广东丸美生物技术股份有限公司 2023 年年度股东大会会议资料 广东丸美生物技术股份有限公司 2023 年年度股东大会 会议资料 2024 年 5 月 17 日 1 广东丸美生物技术股份有限公司 2023 年年度股东大会会议资料 广东丸美生物技术股份有限公司 2023 年年度股东大会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保广东丸美生物技术股份有限公司（以下简称"公 司"）2023 年年度股东大会的顺利召开，依据中国证券监督管理委员会《上市公司 股东大会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》《证券法》《上市公司股东大会规则》和《公司章程》的 规定，认真做好召开股东大会的各项工作。 二、公司董事会办公室具体负责会议有关程序方面的事宜。 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东（包含股东代表， 下同）的合法权益，除出席会议的股东、公司董事、监事、高级管理人员、公司聘 请的律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 四、出席会议的股东须在会议召开前 15 分钟到达会议现场向董事会办公室办理 签到手续，并请按规定出示股票账户卡、持股凭证、身份证或 ...

Investment Rating - The report maintains a rating of "Add" for the company [7] Core Insights - The company's performance is driven by high growth in the "Lianhuo" brand and increased sales on platforms like Tmall and Douyin, with significant revenue contributions from various product categories [2] - The company has implemented a "big product + set" strategy, which is expected to continue driving growth, particularly in the Lianhuo product line [12] Financial Performance Summary - In 2023, the company achieved a revenue of 22.26 billion yuan, representing a year-on-year increase of 28.52%, and a net profit attributable to shareholders of 2.59 billion yuan, up 48.93% [5] - For Q1 2024, the company reported a revenue of 6.61 billion yuan, an increase of 38.73%, and a net profit of 1.11 billion yuan, up 40.62% [5] - The gross margin improved to 70.69% in 2023 and 74.61% in Q1 2024, reflecting product structure optimization and cost control [4] - The company expects net profits to grow to 3.4 billion yuan in 2024, 4.3 billion yuan in 2025, and 5.3 billion yuan in 2026, with corresponding EPS of 0.85, 1.08, and 1.33 yuan [12] Revenue Breakdown - Revenue from the main brand "Marumi" reached 15.6 billion yuan, a growth of 11.63%, while "Lianhuo" generated 6.43 billion yuan, a remarkable increase of 125.14% [2] - Online sales accounted for 84% of total revenue in 2023, with a significant contribution from direct sales channels [3] Market Position and Strategy - The company has strengthened its brand positioning as an "eye care expert" and is focusing on high-quality, minimalist makeup products [2] - The company has revamped its membership pricing system and improved its online and offline channel management, which has started to show positive results in Q2 2024 [3]

Investment Rating - The investment rating for the company is "Add" (maintained rating) for the next six months [3]. Core Views - The company has shown significant growth in revenue and net profit, with 2023 revenue reaching 2.23 billion yuan, a year-on-year increase of 28.5%, and a net profit of 260 million yuan, up 48.9% year-on-year [11][17]. - The company's main brand, Marubi, has successfully implemented a "big product" strategy, with notable sales performance from key products [10]. - Online sales have become a crucial growth driver, accounting for 84.11% of total revenue in 2023, with a year-on-year increase of 50.40% [12]. Financial Performance Summary - Revenue (in million yuan): 1,731.72 (2022), 2,225.59 (2023), 3,084.67 (2024E), 3,710.86 (2025E), 4,215.54 (2026E) [2]. - Net profit attributable to the parent company (in million yuan): 174.18 (2022), 259.42 (2023), 392.61 (2024E), 490.20 (2025E), 633.98 (2026E) [2]. - EBITDA (in million yuan): 261.33 (2022), 387.91 (2023), 457.80 (2024E), 603.54 (2025E), 769.83 (2026E) [2]. - Gross margin for 2023 was 70.7%, an increase of 2.3 percentage points year-on-year [11]. Market Position and Strategy - The company is focusing on enhancing its online presence and optimizing its product structure to drive growth [12][17]. - The organization has undergone structural optimization to improve efficiency and adapt to market demands [16].

