Marubi(SH:603983) Tianfeng Securities·2024-05-05 01:00Investment Rating - The investment rating for the company is "Add" (maintained rating) for the next six months [3]. Core Views - The company has shown significant growth in revenue and net profit, with 2023 revenue reaching 2.23 billion yuan, a year-on-year increase of 28.5%, and a net profit of 260 million yuan, up 48.9% year-on-year [11][17]. - The company's main brand, Marubi, has successfully implemented a "big product" strategy, with notable sales performance from key products [10]. - Online sales have become a crucial growth driver, accounting for 84.11% of total revenue in 2023, with a year-on-year increase of 50.40% [12]. Financial Performance Summary - Revenue (in million yuan): 1,731.72 (2022), 2,225.59 (2023), 3,084.67 (2024E), 3,710.86 (2025E), 4,215.54 (2026E) [2]. - Net profit attributable to the parent company (in million yuan): 174.18 (2022), 259.42 (2023), 392.61 (2024E), 490.20 (2025E), 633.98 (2026E) [2]. - EBITDA (in million yuan): 261.33 (2022), 387.91 (2023), 457.80 (2024E), 603.54 (2025E), 769.83 (2026E) [2]. - Gross margin for 2023 was 70.7%, an increase of 2.3 percentage points year-on-year [11]. Market Position and Strategy - The company is focusing on enhancing its online presence and optimizing its product structure to drive growth [12][17]. - The organization has undergone structural optimization to improve efficiency and adapt to market demands [16].