Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that Marubi Biotech is transitioning from cosmetics to medical aesthetics, with a recent approval for its subsidiary's calcium phosphate injection product, marking a significant step in the medical beauty sector [5] - The company has shown strong e-commerce performance, with a notable increase in sales on platforms like Douyin, and has a robust pipeline of new products [5] - Financial projections indicate substantial revenue and profit growth, with expected revenues of 2.94 billion, 3.67 billion, and 4.27 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 382 million, 497 million, and 631 million yuan [5][6] Financial Data Summary - Total shares outstanding: 401 million [5] - Current price: 29.63 yuan [2] - Market capitalization: 11.88 billion yuan [5] - Revenue growth rates: 28.5% in 2024, 32.2% in 2025, and 24.6% in 2026 [6] - Net profit growth rates: 48.9% in 2024, 30.0% in 2025, and 27.0% in 2026 [6] - Gross margin is projected to improve from 70.7% in 2023 to 71.7% in 2026 [6] - The company has a diversified investment portfolio, holding stakes in nine companies across various sectors [5]

证券研究报告 美容护理 | 化妆品 非金融|首次覆盖报告 hyzqdatemark 2025 年 02 月 12 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 02 | 月 | | 日 | | 2025 | | 11 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 31.16 | | | | | | | | 一 年 内 低 | 最 | 高 | / | | | | | | 最 | | | | 36.82/20.17 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | 12,495.16 | | | | 流通市值（百万元） | | | | | | | | | | | 12,495.16 | | | ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Viewpoints - The company is actively investing in the regenerative medical aesthetics sector, indicating a strong focus on the development of regenerative biomaterials. It has increased its stake in Shengzhirunhe to 21.53%, making it the second-largest shareholder, and is optimistic about the market potential in this area [1] - The company has established five industry funds from 2020 to 2022, investing in nine beauty brands or enterprises across various segments, which has created a strong synergy for sustainable growth [2] - The company is enhancing its brand position and influence in the medical aesthetics field through investments in key products, such as calcium phosphate fillers, which are expected to enter major international markets [3] Summary by Sections Investment in Regenerative Medical Aesthetics - The company has invested 22.67 thousand yuan in Shengzhirunhe, focusing on regenerative biomaterials, with its first injectable ECM biological gel product entering clinical trials [1] - The regenerative biomaterials market is gaining traction, with multiple medical devices approved since 2021, and the company aims to seize opportunities in this growing sector [1] Coverage of the Beauty Industry Supply Chain - The company has set up five funds and invested in various beauty brands, including maternal and infant care, oral care, and men's grooming, which has resulted in significant revenue growth for some of these brands [2] - Notable investments include Bawei Co., which has listed on the Beijing Stock Exchange, and Gu Yu, which is projected to achieve approximately 4 billion yuan in revenue in 2024, reflecting over 40% year-on-year growth [2] Medical Aesthetics Strategy - The company is focusing on its core brands, Marubi and Lianhuo, and is expected to maintain steady growth through its investments in the regenerative medical aesthetics sector [3] - The profit forecast for 2024-2026 has been slightly adjusted downwards, with expected net profits of 360.82 million yuan, 468.03 million yuan, and 579.86 million yuan, respectively, reflecting growth rates of 39.1%, 29.7%, and 23.9% [3]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 39.25 CNY per share, reflecting a 35x PE for 2025 [55][63]. Core Insights - The company has shown strong growth momentum since the end of 2022, achieving seven consecutive quarters of high growth. The expected net profits for 2024, 2025, and 2026 are projected to be 3.5 billion, 4.5 billion, and 5.5 billion CNY respectively [7][63]. - The main brand, Marubi, is focusing on big product lines and enhancing online channel development, with significant sales growth observed in key products [11][63]. - The sub-brand, Lianhuo, has maintained high profit margins while achieving substantial revenue growth, indicating a strong second growth curve for the company [5][11]. Financial Summary - The total revenue for 2024 is projected to be 2.906 billion CNY, with a year-on-year growth rate of 30.6%. The gross margin is expected to improve to 71.9% [12][64]. - The company's net profit for 2024 is estimated at 353 million CNY, reflecting a 36.2% increase compared to the previous year [12][64]. - The report highlights a significant increase in the gross merchandise volume (GMV) for key products on platforms like Douyin, with the small red pen eye cream achieving a GMV of 426 million CNY, up 202% year-on-year [11][63]. Brand Performance - Marubi brand revenue growth rates for 2024, 2025, and 2026 are projected at 27.2%, 22.5%, and 18.8% respectively, while Lianhuo is expected to grow at 40%, 35%, and 30% during the same period [11][12]. - The report emphasizes the company's successful adjustments in product offerings and e-commerce operations, which have contributed to its recovery and growth in a challenging market environment [7][11]. Market Context - The beauty and cosmetics industry has faced pressures due to the pandemic, but the report indicates a recovery in consumer demand and a favorable outlook for the company [7][15]. - The competitive landscape remains intense, with the need for continuous product innovation to maintain market share [15].

