Marubi(SH:603983) Soochow Securities·2025-08-25 02:48Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 1.77 billion yuan in H1 2025, representing a year-on-year increase of 30.8% [7] - The net profit attributable to shareholders for H1 2025 was 190 million yuan, up 5.2% year-on-year, while the net profit after deducting non-recurring items was 180 million yuan, an increase of 6.6% [7] - The company has a high gross margin of 74.6% in H1 2025, although the net profit margin was under pressure due to increased sales expenses [7] - The company is focusing on a big product strategy, with strong performance from key products like the "Super Mask" and "Foundation" [7] - Online sales channels showed significant growth, with online revenue reaching 1.57 billion yuan, up 37.9% year-on-year, while offline revenue decreased by 7.1% [7] Financial Projections - The company forecasts total revenue of 3.79 billion yuan for 2025, with a year-on-year growth of 27.56% [1] - The projected net profit attributable to shareholders for 2025 is 438.81 million yuan, reflecting a year-on-year increase of 28.45% [1] - The earnings per share (EPS) is expected to be 1.09 yuan for 2025, with a corresponding P/E ratio of 41.39 [1][8]