Marubi(603983) 国元证券·2024-08-26 12:36Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company's performance in H1 2024 met expectations, with revenue growth of 27.65% year-on-year, reaching 1.352 billion yuan, and a net profit attributable to the parent company of 177 million yuan, up 35.09% year-on-year [2][4]. - The gross margin improved to 74.68%, an increase of 4.55 percentage points, attributed to product structure optimization and lean management [2]. - The online transformation of the company has shown significant results, with online channel revenue reaching 1.139 billion yuan, a year-on-year increase of 34.85%, accounting for 84.34% of total revenue [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 177 million yuan, with a year-on-year growth of 35.09% and a non-recurring net profit of 166 million yuan, up 40.21% [2]. - The sales expense ratio increased to 53.06%, reflecting higher competition and rising traffic costs, while the management expense ratio decreased to 3.44% [2]. Brand Performance - The main brand, Marubi, generated 930 million yuan in revenue, a growth of 25.87%, with a notable increase in sales from the Tmall flagship store by 34.29% [3]. - The second brand, PL, achieved revenue of 417 million yuan, growing 35.83% year-on-year, with strong performance during promotional events [3]. Future Projections - The company is expected to achieve net profits of 360 million yuan, 454 million yuan, and 574 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.90, 1.13, and 1.43 yuan [4].