Marubi(SH:603983) East Money Securities·2024-05-08 08:30Investment Rating - The report maintains a rating of "Add" for the company [7] Core Insights - The company's performance is driven by high growth in the "Lianhuo" brand and increased sales on platforms like Tmall and Douyin, with significant revenue contributions from various product categories [2] - The company has implemented a "big product + set" strategy, which is expected to continue driving growth, particularly in the Lianhuo product line [12] Financial Performance Summary - In 2023, the company achieved a revenue of 22.26 billion yuan, representing a year-on-year increase of 28.52%, and a net profit attributable to shareholders of 2.59 billion yuan, up 48.93% [5] - For Q1 2024, the company reported a revenue of 6.61 billion yuan, an increase of 38.73%, and a net profit of 1.11 billion yuan, up 40.62% [5] - The gross margin improved to 70.69% in 2023 and 74.61% in Q1 2024, reflecting product structure optimization and cost control [4] - The company expects net profits to grow to 3.4 billion yuan in 2024, 4.3 billion yuan in 2025, and 5.3 billion yuan in 2026, with corresponding EPS of 0.85, 1.08, and 1.33 yuan [12] Revenue Breakdown - Revenue from the main brand "Marumi" reached 15.6 billion yuan, a growth of 11.63%, while "Lianhuo" generated 6.43 billion yuan, a remarkable increase of 125.14% [2] - Online sales accounted for 84% of total revenue in 2023, with a significant contribution from direct sales channels [3] Market Position and Strategy - The company has strengthened its brand positioning as an "eye care expert" and is focusing on high-quality, minimalist makeup products [2] - The company has revamped its membership pricing system and improved its online and offline channel management, which has started to show positive results in Q2 2024 [3]