Marubi(603983) China Post Securities·2024-10-28 02:15Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company has shown strong revenue growth, with a 27.1% year-on-year increase in revenue for the first three quarters of 2024, reaching 1.95 billion yuan, and a 37.4% increase in net profit attributable to shareholders, totaling 240 million yuan [1][2] - The company's gross margin has improved to 70.8% for the first three quarters of 2024, up 3.5 percentage points year-on-year, driven by product mix optimization and lean management [2] - The report highlights the rapid growth of the makeup segment and an increase in average prices in the skincare category, indicating a robust performance despite a general industry slowdown [2] Financial Performance Summary - Revenue growth rates for the first three quarters of 2024 were 38.7%, 18.6%, and 25.8% respectively, with Q3 revenue reaching 600 million yuan [2] - The company’s Q3 gross margin was 72.2%, reflecting a year-on-year increase of 1.0 percentage point [2] - The projected net profit for 2024-2026 is estimated at 350 million yuan, 440 million yuan, and 540 million yuan respectively, with corresponding P/E ratios of 34x, 27x, and 22x [2][3]