Marubi(603983) 财信证券·2025-02-27 00:07Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that Marubi Biotech has received approval for the first domestic Class III medical device registration for hydroxyapatite microspheres, indicating a significant advancement in its "dual beauty integration" strategy [6][8] - The company is expected to maintain steady growth, with projected revenues of 28.92 billion, 35.90 billion, and 42.58 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 29.94%, 24.15%, and 18.60% [9] - The report emphasizes the strong market demand for hydroxyapatite products, with a compound annual growth rate of 16% in the U.S. from 2017 to 2022, outpacing other aesthetic treatments [8] Summary by Sections Investment Rating - The company maintains an "Overweight" rating, indicating a relative performance expectation of 5%-15% above the market index [12] Financial Performance - The forecasted main revenue figures are as follows: 17.32 billion yuan in 2022, 22.26 billion yuan in 2023, 28.92 billion yuan in 2024, 35.90 billion yuan in 2025, and 42.58 billion yuan in 2026 [7] - The projected net profit attributable to shareholders is expected to grow from 1.74 billion yuan in 2022 to 5.33 billion yuan in 2026, with corresponding EPS increasing from 0.43 yuan to 1.33 yuan [7][9] Market Position and Strategy - Marubi Biotech is actively expanding into the color cosmetics sector with its new brand "Lianhuo," focusing on the base makeup segment, which is expected to serve as a second growth engine [9] - The company has made strategic investments in various beauty and health-related firms, enhancing its market presence and growth potential [8][9]