Marubi(603983) Guolian Securities·2024-10-28 09:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Insights - In Q3 2024, the company's revenue growth accelerated on a quarter-on-quarter basis, increasing from 18.6% in Q2 2024 to 25.8%. The comprehensive gross margin improved, and the net profit margin also showed a positive trend [2][7] - The company reported a comprehensive gross margin of 74.5% in Q3 2024, which is an increase of 2.07 percentage points year-on-year. The net profit margin for Q3 2024 was 10.38%, up by 1.33 percentage points year-on-year [2][7] - The company has been implementing a deepening single product strategy and refining management, with expectations for further transformation results to emerge [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.952 billion yuan, representing a year-on-year increase of 27.1%. The net profit attributable to the parent company was 239 million yuan, up 37.4% year-on-year [6] - In Q3 2024, the company generated a revenue of 600 million yuan, which is a 25.8% increase year-on-year, and the net profit attributable to the parent company was 62 million yuan, reflecting a year-on-year increase of 44.3% [6] - The company expects revenues of 2.905 billion yuan, 3.643 billion yuan, and 4.380 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 30.55%, 25.39%, and 20.23% [7][8] Valuation Metrics - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.91 yuan, 1.15 yuan, and 1.42 yuan, respectively, with price-to-earnings (P/E) ratios of 33x, 26x, and 21x based on the closing price on October 25, 2024 [7][8]