证券研究报告 社会服务行业周报 扩大服务消费，新消费持续受资金青睐 社会服务行业 强于大市（维持） 宏观：扩大消费，优化离境退税 资料来源：人民日报，国家税务总局，平安证券研究所 3 平安证券研究所 新消费团队 分析师：胡琼方 S1060524010002（证券投资咨询） 邮箱：huqiongfang722@pingan.com.cn 2025年04月28日 请务必阅读正文后免责条款 核心摘要 宏观及行业动态：1） 4月25日政治局会议召开，分析研究当前经济形势和经济工作。指出"支持科技创新、扩大消 费、稳定外贸等…；要提高中低收入群体收入，大力发展服务消费，增强消费对经济增长的拉动作用。尽快清理消费 领域限制性措施，设立服务消费与养老再贷款…扩围提质实施'两新'政策，加力实施'两重'建设"。2）27日税 务总局修订了《境外旅客购物离境退税管理办法》，进一步推出离境退税便利化措施。3）本周求是网发布多条服务 消费内容。4）上海、河南发放旅游消费券。 公司相关动态：1）传统零售持续优化：永辉超市首批2个品牌的9个商品通过针对外贸受阻企业开设的绿色通道成功 在4家门店上架售卖；步步高调改一年后成功摘帽，2025Q ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.01 CNY [3][8]. Core Insights - The company is expected to achieve strong performance in 2025, with projected earnings per share (EPS) of 1.11 CNY, 1.44 CNY, and 1.85 CNY for the years 2025, 2026, and 2027 respectively [2][8]. - The company reported a revenue of 2.97 billion CNY in 2024, reflecting a year-on-year growth of 33.4%, and a net profit attributable to the parent company of 342 million CNY, up 31.7% year-on-year [7]. - The online channel transformation has shown positive results, with online revenue reaching 2.54 billion CNY in 2024, accounting for 86% of total revenue, and growing by 35.8% year-on-year [7]. Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 3.78 billion CNY in 2025, 4.67 billion CNY in 2026, and 5.66 billion CNY in 2027, with respective growth rates of 27.2%, 23.6%, and 21.3% [2][11]. - The company's gross margin is expected to improve to 74.8% in 2025, with a net profit margin of 11.8% [2][11]. - The return on equity (ROE) is projected to increase to 12.4% in 2025 and further to 16.4% by 2027 [2][11]. Brand and Product Performance - The main brand, Marubi, achieved a revenue of 2.06 billion CNY in 2024, growing by 31.69%, while the PL brand, Lianhuo, saw a revenue increase of 40.72% to 905 million CNY [7]. - Revenue growth rates for product categories in 2024 were as follows: eye care at 61%, skincare at 22%, cleansing at 9%, and makeup at 40% [7]. Market Position and Strategy - The company has successfully transitioned from a traditional cosmetics firm to a biotechnology beauty company, as indicated by its rebranding to "Marubi Biotechnology" [7]. - The company is focusing on optimizing product structure and cost control, which has contributed to the improvement in gross margins [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.01 CNY [3][8] Core Insights - The company is expected to achieve strong performance in 2025, with projected earnings per share (EPS) of 1.11 CNY, 1.44 CNY, and 1.85 CNY for the years 2025, 2026, and 2027 respectively [2][8] - The company reported a revenue of 2.97 billion CNY in 2024, reflecting a year-on-year growth of 33.4%, and a net profit attributable to the parent company of 342 million CNY, up 31.7% year-on-year [7] - The online channel transformation has shown positive results, with online revenue reaching 2.54 billion CNY in 2024, accounting for 86% of total revenue, and growing by 35.8% year-on-year [7] Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 3.78 billion CNY in 2025, 4.67 billion CNY in 2026, and 5.66 billion CNY in 2027, with respective growth rates of 27.2%, 23.6%, and 21.3% [2][11] - The gross profit margin is expected to increase to 74.8% in 2025, with a net profit margin of 11.8% [2][11] - The company’s return on equity (ROE) is projected to rise to 12.4% in 2025 and 16.4% in 2027 [2][11] Brand and Product Performance - The main brand, Marubi, achieved a revenue of 2.06 billion CNY in 2024, growing by 31.69%, while the PL brand, Lianhuo, saw a revenue increase of 40.72% to 905 million CNY [7] - Revenue growth rates for product categories in 2024 were as follows: eye care at 61%, skincare at 22%, cleansing at 9%, and makeup at 40% [7] Market Position and Strategy - The company has successfully implemented a three-year online and offline channel strategy, which has stabilized market order and pricing systems [7] - The rebranding to "Marubi Biotechnology" signifies a strategic shift from traditional beauty products to biotechnology-based beauty solutions [7]