华西证券:看好林清轩(02657)品牌价值释放 持续打开市场空间
智通财经网·2025-12-31 07:03

Group 1 - The core viewpoint of the report is that Lin Qingxuan is focusing on the high-end anti-wrinkle and firming market, proposing the innovative concept of "nourishing skin with oil," which is expected to enhance its brand value, expand product categories and channels, and optimize operational efficiency, thereby strengthening its leading position in the domestic high-end skincare market [1][4] - Lin Qingxuan, founded in 2003, initially focused on herbal handmade soaps and launched its first camellia oil in 2014, creating the "nourishing skin with oil" segment. The company has achieved a closed-loop operation in raw materials, research and development, production, and sales, becoming a representative brand of domestic high-end skincare [1][4] - The company is projected to achieve a compound annual growth rate (CAGR) of 32.29% in revenue from 2022 to 2024, with a return to profitability in 2023 and sustained high growth in net profit driven by the volume increase of high-margin essence oil products and scale effects [1] Group 2 - The high-end skincare market in China is expected to grow significantly, with the market size projected to reach 114.4 billion yuan by 2024, reflecting a CAGR of 8.84% from 2019 to 2024 and an anticipated CAGR of 13.82% from 2024 to 2029 [2] - The facial essence oil market is experiencing rapid expansion, with a projected market size of 5.3 billion yuan by 2024, showing a CAGR of 42.8% from 2019 to 2024 and an expected CAGR of 21.3% from 2024 to 2029 [2] - The demand for facial essence oils is growing rapidly, significantly outpacing the overall skincare market and other skincare products, driven by their effectiveness in anti-wrinkle, firming, repairing, and moisturizing, aligning perfectly with the "nourishing skin with oil" concept [2] Group 3 - The company is focusing on the high-end anti-wrinkle segment, utilizing Chinese high mountain red camellia as a core ingredient and cultural symbol, successfully creating the "camellia essence oil" as a flagship product [3] - The company is implementing an omnichannel strategy to enhance brand presence and customer retention, utilizing precise online marketing to reach high-end consumers and immersive offline experiences to convey brand values [3] - By occupying consumer mindshare and leveraging the differentiated advantage of the camellia core ingredient, the company is expanding its product line to cover multiple categories of high-end skincare products, further solidifying its leading brand position in the high-end skincare market [3]