证券研究报告 | 行业深度报告 2025 年 05 月 21 日 Q1 分化延续，Q2 大促催化下关注头部国货机会 美妆个护 25Q1 总结及 Q2 展望 消费品/轻工纺服 行业指数 % 1m 6m 12m 绝对表现 9.2 10.9 7.9 相对表现 5.9 13.1 2.3 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 May/24 Sep/24 Dec/24 Apr/25 (%) 轻工纺服 沪深300 相关报告 1、《纺织服装 25Q1 总结及 Q2 展望 —品牌有望在 Q2 低基数情况下实现 稳健增长，制造短期承压》 2025-05-18 2、《中美日内瓦经贸会谈发布联合 声明点评—中美贸易摩擦预计将大 幅缓和，OEM 龙头有望估值修复》 2025-05-12 3、《纺织服装海外趋势跟踪（2025 年 4 月）—关税影响暂时减弱，关注 抗风险能力强的纺织制造龙头（更 新）》2025-04-16 化妆品板块 24 年及 25Q1 业绩分化延续，头部国货依旧凭借性价比、差异化产 品及定位、大单品战略及精细化线上运营等优势实现较好增长。个护板块 25Q1 表现较为亮眼，头部国货品牌凭 ...

Core Viewpoint - The domestic beauty brand market in China is experiencing strong growth, driven by increasing consumer recognition and confidence in local brands, as stated by the CEO of Marubi Biotechnology during the 2024 annual and Q1 2025 earnings presentation [1] Financial Performance - Marubi Biotechnology achieved a net profit attributable to shareholders of 342 million yuan for the fiscal year 2024, representing a year-on-year increase of 31.69%, while the net profit after deducting non-recurring gains and losses was 327 million yuan, up 73.86% year-on-year [1] - In Q1 2025, the company reported a net profit attributable to shareholders of 135 million yuan, a year-on-year increase of 22.07%, with the net profit after deducting non-recurring gains and losses at 134 million yuan, up 28.57% year-on-year [1] - The stock price of Marubi Biotechnology has increased by over 150% since September 2024, with a closing limit up on May 15 [1] Strategic Transformation - The company has undergone a strategic transformation from a traditional beauty enterprise to a biotechnology beauty company, as indicated by the renaming of its stock from "Marubi Co., Ltd." to "Marubi Biotechnology" in 2024 [2] - Marubi Biotechnology emphasizes the importance of biotechnology in its current and future operations, particularly in the development and industrial application of key technologies such as recombinant collagen protein [2] Research and Development - In 2024, Marubi Biotechnology was recognized as a "National Research Center for Recombinant Functional Protein Technology," conducting 20 specialized studies on recombinant functional proteins throughout the year [2] - The company has made significant advancements in the development of various types of recombinant collagen proteins and has filed for 10 invention patents related to key technologies [2] Industry Trends - The beauty industry is witnessing accelerated penetration of advanced technologies such as artificial intelligence, synthetic biology, and smart manufacturing, which are driving industry upgrades [3] - Consumer demand is becoming more diverse and personalized, leading to higher expectations for quality, efficacy, and added value in beauty products and services [3] Sales and Distribution Strategy - Marubi Biotechnology is pursuing a multi-channel collaborative development strategy, with its brands already present in duty-free stores and actively exploring other channel opportunities [3]

广东丸美生物技术股份有限公司 2024 年年度股东大会会议资料 广东丸美生物技术股份有限公司 会议资料 广东丸美生物技术股份有限公司 2024 年年度股东大会会议资料 广东丸美生物技术股份有限公司 各位股东及股东代表： 为维护投资者的合法权益，确保广东丸美生物技术股份有限公司（以下简称"公 司"）2024 年年度股东大会的顺利召开，依据中国证券监督管理委员会《上市公司 股东大会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》 《证券法》 《上市公司股东大会规则》和《公司章程》的 规定，认真做好召开股东大会的各项工作。 二、公司董事会办公室具体负责会议有关程序方面的事宜。 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东（包含股东代表， 十一、股东未做参会登记或会议签到迟到将不能参加本次会议。股东参加股东 大会，应当认真履行其法定义务，会议开始后请将手机铃声置于无声状态，尊重和 维护其他股东合法权益，保障大会的正常秩序。 十二、对于干扰股东大会秩序、寻衅滋事和侵犯其他股东合法权益的行为，公 司有权采取必要措施予以制止并报告有关部门查处。 下同）的合法权益，除出席会议的股东、公司董事、监事、高级 ...

