Marubi(SH:603983) KAIYUAN SECURITIES·2025-08-24 11:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main brand continues to drive performance growth, with a revenue increase of 30.8% year-on-year in H1 2025, reaching 1.769 billion yuan, while net profit grew by 5.2% [4][5] - The company has adjusted its profit forecast due to intense industry competition, projecting net profits of 400 million, 523 million, and 667 million yuan for 2025, 2026, and 2027 respectively [4][5] - The dual-brand strategy is expected to sustain performance growth, and the current valuation is considered reasonable [4] Financial Performance - In H1 2025, the company achieved revenue of 1.769 billion yuan, with a net profit of 186 million yuan [4] - For Q2 2025, revenue was 923 million yuan (up 33.5%), but net profit decreased by 23.1% to 51 million yuan [4] - The company's gross margin for H1 2025 was 74.6%, remaining stable year-on-year [5] Product and Market Strategy - The company reported strong performance in eye care products, with revenue of 420 million yuan (up 76.2%), while skincare and beauty categories also showed growth [5] - The online sales channel saw a significant increase, with online revenue reaching 1.571 billion yuan (up 37.9%), while offline sales declined by 7.1% [5] - The company is focusing on enhancing brand awareness and product innovation, with a notable new product launch achieving top sales rankings [6] Financial Projections - Revenue projections for 2025 to 2027 are 3.852 billion, 4.852 billion, and 5.906 billion yuan respectively, with year-on-year growth rates of 29.7%, 26.0%, and 21.7% [7][9] - The projected net profit for 2025 is 400 million yuan, with an expected EPS of 1.00 yuan [7][9] - The company's P/E ratio is projected to decrease from 45.4 in 2025 to 27.2 in 2027, indicating improving valuation over time [7][9]