林清轩（02657）：首次覆盖报告：以油养肤开创者，产品渠道拓展加速

Investment Rating - The report gives the company an "Outperform" rating with a target price of 118.57 HKD, corresponding to a 2025 PE of 26x and a reasonable valuation of 149 billion RMB (approximately 166 billion HKD) [1][7]. Core Insights - The company has been deeply engaged in the oil-based skincare sector for many years, leveraging platforms like Douyin to drive the explosive growth of its flagship products. The expansion of product categories and channels is expected to lead to sustained rapid growth [1][7]. - The company has established itself as a leader in the oil-based skincare market, with a significant market share in facial essence oils, projected to reach 12.4% in 2024, significantly ahead of competitors [3][37]. - The financial forecasts indicate substantial revenue growth, with total revenue expected to reach 23.16 billion RMB in 2025, representing a year-on-year increase of 91.5% [2][12]. Company Overview - The company, Lin Qingxuan, was founded in 2003 and has evolved from offering handmade soaps and aloe vera gels to becoming a pioneer in oil-based skincare with its flagship product, Camellia Oil Essence, launched in 2014 [3][17]. - The management team is experienced and stable, with the founder holding over 70% of the shares, ensuring concentrated ownership and strategic direction [22][26]. Business Performance - The flagship product, the Camellia Oil Essence, has seen rapid growth, with revenue from this category increasing by 176% year-on-year in the first half of 2025, accounting for 46% of total revenue [3][28]. - Online sales have surged, with Douyin driving a 137% increase in online revenue in the first half of 2025, contributing to a 65% share of total revenue [3][36]. Industry Insights - The oil-based skincare segment is experiencing high demand, with the market for facial essence oils projected to grow to 5.3 billion RMB in 2024, reflecting a year-on-year increase of 43% [3][37]. - The overall anti-aging skincare market is expected to reach 119.9 billion RMB in 2024, with a significant portion attributed to high-end products [37][39].