Marubi(603983) Guoyuan Securities·2024-10-29 00:32Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company reported better-than-expected performance in Q3 2024, with a revenue of 1.95 billion yuan, a year-on-year increase of 27.07%, and a net profit attributable to shareholders of 239 million yuan, up 37.38% year-on-year [3]. - The gross profit margin for the first three quarters was 74.63%, and the net profit margin was 12.23% [3]. - The company is focusing on a big product strategy, enhancing its brand image in the eye care and anti-aging segments, with significant growth in its major brands [4]. Financial Performance - For Q3 2024, the company achieved a revenue of 600 million yuan, a year-on-year increase of 25.79%, and a net profit of 62.27 million yuan, up 44.32% year-on-year [3]. - The average selling prices for various product categories increased, with skincare products seeing a notable price rise of 43.07% [4]. - The company expects EPS for 2024-2026 to be 0.89, 1.12, and 1.41 yuan, corresponding to PE ratios of 34, 27, and 21 times respectively [5]. Brand Performance - The eye care products generated 124 million yuan in revenue, up 22.28% year-on-year, while skincare products reached 215 million yuan, a 15.14% increase [4]. - The beauty product category saw a remarkable growth of 54.11% year-on-year, indicating a strong performance from the company's major brands [4]. Market Position - The company has established a differentiated positioning with its mid-to-high-end brand "Marubi" and the high-quality, minimalist makeup brand "Lianhuo" to meet diverse consumer needs [5].