上美股份 20250321 摘要 • 上美股份 2024 年营收 67.93 亿元，同比增长 62.1%，毛利率提升至 75.2%，税后净利润 8.03 亿元，同比增长 74%，每股盈利 1.96 元，股 东权益回报率达 37.7%，显示出强劲的盈利能力和增长势头。 • 上美股份旗舰品牌销售额突破 55 亿，同比增长 80.9%，占据总收入的 82.3%。New Page 销售额达 3.76 亿，同比增长 146%，占比提升至 5.5%，与红色小象持平，而一叶子则处于调整阶段，占比为 3.4%。 • 上美股份在抖音渠道表现突出，韩束在抖音销售占比 66.9%，函数超过 50%，红色小象 22%，New Page 35%。公司正积极拓展快手和视频号 等内容电商平台，实现跨平台增长。 • 上美股份在天猫渠道采取分品、分团队、分职能的精细化运营策略，1 月 在国货美妆中增速排名第一，2 月登陆京东国货排名第一，综合四大平台 1-2 月位列第二，显示出货架电商渠道的增长潜力。 • 上美股份将营销体系转变为基于 BU 的整体营销体系，加大在 B 站、小红 书等平台的投入，并聚焦大单品策略，如 X 系列抗老面霜在双十一直 ...

Financial Performance - Shanghai Chicmax Cosmetic Co., Ltd. reported a revenue increase from RMB 4,190.7 million in 2023 to RMB 6,792.5 million in 2024, representing a growth of 62.1%[4] - The gross profit rose from RMB 3,019.5 million in 2023 to RMB 5,109.4 million in 2024, marking a 69.2% increase[4] - The net profit for 2024 was RMB 803.3 million, up 74.0% from RMB 461.7 million in 2023[4] - Total revenue for 2024 was RMB 6,792.5 million, representing a significant increase of 62.2% compared to RMB 4,190.7 million in 2023[34] - Gross profit for 2024 was RMB 5,109.4 million, up 69.2% from RMB 3,019.5 million in 2023[56] - The net profit for 2024 was RMB 803.3 million, an increase of 73.9% compared to RMB 461.7 million in 2023[57] - Other income and gains increased by 60.5% to RMB 251.2 million in 2024, primarily due to increased government subsidies[41] - The total comprehensive income for 2024 was RMB 796.4 million, compared to RMB 457.5 million in 2023, marking an increase of 74.2%[57] Brand Performance - The brand Han Shu generated revenue of RMB 5,591.0 million in 2024, an increase of 80.9%, accounting for 82.3% of total revenue[10] - The brand Yi Ye Zi experienced a revenue decline of 35.7% in 2024, generating RMB 229.3 million, which represented 3.4% of total revenue[12] - The brand Hong Se Xiao Xiang sold 0.4 million children's makeup products in 2024, recognized as the top online sales brand in China for children's makeup by Frost & Sullivan[13] - In 2024, the revenue generated by the brand "Red Elephant" was RMB 376.0 million, an increase of 0.1% compared to 2023, accounting for 5.5% of total annual revenue[15] - The brand "New Page" achieved a revenue of RMB 375.6 million in 2024, a significant increase of 146.3% from 2023, also representing 5.5% of total annual revenue[17] - The total revenue from four key brands in 2024 was RMB 6,571.9 million, reflecting a 65.3% increase from 2023 and contributing 96.7% to the overall revenue[17] Research and Development - Research and development expenses for 2024 amounted to RMB 179.9 million, representing 2.6% of total revenue, compared to RMB 125.8 million and 3.0% in 2023[21] - In 2024, the company applied for 76 new patents, including 36 invention patents, and received authorization for 27 patents, with 5 being invention patents[24] - The company launched new product lines targeting different age groups, including "New Page 612" for ages 6-12 and "New Page 1218" for ages 12-18[16] - The company is preparing to launch several new brands across various categories, including a high-end anti-aging skincare brand "TAZU" and a makeup brand "NAN beauty"[18] - The company established multiple industry standards in 2024, including testing methods for cosmetic ingredients and tear-free formulations[21] - The "环六肽-9" ingredient received three invention patents and is being applied in several product lines, enhancing the company's innovation capabilities[22] - The company aims to enhance R&D investment in skincare technologies, including anti-aging and skin barrier repair, to foster product innovation[31] - The company is committed to enhancing its R&D capabilities and brand recognition to become a world-class cosmetics group[32] Marketing and Sales - The company plans to enhance its online and offline business model by opening pickup points at major train stations in Shanghai, Beijing, and Hangzhou[9] - The brand Han Shu received multiple awards for its products, including the "Best Formula Award" at the CBE China Beauty Expo 2024[9] - Online sales accounted for 90.5% of total revenue in 2024, increasing from 85.6% in 2023, with online self-operated sales rising 82.6% to RMB 5,311.7 million[36][37] - The company is expanding its marketing network, particularly in online platforms like Douyin, Tmall, and JD, to enhance brand presence[31] Financial Position - The total employee count as of December 31, 2024, was 2,086, with a total compensation cost of RMB 551.3 million, up from RMB 494.6 million in 2023[26] - Capital expenditures for 2024 amounted to RMB 242.6 million, mainly related to new properties, plants, and equipment at RMB 