at to a 华福证券 丸美股份（603983.SH） 毛利率持续优化，恋火保持高增 公司发布 23 年报及 24 年一季报： 23 年营收 22.3 亿元/ yoy+ 29%，归母净利润 2.6 亿元/yoy +49%，扣非归母 净利润 1.9 亿元/ yoy +38%，略低于此前业绩预告，预计主要系经销商费用 影响；非经主要系联营企业公允价值变动损益。毛利率 70.7%/ yoy +2.3pct， 归母净利率 11.7%/ yoy +1.6pct。销售/管理/研发费用率 53.9%/ 4.9%/ 2.8%， yoy +5.0/ -1.5/ -0.3pct。 24Q1 营收 6.6 亿元/ yoy +39%，归母净利润 1.1 亿元/ yoy +41%，扣非归母 净利润 1.0 亿元/ yoy +41%。毛利率 74.6%/ yoy +5.9pct，归母净利率 16.7%/ yoy +0.2pct。销售/管理/研发费用率 50.3%/ 3.1%/ 2.5%，yoy +7.8/ -1.2/ -0.3pct。23 年及 24Q1 毛利率提升主要系渠道及产品结构优化。 主品牌恢复增长，子品牌放量高增。1）23 ...

| --- | --- | --- | --- | --- | --- | |-----------------------|---------|---------|---------|---------|---------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 1731.72 | 2225.59 | 2931.80 | 3689.24 | 4537.06 | | 收入同比 (%) | -3.10 | 28.52 | 31.73 | 25.84 | 22.98 | | 归母净利润 ( 百万元 ) | 174.18 | 259.42 | 349.20 | 453.53 | 573.99 | | 归母净利润同比 (%) | -29.74 | 48.93 | 34.61 | 29.88 | 26.56 | | ROE(%) | 5.46 | 7.75 | 10.01 | 12.39 | 14.83 | | 每股收益 ( 元 ) | 0.43 | 0.65 | 0.87 | 1.13 | 1.43 | | 市盈率 ( ...

Investment Rating - The investment rating for the company is "Outperform" [4][19]. Core Insights - The company reported a revenue of 2.226 billion yuan for 2023, representing a year-on-year growth of 28.52%, and a net profit attributable to shareholders of 259 million yuan, up 48.93% year-on-year [19]. - For Q1 2024, the company achieved a revenue of 661 million yuan, a year-on-year increase of 38.73%, with a net profit of 111 million yuan, reflecting a growth of 40.62% [19]. - The company maintains a strong focus on brand and channel development, with significant growth in online sales channels, which increased by 50.4% year-on-year [8][19]. Financial Performance Summary - The company's total revenue for 2023 was 2.226 billion yuan, with a gross profit margin of 70.69%, an increase of 2.30 percentage points year-on-year [19]. - The net profit for 2023 was 259 million yuan, with a net profit margin of 12.47%, up 2.80 percentage points year-on-year [19]. - The company forecasts net profits of 386 million yuan, 460 million yuan, and 576 million yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 31, 26, and 21 [9][10].

2024 年 4 月 29 日 公司研究 23 年线上转型成果亮眼，24 年期待经营继续向好 ——丸美股份（603983.SH）2023 年年报及 2024 年一季报点评 | --- | --- | --- | --- | --- | |------------------------------------------------------------|--------------------|------------------------------------------------------------------------------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Add" [5] Core Insights - The company reported a significant increase in performance for Q1 2024, with revenue reaching 661 million yuan, a year-on-year increase of 38.73%, and a net profit attributable to shareholders of 111 million yuan, up 40.62% year-on-year [3][4] - The growth in revenue and net profit is attributed to a decrease in the prices of key raw materials and an increase in sales volume across various product categories [4] - The company has optimized its product structure, leading to a notable increase in average selling prices across different categories, with eye care products seeing a 15.11% increase in average price to 94.24 yuan per unit [4] - The gross margin improved significantly, rising by 5.93 percentage points to 74.61%, driven by product structure optimization and lower raw material costs [4] Summary by Sections Financial Performance - For Q1 2024, the company achieved revenue of 661 million yuan, a 38.73% increase year-on-year, and a net profit of 111 million yuan, reflecting a 40.62% increase [3][4] - The average selling prices for various product categories increased significantly, with skincare products up 37.89% to 84.10 yuan per unit [4] Profitability Metrics - The gross margin increased to 74.61%, while the net profit margin rose to 16.73%, an increase of 0.19 percentage points year-on-year [4] - The sales expense ratio increased to 50.29%, reflecting the company's ongoing investment in brand transformation and online competition [4] Future Projections - The company is expected to see continued growth, with projected net profits of 356 million yuan in 2024, 412 million yuan in 2025, and 486 million yuan in 2026, representing growth rates of 37.10%, 15.90%, and 17.82% respectively [9] - The earnings per share (EPS) are projected to be 0.89 yuan in 2024, 1.03 yuan in 2025, and 1.21 yuan in 2026 [9]

