Marubi(603983) 广发证券·2024-12-11 06:58Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.84 CNY per share, reflecting a 35 times PE for 2024 [5][2]. Core Insights - The company has changed its name to Marubi Biotech, emphasizing its strategic focus on synthetic biology and the development of biological skincare products. It has achieved self-research and production of core biological raw materials [1]. - The small gold needle series is being gradually improved, positioning the company in the high-growth collagen protein market. The company launched the collagen essence small gold needle in 2021 and has introduced new products in 2023, including the small gold needle cream [1]. - Strong potential for major products is evident, with significant growth in sales expected for key items like the small red pen eye cream and small gold needle essence, with projected GMV increases of 108% and 84% respectively for 2024 [1]. Financial Forecast - The company is projected to achieve a net profit attributable to shareholders of 350 million CNY, 450 million CNY, and 550 million CNY for the years 2024, 2025, and 2026 respectively, following seven consecutive quarters of high growth since the end of 2022 [2]. - Revenue is expected to grow from 2,226 million CNY in 2023 to 2,906 million CNY in 2024, reflecting a growth rate of 30.6% [3]. - The EBITDA is forecasted to increase from 207 million CNY in 2023 to 348 million CNY in 2024, indicating a strong upward trend in profitability [3]. Summary of Financials - The company’s revenue for 2022 was 1,732 million CNY, with a projected increase to 2,906 million CNY in 2024, showing a growth rate of 30.6% [3]. - The net profit for 2022 was 174 million CNY, expected to rise to 353 million CNY in 2024, marking a growth rate of 36.2% [3]. - The earnings per share (EPS) is projected to grow from 0.65 CNY in 2023 to 0.88 CNY in 2024 [3].