Marubi(SH:603983) Soochow Securities·2025-11-02 09:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure due to adjustments, but the expansion of new products is expected to drive growth [1] - The company reported a revenue of 2.45 billion yuan for the first three quarters of 2025, a year-on-year increase of 25.5%, and a net profit attributable to shareholders of 240 million yuan, up 2.1% year-on-year [7] - The gross margin remains high, but the increase in sales expenses has pressured the net profit margin [7] - The company is focusing on a big product strategy to enhance user loyalty, with strong performance from flagship products [7] - The company has adjusted its profit forecasts for 2025-2027, with net profit estimates revised down to 380 million, 500 million, and 620 million yuan respectively, reflecting a year-on-year growth of 10%, 32%, and 23% [7] Financial Summary - Total revenue forecast for 2023A is 2.226 billion yuan, with a projected growth of 28.52% [1] - The net profit attributable to shareholders for 2023A is forecasted at 259.42 million yuan, with a year-on-year increase of 48.93% [1] - The latest diluted EPS for 2023A is estimated at 0.65 yuan per share [1] - The company’s P/E ratio is projected to decrease from 53.38 in 2023A to 22.51 in 2027E [1] - The gross margin for 2025 is expected to be 74.9%, with a slight increase in subsequent years [8]