Investment Rating - The investment rating for the company is "Add" [14] Core Views - The company has achieved significant breakthroughs in channel transformation, with its second brand, PL Lianhuo, showing remarkable performance [7][12] - The company reported a revenue of 2.226 billion yuan in 2023, representing a year-on-year growth of 28.52%, and a net profit of 259 million yuan, up 48.93% year-on-year [3][4] - The online channel accounted for over 80% of total revenue, with online sales reaching 1.871 billion yuan, a 50.40% increase year-on-year [4] Financial Summary - For 2023, the company achieved a gross margin of 70.69% and a net margin of 12.47%, with both margins showing improvements compared to the previous year [4][9] - The forecast for 2024-2026 indicates a net profit of 356 million yuan, 412 million yuan, and 486 million yuan respectively, with growth rates of 37.10%, 15.90%, and 17.82% [7][9] - The earnings per share (EPS) are projected to be 0.89 yuan, 1.03 yuan, and 1.21 yuan for 2024, 2025, and 2026 respectively [7][9] Business Strategy - The company has shifted its sales model from a traditional distribution and offline focus to an online and direct sales approach, enhancing its operational thinking to be more consumer-centric [4][7] - The main brand, Marubi, continues to focus on a big product strategy, while the second brand, PL Lianhuo, has achieved a revenue of 643 million yuan, growing 125.14% year-on-year [7][12] - The company emphasizes research and development, with 76 new patent applications in 2023 and collaborations with over 20 domestic and international research institutions [7][12]

Investment Rating - The investment rating for the company is "Buy" [6][11]. Core Views - The company has shown a continuous improvement trend since Q3 2023, with expectations for brand momentum to increase and sales expense ratios to optimize [2][14]. - The main brand, Marubi, is expected to enhance its performance, while the PL brand, Lianhuo, has demonstrated significant growth, with a revenue increase of 125.14% [3][14]. - The company is undergoing a digital transformation that has begun to yield results, particularly in the e-commerce sector, with online channel revenue growth of 50.40% [3][15]. Financial Performance Summary - In 2023, the company reported revenue of 2.226 billion yuan, a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 259 million yuan, up 48.9% [1][4]. - For Q1 2024, revenue reached 661 million yuan, reflecting a year-on-year growth of 38.7%, with a net profit of 111 million yuan, up 40.6% [1][4]. - The company’s gross margin improved to 70.7% in 2023, an increase of 2.3 percentage points year-on-year, while the net profit margin reached 11.66%, up 1.6 percentage points [3][15]. Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 2.913 billion yuan, 3.512 billion yuan, and 4.180 billion yuan, respectively, with growth rates of 30.9%, 20.6%, and 19.0% [4][15]. - The net profit attributable to shareholders is expected to be 335 million yuan in 2024, 403 million yuan in 2025, and 482 million yuan in 2026, with corresponding growth rates of 29.3%, 20.3%, and 19.4% [4][15]. Valuation Metrics - The company’s earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.84 yuan, 1.01 yuan, and 1.20 yuan, respectively [4][15]. - The price-to-earnings (P/E) ratio is expected to decrease from 43.7 in 2023 to 33.8 in 2024, indicating a more attractive valuation over time [4][15].