Marubi(603983) 民生证券·2025-02-19 05:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company has made a strategic investment in Shanghai Moyang Biotechnology Co., which has received regulatory approval for its CaHA facial filler product, Aphranel®, marking a significant step in the company's "Double Beauty" strategy [1][2]. - The company is positioned as a leader in the eye care and anti-aging sectors, with strong growth anticipated from its main brand, Marubi, and its new makeup brand, Lianhuo, which is focused on the foundation segment [3][4]. - Revenue and profit forecasts show a robust growth trajectory, with expected net profits of 363 million, 470 million, and 575 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 39.8%, 29.7%, and 22.2% [4][8]. Summary by Sections Company Overview - Marubi has established a diversified brand matrix, with its core anti-aging brand complemented by emerging makeup and functional skincare brands [2]. Market Position - The company is actively expanding its presence in the medical aesthetics market through investments in innovative companies and technologies, enhancing its competitive edge [2][3]. Financial Projections - The company is projected to achieve total revenues of 2.93 billion, 3.65 billion, and 4.30 billion yuan for 2024, 2025, and 2026, with respective growth rates of 31.5%, 24.7%, and 17.9% [4][9]. - The earnings per share are expected to increase from 0.90 yuan in 2024 to 1.43 yuan in 2026, with corresponding price-to-earnings ratios decreasing from 33 to 21 [4][9].