Marubi(603983) 华源证券·2025-04-29 13:31Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved impressive growth in 2024, with total revenue reaching 2.97 billion yuan, a year-on-year increase of 33.44%, and net profit attributable to shareholders of 342 million yuan, up 31.69% year-on-year [7] - The dual-brand strategy of Marubi and PL Fire is showing positive momentum, with both brands contributing significantly to revenue [7] - The company is expected to maintain strong growth in the coming years, with projected net profits of 469 million yuan in 2025, 590 million yuan in 2026, and 724 million yuan in 2027, reflecting growth rates of 37.4%, 25.8%, and 22.7% respectively [7][8] Financial Performance Summary - Revenue projections for the company are as follows: 2,226 million yuan in 2023, 2,970 million yuan in 2024, 3,832 million yuan in 2025, 4,735 million yuan in 2026, and 5,615 million yuan in 2027, with respective growth rates of 28.52%, 33.44%, 29.04%, 23.56%, and 18.59% [6] - The company's gross margin for 2024 is projected at 73.7%, an increase of 3.01 percentage points year-on-year, indicating effective cost control and product mix optimization [7] - The company’s net profit margin for 2024 is expected to be 11.50%, with a return on equity (ROE) of 10.11% [6][8]