珀莱雅 603605.SH 公司研究 | 动态跟踪 站在新发展阶段的多品牌美妆龙头 核心观点 盈利预测与投资建议 ⚫ 我们维持对公司的盈利预测，预计公司 2025-2027 年每股收益分别为 4.56、5.36 和 6.06 元，DCF 目标估值 112.78 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费需求减弱、新品拓展不及预期等 行业竞争加剧、终端消费需求减弱、新品拓展不及预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 8,905 | 10,778 | 12,339 | 14,072 | 15,577 | | 同比增长 (%) | 39.5% | 21.0% | 14.5% | 14.0% | 10.7% | | 营业利润(百万元) | 1,503 | 1,890 | 2,200 | 2,584 | 2,923 | | 同比增长 (%) | 42.1% | 25.8% | 16.4% | 17.5% | 13.1% | | 归 ...

珀莱雅 603605.SH 公司研究 | 动态跟踪 站在新发展阶段的多品牌美妆龙头 核心观点 盈利预测与投资建议 ⚫ 我们维持对公司的盈利预测，预计公司 2025-2027 年每股收益分别为 4.56、5.36 和 6.06 元，DCF 目标估值 112.78 元，维持"买入"评级。 行业竞争加剧、终端消费需求减弱、新品拓展不及预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 8,905 | 10,778 | 12,339 | 14,072 | 15,577 | | 同比增长 (%) | 39.5% | 21.0% | 14.5% | 14.0% | 10.7% | | 营业利润(百万元) | 1,503 | 1,890 | 2,200 | 2,584 | 2,923 | | 同比增长 (%) | 42.1% | 25.8% | 16.4% | 17.5% | 13.1% | | 归属母公司净利润(百万元) | 1,194 | 1,552 | ...

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [3] Core Views - The company is implementing a 1.4 million ton electrolytic aluminum energy efficiency improvement plan, which is expected to enhance its production capacity and long-term cost advantages [6] - The projected earnings per share for 2025-2027 are adjusted to 1.17, 1.37, and 1.58 yuan respectively, with a target price of 9.36 yuan based on an 8x PE valuation for 2025 [2][3] Financial Performance Summary - Revenue is forecasted to decline from 28,975 million yuan in 2023 to 28,089 million yuan in 2024, before increasing to 35,501 million yuan in 2025, representing a growth of 26.4% [2][8] - Operating profit is expected to rise significantly from 2,642 million yuan in 2023 to 5,219 million yuan in 2024, and further to 6,096 million yuan in 2025, indicating a year-on-year growth of 97.6% [2][8] - Net profit attributable to the parent company is projected to increase from 2,205 million yuan in 2023 to 4,455 million yuan in 2024, and to 5,426 million yuan in 2025, reflecting a growth of 102.0% [2][8] - The gross margin is expected to improve from 14.1% in 2023 to 23.3% in 2024, and stabilize around 21.5% to 23.6% in the following years [2][8] Market Position and Competitive Advantage - The company is positioned as a leading player in the electrolytic aluminum industry, benefiting from a significant reduction in energy costs due to falling coal prices [6] - The implementation of advanced energy-saving technologies in the production process is expected to further reduce production costs and enhance operational efficiency [6] - The company has demonstrated strong cash flow generation capabilities, which supports stable dividend distributions [6]

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [3] Core Views - The company is implementing a 1.4 million ton electrolytic aluminum energy efficiency improvement plan, which is expected to enhance its production capacity and long-term cost advantages [6] - The projected earnings per share for 2025-2027 are adjusted to 1.17, 1.37, and 1.58 yuan respectively, with a target price of 9.36 yuan based on an 8x PE valuation for 2025 [2][3] Financial Performance Summary - Revenue is forecasted to decline from 28,975 million yuan in 2023 to 28,089 million yuan in 2024, before increasing to 35,501 million yuan in 2025, representing a growth of 26.4% [2][8] - Operating profit is expected to rise significantly from 2,642 million yuan in 2023 to 5,219 million yuan in 2024, and further to 6,096 million yuan in 2025, indicating a year-on-year growth of 97.6% [2][8] - Net profit attributable to the parent company is projected to increase from 2,205 million yuan in 2023 to 4,455 million yuan in 2024, and to 5,426 million yuan in 2025, reflecting a growth of 102.0% [2][8] - The gross margin is expected to improve from 14.1% in 2023 to 23.3% in 2024, and stabilize around 21.5% to 23.6% in the following years [2][8] Market Position and Competitive Advantage - The company is positioned as a leading player in the electrolytic aluminum industry, benefiting from a significant reduction in energy costs due to falling coal prices [6] - The implementation of advanced energy-saving technologies in the production process is expected to further reduce production costs and enhance operational efficiency [6] - The company has demonstrated strong cash flow generation capabilities, which supports stable dividend distributions [6]