Investment Rating - The investment rating for the company is "Outperform the Market" [34][35]. Core Insights - The company has successfully transformed its operations over the past three years, revitalizing its brand presence in the domestic beauty market. The main brand, Marubi, has leveraged its long-standing expertise in eye creams and collagen products to achieve significant growth, particularly through online channels and targeted marketing strategies aimed at younger consumers. The emerging makeup brand, "Lianhuo," is also gaining traction by addressing consumer needs in the base makeup segment [18][51]. - Revenue forecasts for 2024-2026 are projected at 28.66 billion, 37.70 billion, and 47.69 billion yuan, representing year-on-year growth rates of 28.7%, 31.5%, and 26.5% respectively. The net profit attributable to the parent company is expected to reach 3.68 billion, 5.16 billion, and 6.75 billion yuan, with corresponding growth rates of 41.7%, 40.5%, and 30.7% [12][16][18]. Revenue and Profitability Forecast - The company's revenue is expected to grow significantly, with the main brand Marubi projected to achieve a revenue growth rate of 26.8%, 33.1%, and 27.3% for 2024-2026. The new brand Lianhuo is anticipated to grow at rates of 34.1%, 28.7%, and 25.3% during the same period [29][30]. - The gross margin is expected to improve, with forecasts of 73.9%, 75.3%, and 75.8% for 2024-2026, driven by the increasing contribution of high-margin products [16][18]. Financial Metrics - The company’s earnings per share (EPS) are projected to be 0.92, 1.29, and 1.68 for 2024, 2025, and 2026 respectively, indicating a strong upward trend in profitability [17][26]. - The price-to-earnings (P/E) ratio is expected to decrease from 37 in 2024 to 20 in 2026, reflecting the anticipated growth in earnings [18][26]. Strategic Initiatives - The company has established four industry funds since 2020, focusing on various segments such as beauty devices, maternal and infant care, and skincare brands. The latest fund emphasizes high-tech and research-intensive areas, laying a foundation for long-term growth [27][28]. - The successful transformation of the company’s online sales strategy has resulted in a significant increase in revenue, with online sales accounting for over 80% of total revenue in recent quarters [61].

一、本次使用闲置募集资金购买理财产品到期赎回的情况 2024 年 9 月 10 日，广东丸美生物技术股份有限公司（以下简称"公司"） 之子公司广州禾美实业有限公司向招商银行天河支行购买了招商银行点金系列 看涨两层区间 91 天结构性存款（以下简称"招商银行点金系列结构性存款"）， 金额为 5,000 万元人民币。上述理财产品已于 2024 年 12 月 12 日到期赎回并到 达募集资金专用账户。公司本次共收回本金 5,000 万元，并收到理财收益 27.42 万元，与预期收益不存在重大差异。 证券代码：603983 证券简称：丸美生物 公告编号：2024-055 广东丸美生物技术股份有限公司 关于使用闲置募集资金购买理财产品到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 广东丸美生物技术股份有限公司董事会 2024年12月14日 本次赎回情况如下： | 受托方 | 产品名称 | 金额 | 起息日 | 到期日 | 实际年化 | 实际收益 | | --- | --- | --- | --- | --- | - ...

