Marubi(603983) Wanlian Securities·2024-04-29 14:30Investment Rating - The investment rating for the company is "Add" [14] Core Views - The company has achieved significant breakthroughs in channel transformation, with its second brand, PL Lianhuo, showing remarkable performance [7][12] - The company reported a revenue of 2.226 billion yuan in 2023, representing a year-on-year growth of 28.52%, and a net profit of 259 million yuan, up 48.93% year-on-year [3][4] - The online channel accounted for over 80% of total revenue, with online sales reaching 1.871 billion yuan, a 50.40% increase year-on-year [4] Financial Summary - For 2023, the company achieved a gross margin of 70.69% and a net margin of 12.47%, with both margins showing improvements compared to the previous year [4][9] - The forecast for 2024-2026 indicates a net profit of 356 million yuan, 412 million yuan, and 486 million yuan respectively, with growth rates of 37.10%, 15.90%, and 17.82% [7][9] - The earnings per share (EPS) are projected to be 0.89 yuan, 1.03 yuan, and 1.21 yuan for 2024, 2025, and 2026 respectively [7][9] Business Strategy - The company has shifted its sales model from a traditional distribution and offline focus to an online and direct sales approach, enhancing its operational thinking to be more consumer-centric [4][7] - The main brand, Marubi, continues to focus on a big product strategy, while the second brand, PL Lianhuo, has achieved a revenue of 643 million yuan, growing 125.14% year-on-year [7][12] - The company emphasizes research and development, with 76 new patent applications in 2023 and collaborations with over 20 domestic and international research institutions [7][12]