Group 1 - Investment Rating: "Accumulate" (First Coverage) [2] - The company is a leading player in the ODM sector of skincare products, actively integrating 5G smart applications and intelligent equipment [5] - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 15.24% in revenue and 14.07% in net profit from 2018 to 2023 [5] Group 2 - The skincare segment accounts for 89.19% of the company's revenue in 2023, with a gross margin of 33.61% [11][25] - The company has established stable partnerships with over 1,000 cosmetic brands, including Unilever and SKINTIFIC [6][70] - The cosmetics OEM industry in China is expected to grow from 434.1 billion to 622.9 billion yuan from 2022 to 2025, with a CAGR of 12.79% [6][36] Group 3 - The company has 134 patents and 13,230 product registrations, showcasing its strong R&D capabilities [6][44] - The company has a diversified product range, including skincare, masks, hair care, and color cosmetics, with a focus on ODM services [21][56] - The company has achieved a net profit forecast of 0.45 billion, 0.61 billion, and 0.79 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.53, 0.71, and 0.93 yuan per share [5][8] Group 4 - The company has a strong focus on innovation and quality control, having received multiple certifications and awards in the cosmetics industry [74][75] - The company has implemented a digital management system to enhance production efficiency and quality control [74] - The company’s revenue from testing services was 2.80 million yuan in 2023, with a gross margin of 26.18% [64][68]
芭薇股份：北交所首次覆盖报告：护肤化妆ODM龙头专业检测为利基，合作众多知名品牌