New stock analysis of Marubeni (603983): Leading eye care company enjoys e-commerce channel bonus scale expansion advantage

New stock analysis of Marubeni (603983): Leading eye care company enjoys e-commerce channel bonus scale expansion advantage

The company has been deeply cultivating eye care for nearly 20 years, developing / manufacturing / marketing a complete chain, and enhancing the differentiated competition barriers of the “Marumi” brand through product innovation. At the same time, it is continuously expanding its brand and category to create a multi-brand matrix with different positioning and benefits.

The offline channel is mainly based on the distribution model, and is undergoing refinement and structural integration. At the same time, the company conforms to the air outlet and began to develop e-commerce in 2014. Through direct management and cooperation with high-quality operators and dealers, fully enjoy the power of electricity.The release of dividends from commercial channels.

Considering that the cosmetics industry is in the stage of brand upgrade, it is expected that the use of new marketing methods and deep cultivation channels will continue to promote the rapid growth of the leader, but the corresponding competition will also intensify. In the long run, continue to strengthen product research and development,Group companies with all categories and positioning are expected to prosper.

The company’s existing brand and channel bonus advantages still exist, and the product and brand incubation matrix is looking forward to the industry’s development direction and layout.

The cosmetics industry is at the stage of brand upgrading, and the industry has excellent growth attributes.

Driven by rising consumer power and intergenerational conversion, the cosmetic industry has led optional consumption since 2017 in a weak urban environment, and the industry’s growth rate has maintained a double-digit growth level in 2017-2018.

In recent years, there has been a phenomenon of simultaneous upgrading of high-end and masses. Among them, overseas brands in the first and second-tier markets have absolute advantages, and the high quality-price ratio of integrated products of local leading brands, the capture of first-line and offline channel bonuses, and the ground gasThe marketing method has fully enjoyed the consumption upgrade bonus of low-tier cities, and the city’s share has gradually increased from 13% in 2009 to 23 in 2018.


In the future, based on the enhancement of research and development capabilities, the enhancement of product depth and breadth, coupled with the online and offline digital integrated development and community scenario operation models, will become the core elements of local cosmetics brands’ national competition.

Taking eye care as a breakthrough, we are seeking to extend the multi-brand and multi-product matrix.

The company’s brands cover the eye cream star brand “Marubei”, the popular skincare brand “Chunji” and the makeup brand “Lianhuo”.

The operation mode is mainly distribution, and a sales network covering multiple channels such as e-commerce, department stores, beauty salons, and daily chemical stores has been established. Currently, the number of terminal outlets exceeds 1.

60,000, mainly distributed in third-tier cities and below.

In recent years, through the promotion of brand awareness and the release of online and offline channel dividends, the company’s performance has steadily increased, and its revenue and net profit in 2018 were 15 respectively.

76 and 4.

1.5 billion; The compound annual growth rate of revenue and net profit from 2011 to 2018 replaced 14%.

But the current market share is only 0.

6%, future multi-brand and multi-product matrix integration and improvement space.

Product differentiation, efficient e-commerce operations and precise marketing have become the company’s core competitive factors.

The company has been deeply cultivating eye skin care products for many years, creating more demand through functional innovation, and is seeking new categories and brand extensions.

At the same time, flexibly adjust the channel structure. By 2014, mainly rely on the rapid expansion of CS store channels in low-tier cities. In 2014, we began to work with high-quality operators and distributors to seize e-commerce dividends and use social e-commerce / KOL to spreadYoung celebrity endorsements and online drama implantation have jointly promoted the rapid expansion of online scale, but in the future, it is still necessary to strengthen the retail power and balance of interests under each model.

Profit forecast and investment advice: EPS for 2019-2021 is expected to be 1.

16 yuan / 1.

32 yuan / 1.

49 yuan, the issue price corresponds to 19PE18X, it is estimated that it is not high, it is recommended to purchase.

Risk reminder: the risk of e-commerce operating costs rising, and 南京桑拿网 the risk of serious deregulation of online distribution rights.