Investment Rating - The report recommends an "active participation" in the new stock subscription of the company [6][24]. Core Insights - The company is a leading contract manufacturer in the domestic cosmetics industry, focusing on skincare product registrations and possessing strong market competitiveness [2][10]. - The cosmetics contract manufacturing industry in China is expected to grow from 43.41 billion yuan in 2022 to 62.29 billion yuan by 2025, with a CAGR of 12.8% [2][14]. - The company has a significant number of product registrations, with over 13,000 cosmetics products registered, including more than 11,000 skincare products, making it one of the top manufacturers in this category [3][11]. - The company holds 28 invention patents for cosmetic raw materials and has internal capabilities for efficacy testing, which shortens the product launch cycle [4][16]. Summary by Sections 1. Company Overview - The company was established in 2006 in Guangzhou, Guangdong Province, and specializes in the research, production, sales, and testing of cosmetics [10]. - It has established stable business relationships with over 1,000 cosmetic brands, including well-known names like Unilever and others [10]. 2. Industry Dynamics - The implementation of stricter regulations in the cosmetics industry is expected to increase market concentration, benefiting leading contract manufacturers with better production facilities and management systems [2][15]. - The industry has seen a compound annual growth rate (CAGR) of 16.49% from 2017 to 2021, driven by the emergence of new cosmetic brands [14]. 3. Financial Metrics - The company achieved revenues of 470 million yuan in 2023, with a CAGR of 6.2% over the past three years, and a net profit of 41.16 million yuan, with a CAGR of 39.2% [6][11]. - The gross margin improved to 33.2% in 2023, up by 2.7 percentage points from 2022, while the net margin increased to 8.9% [11]. 4. Subscription Details - The initial offering price is set at 5.77 yuan per share, with an expected market capitalization of 490 million yuan post-issuance [5][18]. - The expected free float ratio after the issuance is 28.3%, with a low subscription threshold of 219,300 yuan [5][20]. 5. Investment Appeal - The report highlights a favorable initial public offering (IPO) environment due to the low offering price and low price-to-earnings (P/E) ratio compared to comparable companies [6][24]. - The company has a stable customer base and a strong reputation in the market, making it an attractive investment opportunity [6][24].
北交所新股申购策略之二：芭薇股份：国内化妆品生产主流代工商