Marubeni (603983): Subtraction and addition of eye care leader Marumi

Established in 2002, Marumei is committed to creating a skincare solution that meets the comprehensive needs of intellectual women’s skin with eye care as a breakthrough.

Subtraction: Focus on eye care for 18 years and expand the leading part of the segmentation market.

Faced with electronic screens and anti-aging needs for a long time, staying up late for continuous eye cream market. With the awakening of consumer eye care awareness, eye care has become more and more urgent. The eye care market, especially high-end eye care, has developed rapidly.

The unit price of eye cream is generally higher than other skin care products. In terms of gross profit margin, the gross profit margin of eye cream is generally higher than that of other skin care products. Marubeni ‘s eye care category has a gross profit margin of 73%.

At the beginning of its establishment in 2002, Marubeni aimed at the segment of eye care in the market segment. When consumers’ awareness of eye care was thin, they tried their best to create eye cream explosions, and cultivated consumer eye care concepts to cultivate greaterConsumer loyalty.

At present, Marubeni leads the domestic market with a high advantage, and eye care products have become Marubemi’s main source of revenue contribution.

Complete research and development system, dating Japanese ingenuity team.

Based on long-term theoretical research and practical exploration, the company has gradually accumulated many mature core production technologies through independent research and development and introduction of re-innovation.

In 2014, Marumi spent $ 25 million to build the world’s largest eye and skin research center in Guangzhou.

In 2016, Marumi set up a skin research center in Tokyo, Japan, dating a number of Japanese experts, from product development, production, quality control, product packaging design to market operation layers.

Precise marketing advertising has won popular support, and vigorously expanded marketing to enhance brand power.

Marumi has continued to iteratively upgrade, and has so far launched the fifth-generation Marumi Elastic Protein Eye Essence, and the ad word is always the phrase “bouncing bullets, bouncing crow’s feet”.

The high-frequency, image-based advertising words have aroused the reputation of Marubei Eye Essence and overlapped the position of the eye cream leader in the hearts of local consumers.

Marubeni invested heavily in marketing. The sales expense ratio was between 34% and 39% in 2015-2018, and advertising expenses accounted for 21% -28% of revenue.

The choice of 南宁桑拿 spokespersons and IP cooperation reflects Marumei’s grasp of consumer groups and trends.

Addition: Popular brand Chunji & makeup brand Lianhuo add value to the company.

Relying on its own research and development advantages, production advantages and distribution network advantages, the company has adopted a differentiated market positioning with the Marube brand, and has created a popular brand “Spring Age” with the concept of “natural food and skin care” and “Confidence Fashion” as its core brand.The connotative make-up brand “love fire” has formed a multi-level brand structure combining high-end and popular, skin care products and make-up, and adds value to the company with addition.

With the deepening of education and the rationalization of consumption, light medical beauty is more and more favored by consumers. In 苏州桑拿网 September 2018, Chunji launched the medical beauty grade anti-allergy sub-brand Chunji special care.

The company deeply cultivates eye care, expands the leading level of market segments, and popularizes brand Chunji & makeup brand Lovefire to add value to the company.

We expect the company’s EPS to be 1 in 19-21.



48 yuan, the issue price corresponding to PE is 18/16/14 x.

Risk reminders: risks of macroeconomic fluctuations, risks of intensified market competition, risks of dealer models, and risks of emerging business shocks such as e-commerce