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [3] Core Views - The company is implementing a 1.4 million ton electrolytic aluminum energy efficiency improvement plan, which is expected to enhance its production capacity and long-term cost advantages [6] - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027, predicting EPS of 1.17, 1.37, and 1.58 yuan respectively, with a target price of 9.36 yuan based on an 8x PE valuation for 2025 [2][3] Financial Summary - Revenue projections for 2025-2027 are 35,501 million yuan, 40,269 million yuan, and 42,569 million yuan, reflecting growth rates of 26.4%, 13.4%, and 5.7% respectively [2] - Operating profit is expected to increase from 6,096 million yuan in 2025 to 8,250 million yuan in 2027, with corresponding growth rates of 16.8%, 17.6%, and 15.1% [2] - Net profit attributable to the parent company is forecasted to rise from 5,426 million yuan in 2025 to 7,343 million yuan in 2027, with growth rates of 21.8%, 17.6%, and 15.1% [2] - The company’s gross margin is projected to be 21.5% in 2025, increasing to 23.6% by 2027 [2] - The net profit margin is expected to stabilize around 15.3% to 17.2% from 2025 to 2027 [2] - The return on equity (ROE) is forecasted to improve from 18.6% in 2025 to 19.0% in 2027 [2] Market Performance - As of June 9, 2025, the stock price was 8.06 yuan, with a 52-week high of 9.64 yuan and a low of 5.8 yuan [3] - The company has shown a relative performance of 3.37% over the past week and 10.47% over the past month [4]

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Viewpoints - The report highlights the government's pilot policy for elderly care robots, reflecting a clear understanding of the demand for robotic applications and data. The trend towards humanoid robots is expected to lead to continued policy implementation in the future [4][9] - The report emphasizes that the pilot program will accelerate the deployment of elderly care robots, addressing urgent needs due to the aging population in China. By the end of 2024, the elderly population aged 60 and above is projected to reach 310 million, accounting for 22% of the total population [9] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on various segments of the robotic industry, including: 1. Complete machine manufacturers: Recommended companies include UBTECH (未评级), Zhongjian Technology (未评级), Yijiahe (未评级), Ousheng Electric (Buy), and Haoneng Co. (未评级) [4] 2. Dexterous hands and sensors: Recommended companies include Jiechang Drive (未评级), Zhaowei Electromechanical (未评级), Top Group (Buy), Yongchuang Intelligent (Buy), and others [4] 3. Exoskeletons: Recommended companies include Meihu Co. (未评级), Seiko Technology (未评级), and Xinhua Jin (未评级) [4] Industry Trends - The report notes that the pilot program will focus on three types of elderly care services: home, community, and institutional care, targeting specific needs such as care for the disabled and elderly, emotional companionship, health promotion, and daily living assistance [9] - The report indicates that the lack of application scenarios for humanoid robots has hindered their development, but with government support and the urgent demand from an aging population, the commercialization process is expected to accelerate [9]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report highlights the acceleration of the implementation of elderly care robots due to national pilot policies, reflecting a clear understanding of the demand for robotic applications and data [4][9] - The aging population in China is a pressing issue, with projections indicating that by the end of 2024, the elderly population (aged 60 and above) will reach 310 million, accounting for 22% of the total population [9] - The report emphasizes that the lack of application scenarios for humanoid robots has hindered their development, but with national support, there is potential for rapid commercialization in specific scenarios [9] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on the following segments: 1. Complete machine manufacturers: Companies such as UBTECH (09880, not