Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, aligning with market expectations [1] Financial Performance - For 2024, the company achieved revenue of 2.97 billion, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million, up 31.7% [1] - The non-GAAP net profit for 2024 was 330 million, reflecting a substantial increase of 73.9% year-on-year [1] - In Q1 2025, revenue reached 850 million, a 28.0% increase year-on-year, with a net profit of 135 million, up 22.1% [1] Development Trends - The company continues to deepen its single product strategy, with rapid growth across all channels. The main brand, Marubi, generated revenue of 2.06 billion in 2024, a 31.7% increase, with key products achieving significant sales growth [2] - Online revenue for 2024 was 2.54 billion, accounting for 85.5% of total revenue, reflecting a 35.8% year-on-year increase, while offline revenue was 430 million, up 21.0% [2] Product Structure and Cost Control - The gross margin improved due to optimized product structure and cost control, with gross margins for 2024 and Q1 2025 increasing by 3.0 and 1.4 percentage points to 73.7% and 76.1%, respectively [3] - The company experienced an increase in sales expense ratio due to rising online traffic costs, while management and R&D expense ratios decreased [3] Brand and Product Expansion - The company plans to expand its product matrix and enhance brand content marketing, with new product launches scheduled for April, including the Super Mask and various new items under the Love Fire brand [4] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2026, with the current stock price corresponding to a P/E ratio of 35/29 for those years. The target price has been raised by 32% to 50, indicating a potential upside of 21% [5]
丸美生物(603983)：Q1扣非净利同增29% 大单品策略持续深化