 28.52%, 33.44%, 29.04%, 23.56%, and 18.59% [6] - The company's gross margin for 2024 is projected at 73.7%, an increase of 3.01 percentage points year-on-year, indicating effective cost control and product mix optimization [7] - The company’s net profit margin for 2024 is expected to be 11.50%, with a return on equity (ROE) of 10.11% [6][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 2.97 billion yuan for 2024, representing a year-on-year growth of 33.4%, with a net profit attributable to shareholders of 340 million yuan, up 31.7% year-on-year [4][5] - The first quarter of 2025 saw a revenue of 850 million yuan, a year-on-year increase of 28.0%, and a net profit of 140 million yuan, up 22.1% year-on-year [4] - The company's main brand products, particularly the "Little Red Pen" and "Little Gold Needle," have driven significant growth, with online GMV for the "Little Red Pen" eye cream reaching 530 million yuan, a 146% increase year-on-year [5] - The gross profit margin improved by 3.0 percentage points to 73.7% in 2024, attributed to product structure optimization and cost control [6] - The company expects net profits for 2025 to reach 450 million yuan, with corresponding PE ratios of 37 times [7] Company Overview - The latest closing price of the company's stock is 41.23 yuan, with a total market capitalization of 16.5 billion yuan [3] - The company has a total share capital of 401 million shares, with a debt-to-asset ratio of 31.9% [3] - The largest shareholder is Sun Huaqing [3]

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company reported strong revenue growth, achieving an operating income of 2.97 billion yuan in 2024, a year-on-year increase of 33.44%, and a net profit attributable to shareholders of 342 million yuan, up 31.69% year-on-year [1][11] - The online channel revenue continues to grow rapidly, with online sales reaching 2.54 billion yuan in 2024, a 35.77% increase year-on-year, accounting for 85.61% of total revenue [2] - The company is transitioning from a traditional cosmetics enterprise to a biotechnology cosmetics company, focusing on key technologies and core raw material research and development [10][11] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 2.97 billion yuan and a net profit of 342 million yuan, with a significant increase in net profit margin [1][3] - The gross profit margin improved to 73.70% in 2024, up 3.01 percentage points year-on-year, while the net profit margin was 11.53%, down 0.94 percentage points [3][9] Revenue Breakdown - The main brand, Marubi, generated 2.06 billion yuan in revenue, accounting for 69.24% of total revenue, with a year-on-year increase of 31.69% [2] - The second brand, PL Lianhuo, achieved 905 million yuan in revenue, a 40.72% increase year-on-year [2] Market Strategy - The company is deepening its focus on major product strategies, particularly in eye care and wrinkle reduction, maintaining its leading position in the eye care category for three consecutive years [2][10] - The company has launched several innovative products, including the upgraded peptide eye cream and collagen essence, which have seen significant sales growth [2][10] Future Outlook - The company expects to achieve net profits of 411 million yuan, 476 million yuan, and 537 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.40%, 15.75%, and 12.69% [11][12] - The projected earnings per share (EPS) for the next three years are 1.03 yuan, 1.19 yuan, and 1.34 yuan [11][14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 28.6% increase in non-net profit attributable to the parent company for Q1 2025, indicating sustained upward momentum [4] - The company's revenue for 2024 reached 2.97 billion yuan, a year-on-year increase of 33.4%, with a net profit of 342 million yuan, up 31.7% [4] - For Q1 2025, the company achieved revenue of 847 million yuan, a 28.0% increase, and a net profit of 135 million yuan, up 22.1% [4] - The projected net profits for 2025-2027 are 456 million, 597 million, and 763 million yuan respectively, with corresponding EPS of 1.14, 1.49, and 1.90 yuan [4] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 are 33.4% and 31.7% respectively, with a gross margin of 73.7% [7] - The revenue breakdown for 2024 shows significant growth in various product categories: eye care (+60.8%), skincare (+21.6%), cleansing (+8.8%), and beauty products (+40.5%) [5] - The company’s gross margin for Q1 2025 is reported at 76.1%, reflecting a 1.4 percentage point increase [5] - The company’s operating expenses have been managed effectively, with sales expenses increasing due to enhanced brand investment [5] Product and Brand Performance - The company has seen strong performance in its key products, with the "Little Red Pen" achieving a GMV of 530 million yuan, a 146% increase, and the "Little Gold Needle" reaching 350 million yuan, up 96% [5] - The brand "Mame" and "Lianhuo" both reported revenue growth exceeding 30% and 40% respectively [5] - The company’s user engagement metrics show a 31% increase in active brand members and a 48% increase in repurchase amounts [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 28.6% year-on-year increase in non-net profit attributable to the parent company for Q1 2025, indicating sustained upward momentum [4] - The company's revenue for 2024 reached 2.97 billion yuan, a 33.4% increase