Marubi(603983) 天风证券·2025-01-22 09:56Investment Rating - The investment rating for the company is "Accumulate" [6] Core Viewpoints - The company is actively investing in the regenerative medical aesthetics sector, indicating a strong focus on the development of regenerative biomaterials. It has increased its stake in Shengzhirunhe to 21.53%, making it the second-largest shareholder, and is optimistic about the market potential in this area [1] - The company has established five industry funds from 2020 to 2022, investing in nine beauty brands or enterprises across various segments, which has created a strong synergy for sustainable growth [2] - The company is enhancing its brand position and influence in the medical aesthetics field through investments in key products, such as calcium phosphate fillers, which are expected to enter major international markets [3] Summary by Sections Investment in Regenerative Medical Aesthetics - The company has invested 22.67 thousand yuan in Shengzhirunhe, focusing on regenerative biomaterials, with its first injectable ECM biological gel product entering clinical trials [1] - The regenerative biomaterials market is gaining traction, with multiple medical devices approved since 2021, and the company aims to seize opportunities in this growing sector [1] Coverage of the Beauty Industry Supply Chain - The company has set up five funds and invested in various beauty brands, including maternal and infant care, oral care, and men's grooming, which has resulted in significant revenue growth for some of these brands [2] - Notable investments include Bawei Co., which has listed on the Beijing Stock Exchange, and Gu Yu, which is projected to achieve approximately 4 billion yuan in revenue in 2024, reflecting over 40% year-on-year growth [2] Medical Aesthetics Strategy - The company is focusing on its core brands, Marubi and Lianhuo, and is expected to maintain steady growth through its investments in the regenerative medical aesthetics sector [3] - The profit forecast for 2024-2026 has been slightly adjusted downwards, with expected net profits of 360.82 million yuan, 468.03 million yuan, and 579.86 million yuan, respectively, reflecting growth rates of 39.1%, 29.7%, and 23.9% [3]