核心观点 公司Q4 单季度营收10.17 亿元，同比增长47.64%，较24Q3 的+25.8%进一步加速，25Q1 营收+28%维持 在高位。盈利端24Q4对应扣非净利润率9.85%，全年扣非净利润率11%，+2.6pct，此次24Q4 验证大促 期的盈利稳定性已形成。2024 年线上营收25.41亿元/+35.77%，占比提升至85.61%，线上运营持续精 进。丸美小红笔眼霜3.0 全年线上GMV达5.33 亿元/+146%,小金针次抛精华2.0 线上GMV 达3.5 亿 元/+96%，大单品策略下毛利率提升显著。 2025 年公司进一步对小红笔及小金针系列进行扩充升级，推出小红笔水乳2.0，小金针超级面膜，并推 出大红盾进入防晒市场，恋火近期推出海岛限定系列拓宽人群，产品、渠道、品牌三维提升下今年增速 及业绩兑现值得期待。 事件 公司披露2024 年年报及2025 年一季报：Q4 实现营收10.17 亿元，+47.64%，归属股东净利润1.03 亿 元，+20.14%；扣非净利润1.00亿元，+225.88%。24 年全年营收29.70 亿元，+33.44%，归母净利润3.42 亿/+31.69%；扣非 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][8]. Core Views - The company shows strong performance with a projected revenue growth of 33% and a net profit growth of 32% for 2024, continuing into Q1 2025 with revenue growth of 28% and net profit growth of 22% [1][2]. - The dual-brand strategy, featuring the main brand Marubi and the PL brand Lianhuo, is driving growth, with significant contributions from key products like the Marubi Eye Cream and the Golden Needle series [1][3]. - The company is expected to achieve net profits of 445 million, 549 million, and 643 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 30%, 23%, and 17% [1][8]. Financial Performance - In 2024, the company achieved a total revenue of 2.97 billion yuan, a year-on-year increase of 33.44%, and a net profit of 342 million yuan, up 31.69% [2][9]. - The main brand Marubi generated revenue of 2.06 billion yuan in 2024, growing by 31.69%, while the PL brand Lianhuo achieved 905 million yuan, a growth of 40.72% [3][9]. - The company's gross margin improved to 73.70% in 2024, up by 3.01 percentage points, attributed to product structure optimization and cost control [7][12]. Product and Channel Analysis - The company’s product categories showed strong performance, with eye care products generating 689 million yuan in revenue, a 60.78% increase, and skincare products reaching 1.13 billion yuan, up 21.60% [3][9]. - Online sales channels contributed significantly, with revenue of 2.54 billion yuan in 2024, reflecting a growth of 35.77%, while offline channels saw a 20.79% increase to 427 million yuan [3][9]. Future Outlook - The company is expected to continue its growth trajectory with a stable cash flow and a focus on product innovation, which is anticipated to contribute to incremental growth [8][9]. - The projected earnings per share (EPS) for 2025 is 1.11 yuan, with a price-to-earnings (PE) ratio of 39.3 [9][12].

