Marubi(603983) 国信证券·2025-04-28 07:11Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][20] Core Views - The company achieved a revenue of 2.97 billion in 2024, representing a year-on-year growth of 33.44%, with a net profit attributable to the parent company of 342 million, up 31.69% year-on-year [1][7] - The main brand, Marubi, generated a revenue of 2.055 billion in 2024, reflecting a growth of 31.69%, while the secondary brand, Lianhuo, achieved a revenue of 905 million, up 40.72% [2][8] - The company is experiencing a product momentum explosion, particularly with its key products, which are driving significant revenue and profit growth [3][16] Financial Performance - In Q1 2025, the company reported a revenue of 847 million, a year-on-year increase of 28.01%, and a net profit of 135 million, up 22.07% [1][7] - The gross margin for 2024 was 73.70%, an increase of 3.01 percentage points year-on-year, and is projected to rise to 76.05% in Q1 2025 [3][11] - The company’s operating cash flow for 2024 was 301 million, showing a decrease of 11.09% year-on-year, while Q1 2025 saw a significant increase of 117.93% [14] Revenue Breakdown - The eye care category generated 689 million in revenue for 2024, a growth of 60.78%, primarily driven by the Marubi Xiaohong Pen eye cream [2][8] - Online sales channels contributed 2.541 billion in revenue for 2024, up 35.77%, accounting for 85.55% of total revenue [2][8] - The company’s top three core products accounted for 64% of sales, indicating a further increase in product concentration [2][8] Profitability Metrics - The net profit margin for 2024 was 11.53%, a decrease of 0.94 percentage points year-on-year, while the gross profit margin continued to improve [11][18] - The company’s return on equity (ROE) is projected to reach 10.1% in 2024, increasing to 17.4% by 2027 [4][18] Future Projections - The company is expected to achieve a revenue of 3.941 billion in 2025, with a net profit of 476 million, reflecting a growth of 32.7% and 39.4% respectively [4][18] - The forecast for 2027 includes a net profit of 822 million, with a corresponding price-to-earnings (PE) ratio of 20x [3][4][16]