Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's net profit increased by 309%, slightly exceeding expectations, driven by multi-brand and multi-category growth, indicating strong future growth momentum [5][6] - The gross margin rose to 76.5%, benefiting from an increase in direct-to-consumer (DTC) sales, while the net profit margin increased to 11.8% [5] - The company has established a joint venture for the online operation of the "Yiyezi" brand, with projected related transactions of 1.1 billion, 4.9 billion, and 7.4 billion yuan for 2024, 2025, and 2026 respectively [5] Financial Performance - For the first half of 2024, the company reported revenue of 3.5 billion yuan, a year-on-year increase of 121%, and a net profit of 410 million yuan, a year-on-year increase of 309% [5] - The company plans to distribute a mid-year dividend of 0.75 yuan per share, totaling 299 million yuan, with a payout ratio of 74.5% [5] - Revenue forecasts for 2024, 2025, and 2026 are 7.336 billion, 9.104 billion, and 10.993 billion yuan, respectively, with year-on-year growth rates of 75%, 24%, and 21% [5][7] Brand Performance - By brand, "Hanshu" accounted for 84% of revenue, with a significant year-on-year increase of 185%, while "Yiyezi" saw a decline of 39% [5] - "Hongse Xiaoxiang" and "Yiye" also showed varied performance, with "Hongse Xiaoxiang" declining by 8% and "Yiye" undergoing a brand refresh targeting younger consumers [5] - The company is focusing on expanding its product lines, including children's makeup and skincare products, to capture a broader market [5] Valuation and Forecast - The company is projected to achieve net profits of 867 million, 1.134 billion, and 1.432 billion yuan for 2024, 2025, and 2026, with growth rates of 88%, 31%, and 26% respectively [6] - The current market capitalization is approximately 132 billion HKD, with corresponding P/E ratios of 14, 11, and 9 for the next three years [6]

[Table_Main] 证券研究报告 | 公司点评 上美股份(02145.HK) 2024 年 08 月 26 日 买入（维持） 所属行业：美容护理/化妆品 当前价格(港元)：33.25 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 上美股份 恒生指数 -29% 0% 29% 57% 86% 114% 143% 171% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |------------------|--------|--------|--------| | 恒 生 指 数 对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -11.45 | -23.30 | -29.75 | | 相对涨幅(%) | -15.02 | -20.75 | -24.39 | 资料来源：德邦研究所，聚源数据 相关研究 1.《上美股份：24H1 预告高增长，关 注 多 渠 道 & 产 品 & 品 牌 发 展 》 ， 2024.7.29 2.《上美股份：23 全年业绩超预期，抖 音延续高增长》，2 ...

Investment Rating - The investment rating for the company is "Buy" based on the strong performance and growth potential observed in the report [1]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 3.502 billion yuan, a year-on-year increase of 120.7%, and net profit of 412 million yuan, a year-on-year increase of 308.7% [1]. - The gross margin improved to 76.5%, up 7.5 percentage points year-on-year, primarily due to an increase in direct-to-consumer (DTC) sales [1]. - The core brand, Han Shu, continues to lead in performance, contributing significantly to revenue growth, with a revenue of 2.927 billion yuan, a year-on-year increase of 184.7% [1]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 3.502 billion yuan and a net profit of 412 million yuan, with a gross margin of 76.5% [1]. - The company plans to distribute a cash dividend of 0.75 yuan per share, totaling 299 million yuan, which represents 72.33% of the net profit attributable to the parent company for the period [1]. - The revenue contribution from the three main brands (Han Shu, Yi Ye Zi, and Hong Se Xiao Xiang) was 3.226 billion yuan, accounting for 92.1% of total revenue [1]. Brand Performance - Han Shu's revenue for the first half of 2024 was 2.927 billion yuan, accounting for 83.6% of total revenue, with significant growth in online sales channels [1]. - Yi Ye Zi reported a revenue of 125 million yuan, a decrease of 38.6% year-on-year, as it undergoes a transformation to target younger consumers [1]. - New brand Newpage achieved a revenue of 161 million yuan, a year-on-year increase of 173.2%, with strong growth in both online and offline channels [1]. Channel Performance - Online channels were the main driver of growth, with online revenue reaching 3.171 billion yuan, a year-on-year increase of 146% [1]. - The company's self-operated online channels, particularly on platforms like Douyin, saw a revenue increase of 179% [1]. Profit Forecast - The company expects net profits for 2024, 2025, and 2026 to