Marubi(603983) 申万宏源·2024-04-30 05:32Investment Rating - The investment rating for the company is "Outperform" [4][19]. Core Insights - The company reported a revenue of 2.226 billion yuan for 2023, representing a year-on-year growth of 28.52%, and a net profit attributable to shareholders of 259 million yuan, up 48.93% year-on-year [19]. - For Q1 2024, the company achieved a revenue of 661 million yuan, a year-on-year increase of 38.73%, with a net profit of 111 million yuan, reflecting a growth of 40.62% [19]. - The company maintains a strong focus on brand and channel development, with significant growth in online sales channels, which increased by 50.4% year-on-year [8][19]. Financial Performance Summary - The company's total revenue for 2023 was 2.226 billion yuan, with a gross profit margin of 70.69%, an increase of 2.30 percentage points year-on-year [19]. - The net profit for 2023 was 259 million yuan, with a net profit margin of 12.47%, up 2.80 percentage points year-on-year [19]. - The company forecasts net profits of 386 million yuan, 460 million yuan, and 576 million yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 31, 26, and 21 [9][10].