Investment Rating - The report upgrades the investment rating to "Buy" for the company [1]. Core Insights - The company has shown strong performance with significant revenue growth driven by key products and brand strategies [6][5]. - The financial outlook remains positive with projected revenue and profit growth over the next few years [5][6]. - The company is focusing on optimizing its marketing strategies and enhancing product offerings to capture market share [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 2,970 million, with a year-on-year growth of 33.4% [5]. - The net profit attributable to the parent company for 2024 is expected to be 342 million, reflecting a growth of 31.7% [5]. - The gross margin for 2024 is forecasted at 73.7%, an increase of 3.01 percentage points compared to the previous year [6]. - The company anticipates a net profit of 438 million in 2025, with a year-on-year growth of 28.2% [5]. Revenue Breakdown - Revenue from eye care products reached 689 million, a year-on-year increase of 60.78% [6]. - Skincare products generated 1,125 million, growing by 21.60% year-on-year [6]. - The main brand, Marubi, achieved revenue of 2,055 million, up 31.69% year-on-year, while the sub-brand, Lianhuo, saw a 40.72% increase [6]. Marketing Strategy - The company is enhancing its marketing efforts around key products, participating in major online promotional events, and leveraging social media for brand engagement [6]. - The focus on big-ticket items and targeted marketing campaigns has resulted in significant brand visibility and consumer connection [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved impressive growth in 2024, with total revenue reaching 2.97 billion yuan, a year-on-year increase of 33.44%, and net profit attributable to shareholders of 342 million yuan, up 31.69% year-on-year [7] - The dual-brand strategy of Marubi and PL Fire is showing positive momentum, with both brands contributing significantly to revenue [7] - The company is expected to maintain strong growth in the coming years, with projected net profits of 469 million yuan in 2025, 590 million yuan in 2026, and 724 million yuan in 2027, reflecting growth rates of 37.4%, 25.8%, and 22.7% respectively [7][8] Financial Performance Summary - Revenue projections for the company are as follows: 2,226 million yuan in 2023, 2,970 million yuan in 2024, 3,832 million yuan in 2025, 4,735 million yuan in 2026, and 5,615 million yuan in 2027, with respective growth rates of 28.52%, 33.44%, 29.04%, 23.56%, and 18.59% [6] - The company's gross margin for 2024 is projected at 73.7%, an increase of 3.01 percentage points year-on-year, indicating effective cost control and product mix optimization [7] - The company’s net profit margin for 2024 is expected to be 11.50%, with a return on equity (ROE) of 10.11% [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 28.6% increase in non-net profit attributable to the parent company for Q1 2025, indicating sustained upward momentum [4] - The company's revenue for 2024 reached 2.97 billion yuan, a year-on-year increase of 33.4%, with a net profit of 342 million yuan, up 31.7% [4] - For Q1 2025, the company achieved revenue of 847 million yuan, a 28.0% increase, and a net profit of 135 million yuan, up 22.1% [4] - The projected net profits for 2025-2027 are 456 million, 597 million, and 763 million yuan respectively, with corresponding EPS of 1.14, 1.49, and 1.90 yuan [4] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 are 33.4% and 31.7% respectively, with a gross margin of 73.7% [7] - The revenue breakdown for 2024 shows significant growth in various product categories: eye care (+60.8%), skincare (+21.6%), cleansing (+8.8%), and beauty products (+40.5%) [5] - The company’s gross margin for Q1 2025 is reported at 76.1%, reflecting a 1.4 percentage point increase [5] - The company’s operating expenses have been managed effectively, with sales expenses increasing due to enhanced brand investment [5] Product and Brand Performance - The company has seen strong performance in its key products, with the "Little Red Pen" achieving a GMV of 530 million yuan, a 146% increase, and the "Little Gold Needle" reaching 350 million yuan, up 96% [5] - The brand "Mame" and "Lianhuo" both reported revenue growth exceeding 30% and 40% respectively [5] - The company’s user engagement metrics show a 31% increase in active brand members and a 48% increase in repurchase amounts [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 28.6% year-on-year increase in non-net profit attributable to the parent company for Q1 2025, indicating sustained upward momentum [4] - The company's revenue for 2024 reached 2.97 billion yuan, a 33.4% increase year-on-year, with a net profit of 342 million yuan, up 31.7% [4] - For Q1 2025, the company achieved revenue of 847 million yuan, a 28.0% increase, and a net profit of 135 million yuan, up 22.1% [4] - The forecast for net profit attributable to the parent company for 2025-2027 is 456 million, 597 million, and 763 million yuan respectively, with corresponding EPS of 1.14, 1.49, and 1.90 yuan [4] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 are 33.4% and 31.7% respectively, with a gross margin of 73.7% [7] - The revenue breakdown for 2024 shows significant growth in various product categories: eye care (+60.8%), skincare (+21.6%), cleansing (+8.8%), and beauty products (+40.5%) [5] - The company’s gross margin for Q1 2025 is reported at 76.1%, reflecting a 1.4 percentage point increase [5] - The company’s operating cash flow for 2023 was 338 million yuan, with a projected increase to 534 million yuan in 2025 [9] Product and Brand Performance - The company’s flagship products, such as the "Little Red Pen" and "Little Gold Needle," have shown remarkable sales performance, with the former achieving a GMV of 530 million yuan, a 146% increase [5] - The brand's user engagement is increasing, with active membership and repurchase amounts rising by 31% and 48% year-on-year respectively [6] - The company has established a strong market presence on platforms like Douyin, with a projected GMV of 1 to 1.5 billion yuan in 2024 [6]

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].