点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年三季报，2025年前三季度营业收入为18.6亿元，同比-21.5%，归母净利润为10.9亿元，同 比-31.0%；1Q/2Q/3Q 2025营业收入为6.6/6.4/5.7亿元，同比-17.9%/ -25.1%/-21.3%，归母净利润为 4.4/3.5/3.0亿元，同比-15.9%/ -41.7%/-34.6%。 我们认为，公司3Q2025营收同比下滑，主要原因系宏观消费需求的持续疲软以及嗨体、再生类产品面临的 市场竞争压力较大。 毛利率同比小幅走低，期间费用率升高拖累净利率表现 2025年前三季度，公司毛利率同比-1.4pcts至93.4%，归母净利率同比-8.1pcts至58.6%。3Q2025 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue continues to be under pressure due to macroeconomic factors, with a need for a demand turning point to emerge [5] - The company reported a revenue of 1.86 billion yuan for the first three quarters of 2025, a year-on-year decline of 21.5%, and a net profit of 1.09 billion yuan, down 31.0% year-on-year [4][5] - The gross margin slightly decreased to 93.4% for the first three quarters of 2025, while the net profit margin fell to 58.6% [5] - Increased competition in the market, particularly for high-priced products, has contributed to the decline in revenue and profit margins [5][6] - The company is expanding its product lineup in the medical beauty sector, which may provide new growth opportunities in the future [7][8] Summary by Sections Financial Performance - For Q3 2025, the company reported revenues of 570 million yuan, a decline of 21.3% year-on-year, and a net profit of 300 million yuan, down 34.6% year-on-year [4][5] - The gross margin for Q3 2025 was 93.2%, down 1.4 percentage points year-on-year, while the net profit margin was 53.7%, down 11.0 percentage points year-on-year [5] - The company's expense ratio increased by 12.5 percentage points to 31.8% for the first three quarters of 2025, with significant increases in sales, management, and R&D expenses [6] Market Position and Strategy - The company is enhancing its product offerings in the medical beauty sector, including the launch of new products and acquisitions to strengthen its market position [7] - The introduction of new products and the expansion into overseas markets are expected to drive future growth [8] Earnings Forecast - The net profit forecasts for 2025-2027 have been revised down to 1.39 billion, 1.53 billion, and 1.70 billion yuan, respectively, reflecting a decrease of 15% to 16% [8] - The report projects earnings per share (EPS) of 4.58 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 36, 32, and 29 for the years 2025, 2026, and 2027 [8][9]