Marubi(603983) 万联证券·2024-08-27 13:53Investment Rating - The investment rating for the company is "Add" [3] Core Views - The company reported a revenue of 1.352 billion yuan for H1 2024, representing a year-on-year increase of 27.65%, and a net profit attributable to shareholders of 177 million yuan, up 35.09% year-on-year. The Q2 2024 revenue was 691 million yuan, with a year-on-year growth of 18.52%, and a net profit of 66 million yuan, reflecting a year-on-year increase of 26.71% [1][2] Summary by Sections Online and Offline Channels - Online channel revenue grew rapidly, reaching 1.139 billion yuan, a year-on-year increase of 34.85%, accounting for 84.34% of total revenue. In contrast, offline channel revenue was 212 million yuan, down 1.16% year-on-year, making up 15.66% of total revenue [2] Brand Performance - The main brand, Marubi, achieved revenue of 930 million yuan in H1 2024, a growth of 25.87%. The second brand, PL, saw revenue of 417 million yuan, up 35.83%. The company is focusing on a "big product" strategy to enhance brand influence [2] Profitability Metrics - The gross margin for H1 2024 was 74.68%, an increase of 4.56 percentage points year-on-year. The net margin was 13.09%, up 0.69 percentage points year-on-year. However, the sales expense ratio increased significantly, impacting net profit growth [2][3] Financial Forecast - The company forecasts revenues of 2.786 billion yuan for 2024, with a growth rate of 25.20%. The net profit is expected to be 356 million yuan, reflecting a growth rate of 37.10% [2][6] Research and Development - The company has initiated 36 self-research innovation projects and filed 21 new patent applications in H1 2024, with a total of 531 patent applications to date. Collaborations with various research institutions have led to the establishment of new industry standards [2][3]