Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Insights - The company, Lin Qingxuan, is positioned as a benchmark for high-end domestic skincare brands, focusing on camellia oil-based products for skin nourishment and anti-aging [3][8]. - The skincare market in China is experiencing significant growth, with the segment for facial oils projected to expand rapidly, driven by consumer preferences for natural ingredients [8][48]. - Lin Qingxuan's revenue and profit are expected to grow substantially, with net profits projected to reach 3.47 billion, 5.77 billion, and 8.20 billion RMB for the years 2025 to 2027, respectively [9][28]. Summary by Sections 1. Camellia Oil as the Foundation for High-End Domestic Skincare Brand - Lin Qingxuan has established a strong market presence with its camellia oil products, achieving over 45 million bottles sold since its launch in 2014 [20]. - The company's ownership structure is stable, with the founder holding approximately 71.34% of the shares, ensuring consistent management [22]. - Revenue is projected to grow from 6.91 billion RMB in 2022 to 12.10 billion RMB in 2024, with a compound annual growth rate (CAGR) of 32.7% [28]. 2. The High-End Skincare Market is Poised for Growth - The Chinese skincare market is expected to grow from 4,619 billion RMB in 2024, with a CAGR of 6.8% [45]. - The facial oil segment is anticipated to grow at a CAGR of 42.8% from 2019 to 2024, significantly outpacing the overall market growth [48]. - The high-end skincare market is projected to reach 2,185 billion RMB by 2029, driven by increasing consumer demand for premium products [61]. 3. Establishing a Strong Brand Matrix Based on Camellia Oil - Lin Qingxuan's core product, the camellia oil essence, has undergone multiple upgrades, maintaining its position as a market leader for over a decade [20]. - The company is expanding its product matrix to include creams, serums, and other skincare products, contributing to a diversified revenue stream [10]. - The company has developed a robust research and development framework focused on enhancing product efficacy and consumer appeal [11]. 4. Building Systematic Organizational Strength and Competitive Barriers - Lin Qingxuan's R&D efforts are centered on camellia oil, enhancing its competitive edge in the anti-aging skincare segment [24]. - The brand leverages both online and offline channels to create a comprehensive consumer experience, with online sales accounting for 65.4% of total revenue in the first half of 2025 [37]. - The company's gross margin has improved from 78% in 2022 to 82.36% in the first half of 2025, reflecting the successful integration of high-margin products [41]. 5. Profit Forecast and Valuation - The company is expected to achieve net profits of 3.47 billion, 5.77 billion, and 8.20 billion RMB from 2025 to 2027, with corresponding price-to-earnings ratios of 31, 18, and 13 [9][28].
林清轩（02657）：以油养肤赛道标杆，匠心铸就高端国货之光