rated), Zhongjian Technology (002779, not rated), Yijiahe (603666, not rated), Ousheng Electric (301187, Buy), and Haoneng Co. (603809, not rated) [4] 2. Dexterous hands & sensors: Companies like Jiechang Drive (603583, not rated), Zhaowei Electromechanical (003021, not rated), Top Group (601689, Buy), Yongchuang Intelligent (603901, Buy), and others [4] 3. Exoskeletons: Companies including Meihu Co. (603319, not rated), Jinggong Technology (002006, not rated), and Xinhua Jin (600735, not rated) [4] Industry Context - The report discusses the national initiative to support elderly care robots through pilot programs aimed at home, community, and institutional care, addressing specific needs such as assistance for the disabled and elderly [9] - The pilot period for these initiatives is set from 2025 to 2027, with specific deployment targets for testing the robots in real-life scenarios [9] - The report notes that the aging population's needs are urgent, with a significant majority of elderly individuals preferring home care, which creates a substantial market opportunity for robotic solutions [9]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For credit bonds, continue to focus on coupon hunting and maintain a 3 - year duration for in - depth exploration [8][9][10] - For convertible bonds, the sentiment is weak, and it is recommended to reserve positions and wait for right - side adding opportunities [11][32] 3. Summary According to Relevant Catalogs 3.1 Credit & Convertible Bond Market Observation and Thinking 3.1.1 Credit Bonds - From June 2nd to June 8th, the primary issuance of credit bonds was 273.7 billion yuan, with a slight increase compared to the previous period. The total repayment amount was 147.5 billion yuan, a reduction of about 1/3 compared to the previous period, resulting in a net inflow of 126.2 billion yuan. The average coupon rates of AAA and AA+ grades were 1.99% and 2.18% respectively, remaining flat and decreasing by 27bp compared to the previous week [8] - Short - term yields of each grade increased slightly by about 1bp, with higher - grade bonds having a larger increase. Long - term yields generally decreased by about 2bp. The risk - free yield curve shifted downward by 2 - 3bp. Short - duration spreads of each grade generally widened by about 4bp, while medium - and long - term spreads fluctuated within ±1bp. The term spreads of each grade continued to narrow by about 2bp, with the 5Y - 1Y spreads of medium - and high - grade bonds narrowing by 4 - 5bp. Most grade spreads narrowed by about 2bp, except for the 5Y AA - AAA spread which widened by 2bp [9] - In terms of urban investment bond credit spreads, most provincial credit spreads widened slightly by 1 - 2bp, with some high - valuation areas narrowing slightly. In terms of industrial bond credit spreads, industry spreads fluctuated narrowly but generally tended to widen, with a central value of about 1bp, and the real estate industry continued to widen by 14bp [9] - Affected by the fewer trading days during the holiday, the turnover rate decreased by 0.75pct to 1.01%. High - discount bonds were mainly real - estate enterprise bonds, with high - frequency and large - amplitude discount real - estate entities mainly involving Country Garden [9] - The bond market was stable last week, with a significant decline on Friday. The central bank has a strong willingness to support, but as spreads continue to narrow, the risk of credit bond valuation being affected by interest - rate bond fluctuations is increasing. It is not recommended to extend the duration at this stage, and it is advisable to maintain a 3 - year duration for in - depth exploration [10] 3.1.2 Convertible Bonds - Last week, the equity market fluctuated upward, with all major indices rising. The Shanghai Composite Index rose 1.13%, the Shenzhen Component Index rose 1.42%, the CSI 300 rose 0.88%, the CSI 1000 rose 2.10%, the ChiNext Index rose 2.32%, the STAR 50 rose 1.50%, and the Beijing Stock Exchange 50 rose 1.30%. The daily average trading volume increased by 114.305 billion to 1.21 trillion yuan [11] - Convertible bonds significantly followed the upward trend. The CSI Convertible Bond Index rose 1.08%, the parity center rose 0.7% to 96.0 