be 903 million yuan, 1.171 billion yuan, and 1.409 billion yuan, respectively, with year-on-year growth rates of 96%, 30%, and 20% [2][3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 55.77 [4] Core Views - The company's H1 2024 performance met expectations, driven by the strong performance of its main brand, Han Shu, on Douyin, which boosted overall channel momentum [4] - The company's gross margin continued to improve, reaching 76.5% in H1 2024, up 7.5 percentage points year-on-year and 2.5 percentage points compared to H2 2023 [4] - The company's revenue and net profit attributable to shareholders in H1 2024 were RMB 3.502 billion and RMB 401 million, respectively, representing year-on-year growth of 121% and 297% [4] - The company's net profit margin in H1 2024 was 11.8%, up 5.4 percentage points year-on-year, driven by the improvement in gross margin [4] Financial Performance - In H1 2024, the company's main brand, Han Shu, achieved revenue of RMB 2.927 billion, up 84% year-on-year, while its sub-brands, Yi Ye Zi and Red Elephant, reported revenues of RMB 125 million and RMB 174 million, down 39% and 8% year-on-year, respectively [4] - Han Shu's GMV on Douyin in H1 2024 reached RMB 3.44 billion, exceeding the full-year 2023 figure, with GMV growth rates on Tmall and JD flagship stores nearing 200% and over 400%, respectively [4] - The company's sales, management, and R&D expense ratios in H1 2024 were 57.6%, 3.2%, and 2.2%, respectively, with the sales expense ratio increasing by 4 percentage points year-on-year due to increased online advertising and brand promotion expenses [4] Strategic Development - The company is advancing its multi-brand and multi-category strategy, with plans to establish a joint venture, Shanghai Yi Ye Zi Cosmetics Co., Ltd., in collaboration with Hangzhou Mangkeng, to further develop the Yi Ye Zi brand [4] - The company has proposed six strategic focuses for 2024: organizational development, R&D, AI and digitalization, marketing, intelligent production, and common development, aiming to expand its brand and product portfolio across six major sectors [4] Market Data - The company's current share price is HKD 33.25, with a 52-week price range of HKD 20.05 to HKD 54.75 [5] - The company's current market capitalization is HKD 13.234 billion, with 398 million shares outstanding [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% [4]. Core Insights - The company reported a significant increase in performance for the first half of 2024, with revenue reaching 3.502 billion yuan, a year-on-year increase of 120.7%, and net profit of 412 million yuan, up 308.7% [4]. - The gross margin improved to 76.5%, primarily due to an increase in direct-to-consumer (DTC) sales, while the net profit margin rose to 11.78% [4]. - The company is benefiting from a favorable consumption environment and a trend towards domestic product substitution, with a strong multi-brand strategy and a focus on the hair care segment [5]. Summary by Category Financial Performance - For H1 2024, the company achieved a revenue of 3.502 billion yuan, with a net profit of 412 million yuan, reflecting substantial growth [4]. - The gross margin was reported at 76.5%, with a net profit margin of 11.78% [4]. - The company has a history of increasing dividends, with a total payout of 780 million yuan since its listing, and a dividend per share of 0.75 yuan for H1 2024, resulting in a payout ratio of 74.4% [4]. Brand Performance - The brand "韩束" generated revenue of 2.927 billion yuan, a year-on-year increase of 184.7%, accounting for 83.6% of total revenue [4]. - "一叶子" reported a decline in revenue to 125 million yuan, down 38.6%, as it undergoes a transformation [4]. - "红色小象" and "NewPage" showed mixed results, with "红色小象" at 174 million yuan (-7.9%) and "NewPage" at 161 million yuan (+173.2%) [4]. Channel Performance - Online sales surged by 145.62% to 3.172 billion yuan, making up 90.6% of total revenue, while offline sales increased by 12% to 300 million yuan [5]. - The company has successfully captured market trends, particularly in online beauty sales, and is expanding its offline presence [5]. Future Outlook - The company is projected to achieve net profits of 925 million yuan, 1.24 billion yuan, and 1.507 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 101%, 34%, and 22% [6]. - The price-to-earnings (PE) ratios are expected to be 14, 10, and 9 for the next three years, indicating a favorable valuation [6].