近日，公司完成了相关工商变更登记手续，并取得广州市黄埔区市场监督管 理局换发的《营业执照》，登记相关信息如下： | 登记事项 | 变更前 | 变更后 | | --- | --- | --- | | 企业类型 | 股份有限公司（中外合资、上市） | 股份有限公司（外商投资、上市） | 证券代码：603983 证券简称：丸美生物 公告编号：2024-054 广东丸美生物技术股份有限公司 关于完成办理工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 广东丸美生物技术股份有限公司（以下简称"公司"）根据《中华人民共和 国外商投资法》《市场监管总局关于贯彻落实<外商投资法>做好外商投资企业登 记注册工作的通知》（国市监注[2019]247 号）等有关规定和要求，将企业类型 由"股份有限公司（中外合资、上市）"变更为"股份有限公司（外商投资、上 市）"，其他信息保持不变。 特此公告。 广东丸美生物技术股份有限公司董事会 2024年12月12日 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.84 CNY per share, reflecting a 35 times PE for 2024 [5][2]. Core Insights - The company has changed its name to Marubi Biotech, emphasizing its strategic focus on synthetic biology and the development of biological skincare products. It has achieved self-research and production of core biological raw materials [1]. - The small gold needle series is being gradually improved, positioning the company in the high-growth collagen protein market. The company launched the collagen essence small gold needle in 2021 and has introduced new products in 2023, including the small gold needle cream [1]. - Strong potential for major products is evident, with significant growth in sales expected for key items like the small red pen eye cream and small gold needle essence, with projected GMV increases of 108% and 84% respectively for 2024 [1]. Financial Forecast - The company is projected to achieve a net profit attributable to shareholders of 350 million CNY, 450 million CNY, and 550 million CNY for the years 2024, 2025, and 2026 respectively, following seven consecutive quarters of high growth since the end of 2022 [2]. - Revenue is expected to grow from 2,226 million CNY in 2023 to 2,906 million CNY in 2024, reflecting a growth rate of 30.6% [3]. - The EBITDA is forecasted to increase from 207 million CNY in 2023 to 348 million CNY in 2024, indicating a strong upward trend in profitability [3]. Summary of Financials - The company’s revenue for 2022 was 1,732 million CNY, with a projected increase to 2,906 million CNY in 2024, showing a growth rate of 30.6% [3]. - The net profit for 2022 was 174 million CNY, expected to rise to 353 million CNY in 2024, marking a growth rate of 36.2% [3]. - The earnings per share (EPS) is projected to grow from 0.65 CNY in 2023 to 0.88 CNY in 2024 [3].

证券代码：603983 证券简称：丸美股份 公告编号：2024-053 广东丸美生物技术股份有限公司 证券简称变更实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、公司董事会审议变更证券简称的情况 广东丸美生物技术股份有限公司（以下简称"公司"）于 2024 年 12 月 5 日召 开第五届董事会第五次会议，审议通过了《关于拟变更公司证券简称的议案》，同 意将公司证券简称由"丸美股份"变更为"丸美生物"，公司证券代码"603983" 保持不变。具体内容详见公司于 2024 年 12 月 6 日披露的《关于拟变更公司证券 简称的公告》（公告编号：2024-051）。 二、公司证券简称变更的原因 公司于 2002 年创立，2012 年股份公司成立时名称为"广东丸美生物技术股份 有限公司"，公司之重要全资子公司 2009 年成立时名称为"广州丸美生物科技有 限公司"。公司及重要全资子公司名称中原本已包含了"丸美生物"及"丸美生物 科技"。 公司主营业务重点聚焦于生物护肤领域，大部分产品都不同程度地应用了生 ...

证券代码：603983 证券简称：丸美股份 公告编号：2024-051 广东丸美生物技术股份有限公司 关于拟变更证券简称的公告 变更后的证券简称：丸美生物 证券代码"603983"保持不变 公司于 2002 年创立，2012 年股份公司成立时名称为"广东丸美生物技术股 份有限公司"，公司之重要全资子公司 2009 年成立时名称为"广州丸美生物科 技有限公司"。公司及重要全资子公司名称中原本已包含了"丸美生物"及"丸 美生物科技"。 公司主营业务重点聚焦于生物护肤领域，大部分产品都不同程度地应用了生 物技术成果。公司具备强劲的研发实力和全链路研发体系，实现了核心生物原料 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次证券简称变更事项以上海证券交易所最终核准为准，公司将根据进展 情况及时履行信息披露义务，敬请投资者注意风险 一、公司董事会审议变更证券简称的情况 广东丸美生物技术股份有限公司（以下简称"公司"）于 2024 年 12 月 5 日 召开第五届董事会第五次会议，审议通过了《关于拟变更公司证券简 ...