投放加大导致短期盈利低于预期 看好双品 牌驱动未来成长 核心观点 盈利预测与投资建议 ⚫ 根据中报，我们小幅调整公司盈利预测，预计 2025-2027 年每股收益分别为 1.07、 1.44 和 1.83 元（原预测为 1.11、1.44 和 1.85 元），DCF 目标估值为 43.39 元，维 持"增持"评级。 风险提示 行业竞争加剧、终端消费低于预期、费用投放超预期等 丸美生物 603983.SH 公司研究 | 中报点评 | | 增持 （维持） | | --- | --- | | 股价（2025年08月26日） | 41.83 元 | | 目标价格 | 43.39 元 | | 52 周最高价/最低价 | 56.36/19.79 元 | | 总股本/流通 A 股（万股） | 40,100/40,100 | | A 股市值（百万元） | 16,774 | | 国家/地区 | 中国 | | 行业 | 纺织服装 | | 报告发布日期 | 2025 年 08 月 26 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% ...

证券研究报告|美容护理 [Table_Summary] 报告关键要素: 8 月 22 日，公司发布 2025 年半年度报告。报告显示，2025 年上半年， 公司实现营业收入 17.69 亿元（YoY+30.83%），实现归母净利润 1.86 亿 元（YoY+5.21%），实现扣非归母净利润 1.77 亿元（YoY+6.64%）；其中 2025 年第二季度，公司实现营业收入 9.23 亿元（YoY+33.53%），实现 归母净利润 0.51 亿元（YoY-23.08%），实现扣非归母净利润 0.43 亿元 （YoY-30.22%）。公司收入端符合我们此前预期，但利润端不及预期。 3263 投资要点: 分渠道：主战场线上渠道收入增速亮眼，线下渠道相对承压。2025 年 上半年，公司线上渠道实现营业收入 15.71 亿元，同比增长 37.85%， 收入占比 88.87%。丸美天猫旗舰店 TOP5 核心单品销售占比 73%，产品 集中度进一步提升；会员成交金额同比增长 28%，品牌粘性持续攀升； 店播销售同比增长 59%，其会员渗透率 82%，表现亮眼。公司线下渠道 实现营业收入 1.97 亿元，同比增长-7.07% ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company achieved a revenue of 1.769 billion in the first half of 2025, representing a year-on-year growth of 30.83%. The net profit attributable to the parent company was 186 million, up 5.21% year-on-year. However, the net profit for Q2 was 51 million, down 22.7% year-on-year due to increased promotional spending and new product launches [1][9][4] - The main brand, Marubi, and the second brand, Lianhuo, are working synergistically to drive revenue growth, with Marubi's revenue reaching 1.25 billion, a 34.36% increase year-on-year, accounting for 70.66% of total revenue [2][9] - The online channel revenue for the first half of 2025 was 1.571 billion, up 37.85% year-on-year, representing 88.87% of total revenue, while offline channel revenue decreased by 7.07% to 197 million [10][2] Financial Performance - The gross margin for Q2 2025 was 73.28%, down 1.47 percentage points year-on-year, while the net margin was 5.51%, down 4.10 percentage points year-on-year, primarily due to changes in product mix and participation in promotional activities [3][11] - The company’s operating cash flow for Q2 2025 was 143 million, a significant increase of 109.1% year-on-year, largely due to a low base effect from increased spending in the previous year [15][3] Future Outlook - The company is expected to continue its strategy of deepening its focus on major products and enhancing product innovation, which is anticipated to support healthy revenue growth in the future. However, increased spending on marketing and promotions is likely to exert pressure on profits in the short term [4][17] - The net profit forecasts for 2025-2027 have been adjusted to 447 million, 547 million, and 665 million respectively, with corresponding P/E ratios of 38, 31, and 25 times [4][5][17]

