Marubi(603983) 长江证券·2024-11-18 07:23Investment Rating - The report maintains a "Buy" rating for the company [6][5] Core Insights - In Q3 2024, the company achieved revenue of 600 million yuan, representing a year-on-year growth of 25.8%. The net profit attributable to shareholders was 60 million yuan, up 44.3% year-on-year, while the net profit excluding non-recurring items also reached 60 million yuan, reflecting a 56.1% increase [4][5] - The revenue growth accelerated on a quarter-on-quarter basis, with significant improvements in core product categories. For the first three quarters of 2024, the company's revenue grew by 27.1%, with quarterly growth rates of 38.7%, 18.6%, and 25.8% respectively. The core eye care category benefited from the upgrade of the "Little Red Pen" eye cream, showing a notable improvement in growth [4][5] - The company's gross margin in Q3 2024 increased by 2.1 percentage points to 74.5%, attributed to improved product mix and higher average selling prices in skincare, eye care, and cleansing categories. The operating profit margin also saw significant improvement due to optimized expense ratios [5] Summary by Sections Revenue Performance - The company reported a revenue of 600 million yuan in Q3 2024, with a year-on-year increase of 25.8%. The revenue growth for the first three quarters was 27.1%, with Q1, Q2, and Q3 growth rates of 38.7%, 18.6%, and 25.8% respectively. The eye care, skincare, cleansing, and beauty categories achieved revenues of 120 million, 220 million, 50 million, and 200 million yuan, with year-on-year changes of 22.3%, 15.1%, 12.2%, and 54.1% respectively [4][5] Profitability Analysis - The gross margin for Q3 2024 improved to 74.5%, a 2.1 percentage point increase year-on-year. The improvement is attributed to better product mix and increased average selling prices across key categories. The net profit margin for Q3 was 10.4%, up 1.3 percentage points year-on-year [5] Investment Recommendations - The company is currently in a phase of enhancing single product aggregation and increasing single product value, which is driving gross margin improvements. The main brand is seeing significant growth in core single products, particularly in the eye care category, with stable growth in skincare products. The report forecasts EPS for 2024, 2025, and 2026 to be 0.93, 1.21, and 1.57 yuan respectively [5][6]