yuan, and the conversion premium rate center decreased 1.0% to 26.0%. The daily average trading volume significantly increased to 64.075 billion yuan. Medium - and low - grade, high - price, and small - cap convertible bonds performed well, while high - grade and large - cap convertible bonds were relatively weak [11] - Currently in a data vacuum period, the equity market is expected to fluctuate. From a long - term perspective, the convertible bond market still has allocation demand, and the logic of scarce bottom - positions remains unchanged. The current convertible bond valuation is relatively neutral, not significantly overvalued. Considering potential credit risk disturbances in June, it is recommended to reserve positions and wait for right - side adding opportunities [11] 3.2 Credit Bond Review 3.2.1 Negative Information Monitoring - There were no bond defaults, overdue payments, downgrades of corporate or bond ratings, or overseas rating downgrades during the week from June 2nd to June 8th [12] - There were three major negative events: Guizhou Hongcai Investment Group Co., Ltd. was involved in two major lawsuits with a total execution amount of 604 million yuan; Huai'an Hongxin State - owned Assets Investment Management Co., Ltd. was sued for failing to pay project funds, with a total execution amount of 261 million yuan; and the credit enhancement measures of "H20 Shanshan 1" of Shanshan Group Co., Ltd. had significant adverse changes [13] 3.2.2 Primary Issuance - The primary issuance volume of credit bonds increased slightly compared to the previous period, while the maturity scale decreased significantly, resulting in a significant increase in the net inflow, exceeding 100 billion yuan. Only one credit bond was cancelled or postponed for issuance [13][14] - The primary issuance cost of medium - and low - grade bonds decreased significantly compared to the previous period, while that of high - grade bonds remained flat. The average coupon rates of AAA and AA+ grades were 1.99% and 2.18% respectively, remaining flat and decreasing by 27bp compared to the previous week. The frequency of newly issued AA/AA - grade bonds remained at a low level [14] 3.2.3 Secondary Trading - Credit bond valuations increased at the short - end and decreased at the long - end. The risk - free interest rate curve shifted downward. Short - end spreads of each grade widened significantly, while medium - and long - term spreads remained basically unchanged [16] - The term spreads of each grade continued to narrow by about 2bp, with the 5Y - 1Y spreads of medium - and high - grade bonds narrowing by 4 - 5bp. Most grade spreads narrowed by about 2bp, except for the 5Y AA - AAA spread which widened by 2bp [18] - In terms of urban investment bond credit spreads, most provincial credit spreads widened slightly by 1 - 2bp, with some high - valuation areas narrowing slightly. In terms of industrial bond credit spreads, industry spreads fluctuated narrowly but generally tended to widen, with a central value of about 1bp, and the real estate industry continued to widen by 14bp [21][23] - Affected by the fewer trading days during the holiday, the turnover rate decreased by 0.75pct to 1.01%. High - discount bonds were mainly real - estate enterprise bonds, with high - frequency and large - amplitude discount real - estate entities mainly involving Country Garden [24] 3.3 Convertible Bond Review 3.3.1 Market Overall Performance - From June 3rd to June 6th, the equity market fluctuated upward, with all major indices rising. The communication, non - ferrous metals, and electronics sectors led the gains, while the household appliances, food and beverage, and transportation sectors led the losses [28] - Seven convertible bonds with the highest gains outperformed their underlying stocks. Jinling, Yitian, and Jingyuan Convertible Bonds led the gains, rising 24.42%, 14.89%, and 14.85% respectively. Tianyang, Jinling, and Limin Convertible Bonds were relatively active in trading [28] 3.3.2 Convertible Bonds Followed the Upward Trend, and the Wait - and - See Sentiment Remained - Convertible bonds followed the upward trend. The CSI Convertible Bond Index rose 1.08%, the parity center rose 0.7% to 96.0 yuan, and the conversion