Marubi(603983) KAIYUAN SECURITIES·2024-10-28 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 28, 2024 [2]. Core Insights - The company reported a significant year-on-year growth in net profit of 44.32% for Q3 2024, indicating strong performance [2]. - The total revenue for Q1-Q3 2024 reached 1.952 billion yuan, reflecting a 27.1% increase, while the net profit for the same period was 239 million yuan, up 37.4% [2]. - The company maintains its profit forecast unchanged, expecting net profits of 375 million, 484 million, and 604 million yuan for 2024, 2025, and 2026 respectively, corresponding to EPS of 0.94, 1.21, and 1.51 yuan [2][6]. Revenue and Profit Analysis - In Q3 2024, the company achieved revenues of 600 million yuan, a 25.8% increase, with net profit of 62 million yuan, up 44.3% [2][7]. - Revenue breakdown by product category for Q3 2024 includes: eye care at 124 million yuan (+22.3%), skincare at 216 million yuan (+15.1%), cleansing at 55 million yuan (+12.2%), and beauty products at 202 million yuan (+54.1%) [7]. - The average selling prices for Q3 2024 saw increases in eye care (+9.49%) and skincare (+43.07%), while beauty products experienced a decrease of 16.55% [7]. Financial Metrics - The company’s gross margin and net margin for Q3 2024 were 74.5% (+2.1 percentage points) and 10.4% (+1.3 percentage points) respectively, indicating improved profitability [7]. - The company’s operating expenses as a percentage of revenue for Q3 2024 were 58.9% for sales, 4.1% for management, and 3.1% for R&D, showing a decrease in costs due to operational efficiency improvements [7]. Brand and Product Strategy - The company continues to optimize its product structure, focusing on core products with high sales concentration, particularly in the collagen product line [8]. - The main brand, Marubi, is expected to perform steadily, while the second-tier brand, Lianhuo, is experiencing rapid growth [8]. - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares (including tax), with a dividend payout ratio of 41.98% [8].