Marubi(603983) Wanlian Securities·2024-10-31 00:32Investment Rating - The investment rating for the company is "Add" [4][9]. Core Insights - The company reported a strong performance in Q3 2024, with revenue reaching 1.952 billion yuan, a year-over-year increase of 27.07%, and a net profit of 239 million yuan, up 37.38% year-over-year. Q3 alone saw revenues of 600 million yuan, growing 25.79% year-over-year, and a net profit of 62 million yuan, which is a 44.32% increase year-over-year [1][2]. Revenue Growth by Product Category - All major product categories experienced positive revenue growth, with beauty products showing the most significant increase. In Q3 2024, revenue from eye care, skin care, cleansing, and beauty products reached 124 million, 215 million, 55 million, and 202 million yuan respectively, with year-over-year growth rates of 22.28%, 15.14%, 12.25%, and 54.11% [2]. Profitability Metrics - The gross margin and net margin improved in Q3 2024, with gross margins at 74.52%, up 2.07 percentage points year-over-year, and net margins at 10.46%, an increase of 1.41 percentage points year-over-year. The sales expense ratio slightly decreased year-over-year [2][6]. Future Earnings Forecast - The company is projected to achieve revenues of 2.786 billion yuan in 2024, with a growth rate of 25.20%. The net profit is expected to reach 356 million yuan, reflecting a growth rate of 37.10%. Earnings per share (EPS) are forecasted to be 0.89 yuan [3][6]. Market Performance - The company's stock is currently priced at 31.25 yuan, with a total market capitalization of 12.531 billion yuan [4].