premium rate center decreased 1.0% to 26.0%. The daily average trading volume significantly increased to 64.075 billion yuan. Medium - and low - grade, high - price, and small - cap convertible bonds performed well, while high - grade and large - cap convertible bonds were relatively weak [32] - Currently in a data vacuum period, the equity market is expected to fluctuate. From a long - term perspective, the convertible bond market still has allocation demand, and the logic of scarce bottom - positions remains unchanged. The current convertible bond valuation is relatively neutral, not significantly overvalued. Considering potential credit risk disturbances in June, it is recommended to reserve positions and wait for right - side adding opportunities [32]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 74.58 HKD per share, based on a 15x PE valuation for 2025 [4][5]. Core Insights - The company has shown significant progress in its commercial operations, particularly with its Kuaishou Keling product, which achieved monthly revenues exceeding 1 billion CNY in April and May [3][8]. - The Keling 2.1 version was launched at the end of May, offering a higher cost-performance ratio, which is expected to drive user growth and increase paid subscriptions [8]. - The company is experiencing a positive cycle of technology iteration, product refinement, user payment, and revenue growth, similar to the trajectory of overseas competitors [8]. Financial Forecasts - The adjusted net profit for the company is projected to be 195 billion CNY in 2025, with expected growth to 246 billion CNY by 2027 [4][9]. - Revenue is forecasted to grow from 113.47 billion CNY in 2023 to 164.14 billion CNY in 2027, reflecting a compound annual growth rate [9][10]. - The gross margin is expected to improve from 50.6% in 2023 to 56.7% in 2027, indicating enhanced operational efficiency [9][11]. Performance Metrics - The company's stock price performance has shown a 20% increase over the past month and an 18.97% increase over the past week [6]. - The company has repurchased shares worth 19 billion HKD since the beginning of 2025, providing a safety net for shareholder returns [8].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China [4] Core Insights - The real estate market showed resilience in May, with new home sales improving month-on-month, while year-on-year declines narrowed [6][29] - The report anticipates a continued downward pressure on sales in the second half of the year due to potential uncertainties from U.S.-China trade negotiations [6][29] - The report highlights the importance of high-quality land reserves and product strength for real estate companies to achieve alpha attributes [6][29] Summary by Sections Market Performance - In the 23rd week, the real estate sector index underperformed compared to the CSI 300 index, with a relative return of -0.1%. The CSI 300 index closed at 3874.0, with a weekly increase of 0.9%, while the real estate index closed at 2174.1, with a weekly increase of 0.8% [6][10][11] Policy Developments - Nationally, the central government supports urban renewal actions, with 20 cities including Beijing and Guangzhou selected. Locally, Jiangsu has announced measures to boost consumption, while Hunan and Zhejiang have introduced policies to support housing and property acquisition [6][13][21] Sales Data - In the 23rd week, new home sales in 44 major cities decreased to 14,000 units, down 33.1% from the previous week. Second-hand home sales in 21 major cities also fell to 15,000 units, down 23.0% [6][16] - Inventory levels decreased, with 18 major cities holding 825,000 units, down 21,000 units from the previous week, and a sales-to-inventory ratio of 16.8 months, down 4.5 months [6][23] Company Announcements - Key companies have made significant announcements, including major asset restructuring and share repurchase plans. Notable mentions include Chengjian Development and Haitai Development [6][28][29] Future Outlook - The report expects a year-on-year increase in second-hand home transaction volumes, while new home sales are projected to continue declining but at a reduced rate. The core areas with high efficiency and premium properties are expected to drive this trend [6][29]