COSMOS(300856) 东吴证券·2025-04-27 06:32Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company's short-term performance is under pressure due to factors such as inventory adjustments and price changes, but there is optimism for long-term growth driven by new product launches [1][8] - The company is a leading global player in cosmetic raw materials, and while 2024's performance is affected by the downstream inventory cycle, the increasing penetration of new sunscreen agents is a long-term industry trend [8] - The company has sufficient capacity reserves and is actively expanding production, particularly in Malaysia, which will enhance its risk resistance and international presence [8] Financial Summary - Total revenue for 2024 is projected at 22.76 billion yuan, a decrease of 5.16% year-on-year, with a net profit of 5.62 billion yuan, down 23.33% [8] - The gross margin for 2024 is expected to be 44.40%, while the net profit margin is projected at 24.65% [8] - The company's earnings per share (EPS) for 2024 is estimated at 1.66 yuan, with a price-to-earnings (P/E) ratio of 12.61 [1][9]