Marubi(SH:603983) Guolian Securities·2024-04-29 07:30Investment Rating - The investment rating for the company is "Buy" [6][11]. Core Views - The company has shown a continuous improvement trend since Q3 2023, with expectations for brand momentum to increase and sales expense ratios to optimize [2][14]. - The main brand, Marubi, is expected to enhance its performance, while the PL brand, Lianhuo, has demonstrated significant growth, with a revenue increase of 125.14% [3][14]. - The company is undergoing a digital transformation that has begun to yield results, particularly in the e-commerce sector, with online channel revenue growth of 50.40% [3][15]. Financial Performance Summary - In 2023, the company reported revenue of 2.226 billion yuan, a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 259 million yuan, up 48.9% [1][4]. - For Q1 2024, revenue reached 661 million yuan, reflecting a year-on-year growth of 38.7%, with a net profit of 111 million yuan, up 40.6% [1][4]. - The company’s gross margin improved to 70.7% in 2023, an increase of 2.3 percentage points year-on-year, while the net profit margin reached 11.66%, up 1.6 percentage points [3][15]. Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 2.913 billion yuan, 3.512 billion yuan, and 4.180 billion yuan, respectively, with growth rates of 30.9%, 20.6%, and 19.0% [4][15]. - The net profit attributable to shareholders is expected to be 335 million yuan in 2024, 403 million yuan in 2025, and 482 million yuan in 2026, with corresponding growth rates of 29.3%, 20.3%, and 19.4% [4][15]. Valuation Metrics - The company’s earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.84 yuan, 1.01 yuan, and 1.20 yuan, respectively [4][15]. - The price-to-earnings (P/E) ratio is expected to decrease from 43.7 in 2023 to 33.8 in 2024, indicating a more attractive valuation over time [4][15].