Marubi(603983) 德邦证券·2025-02-19 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that Marubi Biotech is transitioning from cosmetics to medical aesthetics, with a recent approval for its subsidiary's calcium phosphate injection product, marking a significant step in the medical beauty sector [5] - The company has shown strong e-commerce performance, with a notable increase in sales on platforms like Douyin, and has a robust pipeline of new products [5] - Financial projections indicate substantial revenue and profit growth, with expected revenues of 2.94 billion, 3.67 billion, and 4.27 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 382 million, 497 million, and 631 million yuan [5][6] Financial Data Summary - Total shares outstanding: 401 million [5] - Current price: 29.63 yuan [2] - Market capitalization: 11.88 billion yuan [5] - Revenue growth rates: 28.5% in 2024, 32.2% in 2025, and 24.6% in 2026 [6] - Net profit growth rates: 48.9% in 2024, 30.0% in 2025, and 27.0% in 2026 [6] - Gross margin is projected to improve from 70.7% in 2023 to 71.7% in 2026 [6] - The company has a diversified investment portfolio, holding stakes in nine companies across various sectors [5]