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Market Performance - A-shares saw a collective rise in the three major indices, with a total trading volume of 3.18 trillion yuan, significantly up by over 590 billion yuan compared to the previous trading day, marking the second-highest trading volume in history [1][2] - More than 3,300 stocks closed higher, with 92 stocks hitting the daily limit up [1] Historical Highs - A total of 127 stocks reached their historical closing highs, with the electronics, machinery equipment, and automotive sectors showing a concentration of stocks at new highs, with 25, 18, and 13 stocks respectively [2] - The average increase for stocks that reached historical highs was 6.88%, with notable limit-up stocks including Zhonghang Taida, Kede Education, and Jinli Permanent Magnet [2] Notable Stocks - Jinli Permanent Magnet closed at 36.36 yuan, up 20%, with a net institutional buy of 142.39 million yuan, leading the net buying list [5][6] - Other significant stocks included Robotech, which also saw a 20% increase, and a net institutional buy of 140.15 million yuan [5][6] - The top net selling stock was Goldwind Technology, with a net sell of 378.43 million yuan [8] Institutional Activity - In the dragon and tiger list, 12 stocks had net purchases exceeding 10 million yuan, with Jinli Permanent Magnet and Robotech being the top two [5][6] - Northbound funds saw net purchases in 17 stocks, with the highest being Zhonghang Online at 299 million yuan [7] Company Announcements - Tuowei Information reported a net profit of 78.81 million yuan for the first half of the year, a year-on-year increase of 2263% [11] - Qiming Information announced a net profit growth of 2569% year-on-year [11] - Yatai Technology plans to invest 2.1 billion yuan in a lightweight aluminum material production line project [11] - Other companies like Kailaiying and Sunshine Power also reported significant profit increases, with year-on-year growth of 23.71% and 55.97% respectively [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for H1 2025 was 1.769 billion yuan, representing a year-on-year growth of 30.8%, while the net profit attributable to the parent company was 186 million yuan, with a year-on-year increase of 5.2%. The second quarter of 2025 saw revenue of 923 million yuan, up 33.5%, but net profit decreased by 23.1% [7][10] - Increased sales expenses impacted overall profit performance, with a sales expense ratio of 56.5% in H1 2025, up 3.4 percentage points year-on-year. The net profit margin was 10.5%, down 2.6 percentage points year-on-year [7][13] - The Marubi brand generated revenue of 1.25 billion yuan, a year-on-year increase of 34.4%, driven by strategic investments in product development and marketing [7] - The PL brand achieved revenue of 516 million yuan, a year-on-year increase of 23.87%, indicating a stable development phase [7] - Online channels accounted for 88.87% of total revenue in H1 2025, with a year-on-year growth of 37.85%, while offline channels saw a decline of 7.07% [7] - The company is expected to continue its multi-brand and multi-channel strategy, focusing on collagen-based skincare products and innovative makeup items [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.815 billion yuan, with a year-on-year growth rate of 28.5%. The net profit attributable to the parent company is forecasted to be 418 million yuan, reflecting a growth rate of 22.4% [6] - The gross profit margin is expected to be 73.9% in 2025, with a return on equity (ROE) of 11.6% [6] - The company has slightly adjusted its profit forecasts for 2025-2026, now expecting net profits of 420 million yuan and 530 million yuan for 2025 and 2026, respectively [7]

Summary of Perfect Diary's Conference Call Company Overview - **Company**: Perfect Diary (完美生物) - **Industry**: Beauty and Skincare Key Financial Performance - **Revenue**: In the first half of 2025, Perfect Diary achieved revenue of 6 billion CNY, a year-on-year increase of 5.21% [2] - **Net Profit**: The net profit attributable to shareholders was 1.86 billion CNY, up 5.21% year-on-year, while the net profit after deducting non-operating losses was 1.77 billion CNY, a growth of 6.64% [3] - **Gross Margin**: The gross margin stood at 74.6%, remaining stable compared to the previous year [3] - **Online vs. Offline Sales**: Online sales accounted for 88.87% of total revenue, growing 37.85% year-on-year, while offline sales declined by 7.07% [2][3] Brand Performance - **Perfect Brand**: Generated 12.5 billion CNY in revenue, a 34.36% increase, representing 70.72% of total revenue [4] - **PL Brand**: Achieved 5.16 billion CNY in revenue, up 23.87%, accounting for 29.22% of total revenue [4] - **Product Highlights**: Eye care products grew by 76.18%, skincare products by 20%, and cleansing products by 11.46% [5] Research and Development - **R&D Investment**: R&D expenses reached 40.69 million CNY, a 13.53% increase [6] - **Patents**: The company has applied for 619 patents, with 365 granted, of which 70% are invention patents [6] - **Innovation Projects**: Three new research projects were initiated, including collagen-based hydrogel development [6] Marketing and Sales Strategies - **Sales Growth**: Sales increased by 150% year-on-year, with marketing expenses decreasing by 14% [10] - **Brand Exposure**: Significant brand exposure achieved through celebrity endorsements and themed marketing campaigns, resulting in a 37% increase in search index on Douyin [11] - **Self-broadcasting Growth**: Self-broadcasting business saw explosive growth, with Q1 and Q2 increasing by 60% and 100% respectively [12] Future Outlook - **Revenue Target**: The company aims for total revenue of 21 billion CNY in 2025, a 50% increase [4] - **Profit Margin Goal**: The target profit margin for the year is set at 12% [4] - **Brand Development**: Plans to continue enhancing brand differentiation and synergy between Perfect and PL brands [9] Market Positioning - **PL Brand Transition**: PL brand has transitioned from a trendy makeup brand to a professional base makeup brand, with a growth target of 30% for the year [15][23] - **Product Series**: The main product series include the collagen series (40-50% of sales), 6D peptide series (30-35%), and anti-aging series (15-20%) [24] Challenges and Strategies - **Market Competition**: The beauty industry is facing intense competition, necessitating a focus on both profit margins and scale [21] - **Investment in Brand Building**: The company emphasizes the importance of brand building alongside immediate sales, planning to maintain brand budgets despite economic challenges [29] Conclusion - **Long-term Vision**: Perfect Diary is committed to long-term growth through innovation, brand development, and a balanced approach to profitability and scale [34]

