Marubi(603983) Soochow Securities·2024-10-27 23:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported stable high growth in its Q3 2024 results, with revenue of 1.952 billion yuan (+27.07% year-on-year) and net profit attributable to shareholders of 239 million yuan (+37.38%) [1] - The strong performance is attributed to the deepening of the main brand's single product strategy and the continued rapid growth of the PL brand [1] - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares (including tax) [1] Revenue and Profitability - Q3 2024 revenue reached 600 million yuan (+25.79%), with net profit attributable to shareholders at 62 million yuan (+44.32%) [2] - The gross margin for Q1-Q3 2024 increased by 3.78 percentage points to 74.63%, driven by the volume increase of major products [2] - The net profit margin for Q1-Q3 2024 was 12.23%, up by 0.92 percentage points year-on-year [2] Product Performance - Eye care products in Q3 2024 generated revenue of 124 million yuan (+22%), while skincare products generated 215 million yuan (+15%) [2] - Beauty products saw a significant revenue increase of 54%, with a sales volume increase of approximately 71% [2] - The company focuses on core single products to enhance brand loyalty, with significant sales contributions from products like the peptide small red pen and collagen small gold needle [2] Future Outlook - The company has a strong pipeline of new products, with recent launches performing well during the Double Eleven shopping festival [2] - The report forecasts net profits for 2024-2026 at 3.5 billion yuan, 4.5 billion yuan, and 5.7 billion yuan, with year-on-year growth rates of +36%, +29%, and +25% respectively [2]