Marubi(603983) 长江证券·2024-08-29 04:15Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company achieved a revenue of 1.35 billion yuan in H1 2024, representing a year-on-year growth of 27.7%. The net profit attributable to the parent company was 180 million yuan, up 35.1% year-on-year, while the net profit excluding non-recurring items reached 170 million yuan, growing by 40.2% [3][4]. - In Q2 2024, the company reported a revenue of 690 million yuan, an 18.6% increase year-on-year, with a net profit of 70 million yuan, up 26.7% year-on-year [3][4]. - The product structure continues to improve, with a significant increase in the sales of high-margin products, contributing to a gross margin increase of 4.6 percentage points to 74.7% in H1 2024 [3][4]. Summary by Sections Revenue Performance - The main brand, Marubi, and the sub-brand, Lianhuo, achieved revenues of 930 million yuan and 420 million yuan respectively, with year-on-year growth rates of 25.9% and 35.8%. The online sales channels, particularly Tmall and Douyin, saw significant growth, with Tmall flagship store sales increasing by 34.3% [3][4]. - In H1 2024, online and offline channels generated revenues of 1.14 billion yuan and 210 million yuan, reflecting year-on-year changes of 34.9% and -1.2% respectively [3][4]. Profitability Analysis - The gross margin improved due to an optimized product mix, with higher sales of the restructured collagen series. The average selling price of popular and new products also increased in Q2 2024 [3][4]. - The company maintained a stable gross profit margin, with the net profit margin for H1 2024 rising by 0.72 percentage points to 13% [3][4]. Future Outlook - The company is expected to continue improving its operational efficiency and profitability, with projected EPS for 2024, 2025, and 2026 at 0.92 yuan, 1.17 yuan, and 1.46 yuan respectively [4][10].