上 市 公 司 美容护理 2025 年 08 月 03 日 芭薇股份 (837023) ——完整版安评制度全面实施，看好公司份额提升 报告原因：有信息公布需要点评 买入（维持） | 市场数据： 2025 年 08 月 01 日 | | | --- | --- | | 收盘价（元） | 19.12 | | 一年内最高/最低（元） | 35.39/8.39 | | 市净率 | 5.2 | | 股息率%（分红/股价） | 1.57 | | 流通 A 股市值（百万元） | 1,217 | | 上证指数/深证成指 3,559.95/10,991.32 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 4.77 | | 资产负债率% | 48.97 | | 总股本/流通 A 股（百万） | 112/64 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 本研究报告仅通过邮件提供给 中庚基金 使用。1 事件： ⚫ 化妆品完整版安全评估制度自 5 月 1 日起全面实施。据美 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 695 million yuan in 2024, representing a year-on-year growth of 48.3%, and a net profit of 45 million yuan, up 10.3% year-on-year, which met expectations [7] - The company plans to distribute a cash dividend of 3.0 yuan per share (including tax) for 2024, with a distribution ratio of 56.71% [7] - In Q1 2025, the company reported a revenue of 162 million yuan, a year-on-year increase of 40.1%, and a net profit of 9 million yuan, up 8.8% year-on-year, slightly below expectations [7] - The company is focusing on a major client strategy and has formed partnerships with emerging brands to drive revenue growth, with domestic revenue reaching 642 million yuan in 2024, a 40.5% increase [7] - The company is enhancing its raw material research and investment to improve integrated capabilities and increase the value-added of its OEM services [7] - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 69 million yuan, 91 million yuan, and 115 million yuan respectively [7] Financial Data and Profit Forecast - Total revenue is projected to reach 1,009 million yuan in 2025, with a year-on-year growth rate of 45.2% [6] - The gross profit margin is expected to be 26.4% in 2025, with a net profit margin of 6.5% [6] - The company’s return on equity (ROE) is forecasted to be 15.6% in 2025 [6] - The earnings per share (EPS) is projected to be 0.81 yuan in 2025 [6]