国金证券：给予丸美生物买入评级

Core Viewpoint - Mamei Biotech (丸美生物) continues to show strong performance with significant revenue and profit growth, supported by its brand strategies and product innovations [1][4]. Financial Performance - For the year 2024, Mamei Biotech reported revenue of 2.97 billion yuan, a year-on-year increase of 33.44%, and a net profit attributable to shareholders of 342 million yuan, up 31.69% [1]. - In Q1 2025, the company achieved revenue of 847 million yuan, reflecting a year-on-year growth of 28.01%, with a net profit of 135 million yuan, up 22.07% [1]. Operational Analysis - The optimization of product structure has led to an increase in gross margin, which reached 76.05% in Q1 2025, up 1.44 percentage points year-on-year [2]. - The sales expense ratio decreased by 3.24 percentage points quarter-on-quarter, while the management expense ratio slightly decreased to 2.9% [2]. Brand Strategy - Mamei's main brand continues to strengthen its position in the eye care and wrinkle reduction market, with 2024 revenue of 2.055 billion yuan, a year-on-year increase of 31.69% [3]. - The PL brand, focusing on base makeup, achieved revenue of 905 million yuan in 2024, a growth of 40.72% [3]. Growth Projections - The company expects net profit attributable to shareholders to reach 458 million yuan, 598 million yuan, and 759 million yuan for the years 2025 to 2027, representing growth rates of 34%, 30%, and 27% respectively [4].