Marubi(603983)2024-10-27 12:20Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Views - The company reported Q3 results that exceeded expectations, with revenue of 1.95 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 27.1%. The net profit attributable to shareholders was 239 million yuan, up 37.4% year-on-year [4][5]. - The company's profitability continues to improve, with a gross margin of 74.63% for Q1-Q3 2024, an increase of 3.79 percentage points year-on-year, and a net profit margin of 12.23%, up 0.92 percentage points year-on-year [4][5]. - Strong performance in key products, with significant growth in online channels for the main brand and the "Lianhuo" brand, both exceeding 50% year-on-year growth [4][5]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of 1.95 billion yuan, a 27.1% increase year-on-year, and a net profit of 239 million yuan, reflecting a 37.4% year-on-year growth [4][6]. - The gross margin for Q1-Q3 2024 was 74.63%, while the net profit margin was 12.23% [4][6]. Future Projections - The company is expected to achieve net profits of 386 million yuan, 460 million yuan, and 576 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 31, 26, and 21 [5][6]. Market Position - The company has successfully launched new products, such as the collagen cream, which has received positive market feedback, contributing to brand growth [4][5].