Marubi(603983) 开源证券·2024-05-29 09:30Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [36]. Core Viewpoints - The company has successfully transformed and is back on a growth trajectory, with significant improvements in its operational performance observed in 2023 [43]. - The company's core brand, Marubi, has optimized its retail strategy and consumer insight capabilities, which are expected to support sustainable growth in the future [27][71]. - The company has achieved a notable increase in its consumer base, with its 5A crowd asset reaching 187 million people, and the more valuable A3 crowd accounting for over 37% [27][73]. Summary by Sections Company Overview - Marubi has been in the beauty industry for over 20 years, focusing on high-end eye care and has successfully adjusted its business model to enhance online sales, achieving significant growth in its flagship products [17][18]. - The company has three main brands: Marubi, a high-end skincare brand; PL Lianhuo, a rising makeup brand; and Chunji, a mass-market skincare brand [17]. Financial Performance - In 2023, the company reported revenue of 2.226 billion yuan, a year-on-year increase of 28.5%, and a net profit of 259 million yuan, up 48.9% [10][43]. - The forecast for net profit from 2024 to 2026 is 375 million yuan, 484 million yuan, and 604 million yuan, respectively, with corresponding EPS of 0.94, 1.21, and 1.51 yuan [10][36]. Market Position and Strategy - The company has shifted its focus to direct-to-consumer (ToC) strategies and enhanced its consumer insight capabilities, which have been pivotal in its recent growth [27][71]. - The PL Lianhuo brand has seen rapid growth, with a revenue increase of 125% in 2023, establishing itself as the company's second brand [18][37]. Product and Channel Development - The company has streamlined its product offerings, reducing SKUs by over 200 in 2022, while focusing on high-tech flagship products like the Xiaohong Pen eye cream and Xiaojin needle essence, both achieving over 200 million yuan in GMV in 2023 [61][18]. - Online sales have significantly increased, with the proportion of online revenue rising from 54.5% in 2020 to 84.1% in 2023 [18][59].