Marubi(603983) 民生证券·2025-02-19 05:13Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company has made significant strides in its "Double Beauty" strategy, enhancing its growth potential through a diversified brand matrix that includes its core anti-aging brand, Marubi, alongside emerging color cosmetics and functional skincare brands [2][3]. - The approval of the CaHA facial filler product Aphranel® by the National Medical Products Administration marks a pivotal moment for the company, positioning it as a leader in the medical aesthetics sector and filling a gap in the domestic market for CaHA microsphere applications [1][2]. - The company is expected to see substantial revenue growth, with projected net profits for 2024, 2025, and 2026 estimated at 363 million, 470 million, and 575 million yuan respectively, reflecting growth rates of 39.8%, 29.7%, and 22.2% [3][4]. Summary by Sections Company Overview - Marubi Biotech has strategically invested in Shanghai Moyang Biotechnology, which specializes in the development and application of modified hydroxyapatite materials, further solidifying its position in the regenerative medicine field [1][2]. Financial Projections - The company’s revenue is projected to grow from 2,226 million yuan in 2023 to 4,304 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 28.5% to 17.9% over the forecast period [4][9]. - The expected earnings per share (EPS) are forecasted to increase from 0.65 yuan in 2023 to 1.43 yuan in 2026, indicating a strong upward trend in profitability [4][9]. Market Position - The company is recognized as a leader in the eye care and anti-aging sectors, with its main brand Marubi actively adjusting its channel and product structure to achieve stable growth [3][4]. - The emerging color cosmetics brand, Lianhuo, is expected to create a second growth curve for the company by focusing on differentiated strategies in the base makeup segment [3][4].