Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The full implementation of the cosmetic safety assessment system is expected to enhance the company's market share [1] - The new assessment system increases the product registration cycle and costs, which may accelerate industry consolidation [7] - The company is proactively establishing testing centers and enhancing raw material R&D to strengthen its supply chain [7] - The company is expected to see significant growth in revenue and net profit over the next few years, with projected net profits of 69 million, 91 million, and 115 million for 2025, 2026, and 2027 respectively [6][11] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,009 million in 2025 to 1,230 million in 2027, with a compound annual growth rate (CAGR) of approximately 7.4% [6][11] - The net profit attributable to the parent company is expected to increase from 69 million in 2025 to 115 million in 2027, reflecting a growth rate of 26.8% in 2027 [6][11] - The company's earnings per share (EPS) is forecasted to rise from 0.62 in 2025 to 1.03 in 2027 [6][11] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 31, 24, and 19 respectively [7] Industry Context - The full safety assessment system, implemented on May 1, 2025, has led to a significant decline in the number of cosmetic registrations, with a 30.5% decrease in ordinary cosmetic filings and a 46.7% drop in special cosmetic registrations from May to July 2025 [4] - The new assessment requirements are expected to raise the bar for contract manufacturers in terms of raw material management, R&D capabilities, and supply chain collaboration [7]
芭薇股份（837023）：完整版安评制度全面实施，看好公司份额提升