year-on-year, with a net profit of 342 million yuan, up 31.7% [4] - For Q1 2025, the company achieved revenue of 847 million yuan, a 28.0% increase, and a net profit of 135 million yuan, up 22.1% [4] - The forecast for net profit attributable to the parent company for 2025-2027 is 456 million, 597 million, and 763 million yuan respectively, with corresponding EPS of 1.14, 1.49, and 1.90 yuan [4] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 are 33.4% and 31.7% respectively, with a gross margin of 73.7% [7] - The revenue breakdown for 2024 shows significant growth in various product categories: eye care (+60.8%), skincare (+21.6%), cleansing (+8.8%), and beauty products (+40.5%) [5] - The company’s gross margin for Q1 2025 is reported at 76.1%, reflecting a 1.4 percentage point increase [5] - The company’s operating cash flow for 2023 was 338 million yuan, with a projected increase to 534 million yuan in 2025 [9] Product and Brand Performance - The company’s flagship products, such as the "Little Red Pen" and "Little Gold Needle," have shown remarkable sales performance, with the former achieving a GMV of 530 million yuan, a 146% increase [5] - The brand's user engagement is increasing, with active membership and repurchase amounts rising by 31% and 48% year-on-year respectively [6] - The company has established a strong market presence on platforms like Douyin, with a projected GMV of 1 to 1.5 billion yuan in 2024 [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.01 CNY [3][8]. Core Insights - The company is expected to achieve strong performance in 2025, with projected earnings per share (EPS) of 1.11 CNY, 1.44 CNY, and 1.85 CNY for the years 2025, 2026, and 2027 respectively [2][8]. - The company reported a revenue of 2.97 billion CNY in 2024, reflecting a year-on-year growth of 33.4%, and a net profit attributable to the parent company of 342 million CNY, up 31.7% year-on-year [7]. - The online channel transformation has shown positive results, with online revenue reaching 2.54 billion CNY in 2024, accounting for 86% of total revenue, and growing by 35.8% year-on-year [7]. Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 3.78 billion CNY in 2025, 4.67 billion CNY in 2026, and 5.66 billion CNY in 2027, with respective growth rates of 27.2%, 23.6%, and 21.3% [2][11]. - The company's gross margin is expected to improve to 74.8% in 2025, with a net profit margin of 11.8% [2][11]. - The return on equity (ROE) is projected to increase to 12.4% in 2025 and further to 16.4% by 2027 [2][11]. Brand and Product Performance - The main brand, Marubi, achieved a revenue of 2.06 billion CNY in 2024, growing by 31.69%, while the PL brand, Lianhuo, saw a revenue increase of 40.72% to 905 million CNY [7]. - Revenue growth rates for product categories in 2024 were as follows: eye care at 61%, skincare at 22%, cleansing at 9%, and makeup at 40% [7]. Market Position and Strategy - The company has successfully transitioned from a traditional cosmetics firm to a biotechnology beauty company, as indicated by its rebranding to "Marubi Biotechnology" [7]. - The company is focusing on optimizing product structure and cost control, which has contributed to the improvement in gross margins [7].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][20] Core Views - The company achieved a revenue of 2.97 billion in 2024, representing a year-on-year growth of 33.44%, with a net profit attributable to the parent company of 342 million, up 31.69% year-on-year [1][7] - The main brand, Marubi, generated a revenue of 2.055 billion in 2024, reflecting a growth of 31.69%, while the secondary brand, Lianhuo, achieved a revenue of 905 million, up 40.72% [2][8] - The company is experiencing a product momentum explosion, particularly with its key products, which are driving significant revenue and profit growth [3][16] Financial Performance - In Q1 2025, the company reported a revenue of 847 million, a year-on-year increase of 28.01%, and a net profit of 135 million, up 22.07% [1][7] - The gross margin for 2024 was 73.70%, an increase of 3.01 percentage points year-on-year, and is projected to rise to 76.05% in Q1 2025 [3][11] - The company’s operating cash flow for 2024 was 301 million, showing a decrease of 11.09% year-on-year, while Q1 2025 saw a significant increase of 117.93% [14] Revenue Breakdown - The eye care category generated 689 million in revenue for 2024, a growth of 60.78%, primarily driven by the Marubi Xiaohong Pen eye cream [2][8] - Online sales channels contributed 2.541 billion in revenue for 2024, up 35.77%, accounting for 85.55% of total revenue [2][8] - The company’s top three core products accounted for 64% of sales, indicating a further increase in product concentration [2][8] Profitability Metrics - The net profit margin for 2024 was 11.53%, a decrease of 0.94 percentage points year-on-year, while the gross profit margin continued to improve [11][18] - The company’s return on equity (ROE) is projected to reach 10.1% in 2024, increasing to 17.4% by 2027 [4][18] Future Projections - The company is expected to achieve a revenue of 3.941 billion in 2025, with a net profit of 476 million, reflecting a growth of 32.7% and 39.4% respectively [4][18] - The forecast for 2027 includes a net profit of 822 million, with a corresponding price-to-earnings (PE) ratio of 20x [3][4][16]