Marubi(SH:603983) Wanlian Securities·2025-08-26 08:54Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company reported a strong revenue growth of 30.83% year-on-year, reaching 1.769 billion yuan in the first half of 2025, but the net profit growth was lower than expected, increasing by only 5.21% to 186 million yuan [1][12] - The online channel showed impressive growth with a revenue increase of 37.85%, accounting for 88.87% of total revenue, while the offline channel faced challenges with a revenue decline of 7.07% [1][2] - The company is transitioning from a traditional cosmetics enterprise to a biotechnology cosmetics company, focusing on technological research and development, which enhances its competitive edge in the beauty market [11][12] Revenue and Profitability - In Q2 2025, the company achieved a revenue of 923 million yuan, a year-on-year increase of 33.53%, but the net profit decreased by 23.08% to 51 million yuan [1] - The gross margin slightly decreased to 73.28% in Q2 2025, while the net margin fell significantly to 5.51% due to increased marketing expenses [3][10] - The company plans to maintain its previous profit forecasts, expecting net profits of 411 million yuan, 476 million yuan, and 537 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.03, 1.19, and 1.34 yuan per share [12][15] Channel and Product Strategy - The main brand, Marubi, generated 1.250 billion yuan in revenue, a 34.36% increase year-on-year, while the second brand, PL, achieved 516 million yuan, up 23.87% [2] - The company is focusing on a big product strategy, concentrating on core products to build a synergistic product matrix [2][11] Financial Forecast - The company is projected to have a revenue of 3.612 billion yuan in 2025, with a growth rate of 21.62%, and a net profit of 411 million yuan, reflecting a growth rate of 20.40% [12][15] - The price-to-earnings ratio is expected to decrease from 49.57 in 2024 to 41.17 in 2025, indicating a more attractive valuation over time [15]