Marubi(SH:603983) Minsheng Securities·2024-04-29 01:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its future performance [1]. Core Insights - The company reported a revenue of 2.226 billion yuan in 2023, representing a year-on-year increase of 28.52%, with a net profit attributable to shareholders of 259 million yuan, up 48.93% year-on-year [1]. - The online transformation has shown significant results, with the main brand and the new brand "Lianhuo" achieving revenue growth of 11.63% and 125.14% respectively in 2023 [1]. - The company's gross profit margin for 2023 was 70.69%, an increase of 2.30 percentage points year-on-year, and the net profit margin for 2023 was 11.66%, up 1.60 percentage points year-on-year [1]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 689 million yuan, a year-on-year increase of 17.20%, and a net profit of 86 million yuan, up 57.99% year-on-year [1]. - For Q1 2024, the company reported a revenue of 661 million yuan, a year-on-year increase of 38.73%, and a net profit of 111 million yuan, up 40.62% year-on-year [1]. Channel and Product Strategy - The company has actively promoted its online channel transformation, focusing on platforms like Douyin and Kuaishou, resulting in a revenue growth of 106.29% on Douyin in 2023 [1]. - The main brand "Marubi" has adopted a big product strategy, with key products like the "Marubi Little Red Pen Eye Cream" achieving over 200 million yuan in sales [1]. Profit Distribution - The profit distribution plan for 2023 includes a cash dividend of 5.20 yuan per 10 shares, totaling 209 million yuan, which accounts for 80.38% of the net profit attributable to shareholders [1]. Future Projections - The company is expected to achieve net profits of 451 million yuan, 597 million yuan, and 698 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 25X, 19X, and 16X [1].