Summary of Key Points Core Viewpoint - On August 25, a total of 33 stocks appeared on the trading leaderboard, with 17 showing net institutional buying and 16 showing net institutional selling [1]. Institutional Buying - The top three stocks with the highest net institutional buying were: - Zhaoyi Innovation: Net buying amount of 1.799 billion [1][2] - Jinli Permanent Magnet: Net buying amount of 142 million [1][2] - Robotec: Net buying amount of 140 million [1][2] - Other notable stocks with net institutional buying included: - Hengbao Co., Ltd.: Net buying amount of 120 million [2] - Yuyin Co., Ltd.: Net buying amount of 86 million [2] Institutional Selling - The top three stocks with the highest net institutional selling were: - Goldwind Technology: Net selling amount of 378 million [1][4] - Southern Precision: Net selling amount of 118 million [1][4] - Marubi Biotechnology: Net selling amount of 111 million [1][4] - Other notable stocks with net institutional selling included: - Aerospace Hongtu: Net selling amount of 847 million [3] - Guoan Da: Net selling amount of 890 million [3]

证券时报·数据宝统计，截至下午13:59，今日沪指涨0.82%，A股成交量1639.56亿股，成交金额26453.26 亿元，比上一个交易日增加31.04%。个股方面，2716只个股上涨，其中涨停79只，2530只个股下跌， 其中跌停8只。从申万行业来看，有色金属、综合、通信等涨幅最大，涨幅分别为4.23%、3.47%、 2.98%；美容护理、银行、纺织服饰等跌幅最大，跌幅分别为0.91%、0.29%、0.23%。（数据宝） 今日各行业表现（截至下午13:59） | 汽车 | | | | 登云股份 | | | --- | --- | --- | --- | --- | --- | | 纺织服饰 | -0.23 | 149.49 | 12.36 | 兴业科技 | -6.97 | | 银行 | -0.29 | 344.54 | 24.10 | 农业银行 | -1.92 | | 美容护理 | -0.91 | 75.20 | 6.51 | 丸美生物 | -7.26 | （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- ...

格隆汇8月25日｜民生证券研报指出，丸美生物25H1归母净利润1.86亿元，同比+5.21%；25Q2归母净利 润5069.52万元，同比-23.08%。此外，公司每10股派发现金红利2.50元（含税），合计派发现金股利 1.00亿元，占上半年归母净利润的53.97%。分商品类型来看：上半年护肤类营收6.93亿元领跑，其次是 美容及其他/眼部/洁肤类，分别为5.18亿元/4.20亿元/1.35亿元。公司主品牌丸美聚焦大单品、势能强 劲，PL深耕底妆打造第二成长曲线，预计公司25-27年归母净利润为4.4/5.8/7.3亿元，同比增速 +27.6%/+31.8%/+27.3%，当前股价对应25-27年PE分别为42x、32x、25x，维持"推荐"评级。 ...