Marubi(SH:603983) Wanlian Securities·2024-04-30 01:30Investment Rating - The investment rating for the company is "Add" [5] Core Insights - The company reported a significant increase in performance for Q1 2024, with revenue reaching 661 million yuan, a year-on-year increase of 38.73%, and a net profit attributable to shareholders of 111 million yuan, up 40.62% year-on-year [3][4] - The growth in revenue and net profit is attributed to a decrease in the prices of key raw materials and an increase in sales volume across various product categories [4] - The company has optimized its product structure, leading to a notable increase in average selling prices across different categories, with eye care products seeing a 15.11% increase in average price to 94.24 yuan per unit [4] - The gross margin improved significantly, rising by 5.93 percentage points to 74.61%, driven by product structure optimization and lower raw material costs [4] Summary by Sections Financial Performance - For Q1 2024, the company achieved revenue of 661 million yuan, a 38.73% increase year-on-year, and a net profit of 111 million yuan, reflecting a 40.62% increase [3][4] - The average selling prices for various product categories increased significantly, with skincare products up 37.89% to 84.10 yuan per unit [4] Profitability Metrics - The gross margin increased to 74.61%, while the net profit margin rose to 16.73%, an increase of 0.19 percentage points year-on-year [4] - The sales expense ratio increased to 50.29%, reflecting the company's ongoing investment in brand transformation and online competition [4] Future Projections - The company is expected to see continued growth, with projected net profits of 356 million yuan in 2024, 412 million yuan in 2025, and 486 million yuan in 2026, representing growth rates of 37.10%, 15.90%, and 17.82% respectively [9] - The earnings per share (EPS) are projected to be 0.89 yuan in 2024, 1.03 yuan in 2025, and 1.21 yuan in 2026 [9]