证券研究报告 上美股份 (2145 HK) 港股通 韩束增长势头强劲，多品牌潜力可期 投资评级(维持): 买入 目标价(港币): 57.03 华泰研究 中报点评 2024 年 8 月 23 日│中国香港 化妆品 韩束增长势头强劲，大众护肤市场有望维持领先，更多品牌潜力释放可期 24H1 公司实现营收 35.02 亿/yoy120.7%，净利 4.12 亿元/yoy308.7%，业 绩增长强劲。主品牌韩束继续维持抖音渠道领先地位，天猫/京东等渠道亦 快速发展；明星产品红蛮腰系列 2.0 升级，白蛮腰系列亦开始放量，后续活 肤水等单品 SKU 亦有望持续完善，品牌在大众护肤市场有望继续领先、潜 力仍可期。newpage 维持快速发展势头，红色小象转型初见成效，一叶子 仍处调整期，安敏优等多品牌覆盖差异化细分市场。公司持续深耕大众市场 中护肤/母婴护理/洗护品类，六六战略有望支撑长期可持续发展。董事会已 决议派发中期股息每股 0.75 元。预计 24-26 年 EPS2.27/2.99/3.54 元（维 持），可比公司 Wind 一致盈利预测 PE 均值 22 倍，考虑主品牌韩束增势强 劲，给予公司 24 年 23 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 CHICMAX Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） 截至2024年6月30日止六個月中期業績公告 上海上美化妝品股份有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本 公司及其附屬公司（統稱「本集團」）截至2024年6月30日止六個月（「2024年上半 年」）的未經審核綜合中期業績，連同截至2023年6月30日止六個月（「2023年上半 年」）的比較數字。 表現摘要 | --- | --- | --- | --- | |----------|------------------------|--------------|-------| | | | | | | | 截至 6 月 30 | 日止六個月 | 變動 | | | 2024 年 人民幣百萬元 | 2023 年 ...

[Table_Title] 【 广 发 商 社 & 海 外 】 上 美 股 份 （02145.HK） 供应链+强运营难以复制，二三品牌起势 [Table_Summary] 核心观点： ⚫ 事件：公司发布盈利预告，24H1 预计收入 34-36 亿元，同比增长 114- 127%，预计 24H1 净利润 3.9-4.1 亿元，同比增长 286-306%。 ⚫ 点评：上半年业绩如期兑现，收入及利润增加主要由于公司主力品牌韩 束产生的收入多渠道快速增长及公司第二品牌梯队newpage一页的销 售业绩同比大幅增长。 ⚫ 业绩拆分：预计韩束翻倍以上增长，一页表现亮眼。24H1 预计韩束收 入翻倍以上增长，一页 2 倍以上增长，红色小象和一叶子仍下滑。根 据蝉妈妈数据，24H1 韩束抖音 GMV 同比+279%、一叶子抖音 GMV 同比+18%、红色小象抖音 GMV 同比+222%、一页抖音 GMV 同比 +209%。韩束抖音短剧独家运营模式，强供应链下套组高性价比，难 以被复制。董事长吕总给激励充分，公司新品牌多采取与创始人分享股 权的方式，以 new page 为例，30%的股权为章子怡持有。 ⚫ 盈利预测和投资建议 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company released a strong 24H1 earnings preview, with revenue expected to grow 114 3%-126 9% YoY to 3 4-3 6 billion yuan, and net profit expected to grow 286%-306% YoY to 390-410 million yuan [4] - The high revenue growth is driven by strong performance of the Han Shu brand on Douyin, with GMV increasing 136% YoY during the 618 shopping festival, and the second-tier brands also showing high growth [4] - The company is focusing on multiple channels, product series, and sub-brands, with a strategic shift back to offline channels and a diversified product matrix, including the popular Red Waist and White Waist series [5] - The company has a clear multi-brand strategy, aiming to build two super skincare brands, two strong maternal and infant brands, and two super personal care brands, expanding its influence across multiple categories and price segments [5] Financial Performance and Forecasts - Revenue for 24H1 is expected to be 3 4-3 6 billion yuan, with net profit of 390-410 million yuan, representing a net profit margin of 10 8%-12 1% [4] - Revenue for 2024E is forecasted to be 7 184 billion yuan, with net profit of 900 million yuan, and EPS of 2 26 yuan [5] - Revenue for 2025E is forecasted to be 9 109 billion yuan, with net profit of 1 166 billion yuan, and EPS of 2 93 yuan [5] - Revenue for 2026E is forecasted to be 10 832 billion yuan, with net profit of 1 414 billion yuan, and EPS of 3 55 yuan [5] - The company's gross margin is expected to improve from 72 05% in 2023A to 74 25% in 2026E, with