Marubi(603983) 开源证券·2025-04-29 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 28.6% increase in non-net profit attributable to the parent company for Q1 2025, indicating sustained upward momentum [4] - The company's revenue for 2024 reached 2.97 billion yuan, a year-on-year increase of 33.4%, with a net profit of 342 million yuan, up 31.7% [4] - For Q1 2025, the company achieved revenue of 847 million yuan, a 28.0% increase, and a net profit of 135 million yuan, up 22.1% [4] - The projected net profits for 2025-2027 are 456 million, 597 million, and 763 million yuan respectively, with corresponding EPS of 1.14, 1.49, and 1.90 yuan [4] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 are 33.4% and 31.7% respectively, with a gross margin of 73.7% [7] - The revenue breakdown for 2024 shows significant growth in various product categories: eye care (+60.8%), skincare (+21.6%), cleansing (+8.8%), and beauty products (+40.5%) [5] - The company’s gross margin for Q1 2025 is reported at 76.1%, reflecting a 1.4 percentage point increase [5] - The company’s operating expenses have been managed effectively, with sales expenses increasing due to enhanced brand investment [5] Product and Brand Performance - The company has seen strong performance in its key products, with the "Little Red Pen" achieving a GMV of 530 million yuan, a 146% increase, and the "Little Gold Needle" reaching 350 million yuan, up 96% [5] - The brand "Mame" and "Lianhuo" both reported revenue growth exceeding 30% and 40% respectively [5] - The company’s user engagement metrics show a 31% increase in active brand members and a 48% increase in repurchase amounts [6]