Marubi(SH:603983) Soochow Securities·2025-04-30 07:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in its major products, with online sales maintaining high growth [7] - The company has shown significant improvement in profitability and cost control, with gross margin increasing [7] - The dual-channel revenue growth is robust, with all four major product categories experiencing growth [7] - The company's brand strategy focusing on major products has enhanced user loyalty and brand performance [7] - The earnings forecast for 2025-2026 has been slightly adjusted downwards, but the long-term growth outlook remains positive [7] Financial Performance Summary - For 2024, total revenue is projected at 2,970 million, a year-on-year increase of 33.4% [7] - The net profit attributable to shareholders for 2024 is expected to be 341.63 million, up 31.7% year-on-year [7] - The gross margin for 2024 is forecasted to be 73.7%, an increase of 3.0 percentage points year-on-year [7] - Online revenue for 2024 is expected to reach 2,540 million, a growth of 35.8% [7] - The skincare category is projected to generate 1,125 million in revenue, a 21.6% increase [7] - The company's net profit margin for 2024 is estimated at 11.5%, a slight decrease of 0.2 percentage points year-on-year [7] Brand Performance Summary - The Marubi brand is expected to generate 2,055 million in revenue for 2024, a 31.69% increase [7] - The PL brand is projected to achieve 905 million in revenue for 2024, a growth of 40.72% [7] - The major product "Peptide Small Red Pen Eye Cream" has seen a significant increase in online sales, reaching 533 million, up 146% [7]