net profit margin increasing from 11 00% to 13 05% over the same period [9] Market Performance - The stock has shown significant volatility, with a 51% decline in July 2023 compared to the Hang Seng Index, and a 9 21% drop in the past month [2] - The stock's relative performance has been weaker than the market, with a 5 29% underperformance in the past month and a 9 27% underperformance over the past three months [2] Strategic Focus - The company is leveraging its strong presence on Douyin, with the Han Shu brand achieving a GMV of 3 593 billion yuan in 24H1, a 262 41% YoY increase, and a dominant position in the beauty and skincare categories [4] - The company is expanding its product portfolio with the Red Waist and White Waist series, which have become core products, and is targeting the mid-to-low-end market with a focus on cost-effectiveness [5] - The company is also focusing on offline channels, with plans to re-enter the CS channel and leverage its existing offline resources, which accounted for 45 7% of revenue in 2019 [5] Valuation - The stock is trading at a forward P/E of 15 2X for 2024E, 11 8X for 2025E, and 9 7X for 2026E, with a dividend yield of 4 4% for 2024E, 5 8% for 2025E, and 7 3% for 2026E [5][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve significant revenue and profit growth in H1 2024, with projected revenue between 3.4 billion to 3.6 billion, representing a year-on-year increase of 114.3% to 126.9%, and net profit between 390 million to 410 million, reflecting a year-on-year increase of 286% to 306% [6][7] - The strong growth is driven by the Han Shu brand, which has seen substantial growth in various channels, particularly on Douyin, where it achieved a GMV of 3.593 billion in H1 2024, a year-on-year increase of 262.41% [6] - The company is focusing on multi-channel strategies and product diversification, with a clear strategy to enhance its brand presence across different platforms and product lines [7] Summary by Sections Financial Performance - The company forecasts a revenue of 7.184 billion in 2024, with a net profit of 900 million, and expects continued growth in subsequent years, reaching 10.832 billion in revenue and 1.414 billion in net profit by 2026 [9] - The gross margin is projected to improve from 72.05% in 2023 to 74.25% in 2026, indicating strong profitability [9] Market Position - The company has established a strong market presence with its Han Shu brand leading in various e-commerce platforms, including Douyin, Tmall, and JD, with significant year-on-year growth rates [6][7] - The strategic focus on multi-brand development aims to capture a wider audience across different market segments, enhancing overall brand equity [7] Future Outlook - The company is expected to continue leveraging its strong marketing capabilities and established distribution channels to drive further growth in the beauty and personal care industry [7] - The introduction of new product lines and a return to offline sales channels are anticipated to enhance profitability and market reach [7]