Marubi(SH:603983) HTSC·2025-04-30 08:04Investment Rating - The investment rating for the company is maintained as "Buy" [7] Core Views - The company has achieved high-quality revenue growth for nine consecutive quarters, with a revenue of 2.97 billion RMB in 2024, representing a year-on-year increase of 33.44%, and a net profit of 342 million RMB, up 31.69% year-on-year [1] - The main brand products, including the "Little Red Pen" eye cream and "Little Gold Needle" series, show strong momentum, with significant online sales growth [2] - The company is experiencing synergistic growth in both online and offline channels, with online revenue reaching 2.54 billion RMB in 2024, a year-on-year increase of 35.77% [3] Summary by Sections Revenue and Profitability - The company has reported a continuous double-digit revenue growth for nine quarters, with a net profit margin consistently above 9% [1] - In Q1 2025, the company achieved a revenue of 847 million RMB, a year-on-year increase of 28.01%, and a net profit of 135 million RMB, up 22.07% year-on-year [1] Product Performance - The "Little Red Pen" eye cream has been iterated to version 3.0, achieving an online GMV of 533 million RMB, a year-on-year increase of 146% [2] - The "Little Gold Needle" essence has also seen significant growth, with an online GMV of 350 million RMB, up 96% year-on-year [2] Cost and Expense Management - The sales expense ratio for 2024 was 55.0%, an increase of 1.19 percentage points year-on-year, reflecting increased investment in brand building and online competition [3] - The management expense ratio decreased to 3.7%, indicating improved cost efficiency [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 448 million RMB, 585 million RMB, and 758 million RMB respectively [4] - The target price has been raised to 50.40 RMB, based on a projected PE of 45 times for 2025 [4]