233.4 million[27] - Right-of-use assets were valued at RMB 125.7 million as of December 31, 2024, down from RMB 131.2 million in 2023, while lease liabilities decreased from RMB 65.6 million to RMB 51.5 million[28] - The group's debt-to-asset ratio increased to 37.9% in 2024 from 35.1% in 2023, reflecting a rise in financial leverage[50] - The current ratio as of December 31, 2024, was 1.8, down from 2.0 in 2023, indicating a slight decline in short-term liquidity[50] - The company's net asset value increased to RMB 2,234,670,000 in 2024, up from RMB 2,029,227,000 in 2023, reflecting a growth of 10.1%[60] Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.75 per share for the fiscal year ending December 31, 2024[5] - The total dividend proposed for 2024 is RMB 597,038,000, up from RMB 378,060,000 in 2023, indicating a growth of 58%[83] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.75 per share, consistent with the previous year[107] - The annual general meeting is scheduled for May 6, 2025, where the proposed dividend will be subject to shareholder approval[106] Operational Efficiency - The introduction of AI management tools is expected to improve operational efficiency and resource allocation[31] - The company reported a financial cost reduction of 62.3%, decreasing to RMB 6.1 million in 2024 from RMB 16.2 million in 2023[47] - Operating cash flow for 2024 was approximately RMB 547.0 million, down from RMB 746.2 million in 2023, indicating a decrease of about 26.7%[50] Inventory and Receivables - The company reported a total of RMB 690,639,000 in inventory for 2024, an increase from RMB 510,757,000 in 2023, which is a growth of 35.2%[84] - Trade receivables increased to RMB 439,090,000 in 2024 from RMB 329,453,000 in 2023, representing a growth of 33.3%[86] - The net amount of trade receivables and bills receivable rose to RMB 425,557,000 in 2024, up from RMB 321,246,000 in 2023, indicating a 32.5% increase[86] - The provision for impairment of trade receivables increased to RMB 14,438,000 in 2024 from RMB 12,005,000 in 2023, reflecting a rise of 20.2%[89] - Trade payables reached RMB 638,407,000 in 2024, compared to RMB 518,613,000 in 2023, marking a 23.1% increase[90] Corporate Governance - The audit committee reviewed the consolidated annual performance for the year ending December 31, 2024, and found it compliant with applicable accounting standards[102] - There have been no significant events affecting the group since December 31, 2024, as disclosed in the annual report[105] - The annual report for the year ending December 31, 2024, will be published on the Hong Kong Stock Exchange and the company's website[111]

上 市 公 司 -35% 15% 65% 03/04 04/04 05/04 06/04 07/04 08/04 09/04 10/04 11/04 12/04 01/04 02/04 HSCEI 上美股份 资料来源：Bloomberg 美容护理 2025 年 03 月 04 日 上美股份 (02145) —— 业绩符合预期，看好多渠道拓展及多品牌增长曲线 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 03 日 | | --- | --- | | 收盘价（港币） | 37.45 | | 恒生中国企业指数 | 8419.69 | | 52 周最高/最低（港币） | 56.95/29.20 | | H 股市值（亿港币） | 149.06 | | 流通 H 股（百万股） | 206.27 | | 汇率（人民币/港币） | 1.0840 | 一年内股价与基准指数对比走势： 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 (8621) ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, highlighting its strong performance and potential in the cosmetics sector [4][52]. Core Insights - The company has been deeply engaged in the cosmetics industry for 20 years, successfully implementing a multi-brand strategy that includes brands like Han Shu, One Leaf, and Red Elephant. The main brand, Han Shu, has seen significant growth, particularly in the Douyin channel, achieving a GMV of 3.34 billion yuan in 2023, a 374% increase from 2022 [22][10]. - The company's growth is driven by a combination of product quality, innovative marketing strategies, and effective channel management, particularly through Douyin [10][41][43]. Summary by Sections 1. Multi-Brand Strategy and Performance Recovery - The company has established itself as a leader in the domestic cosmetics market, ranking among the top five in retail sales from 2015 to 2021. In 2021, it was the only domestic company with two skincare brands achieving annual retail sales exceeding 1.5 billion yuan [22][10]. - In 2022, the company faced a revenue decline of 25.4% to 2.71 billion yuan, primarily due to supply chain issues and reduced R&D spending. However, strategic adjustments in late 2022 led to a strong recovery in 2023, particularly for the Han Shu brand [22][10]. 2. Product, Marketing, and Channel Strategies - **Product**: The Han Shu brand's "Red Slim Waist" anti-aging set is positioned as a high-value product, priced at 399 yuan, which offers a competitive advantage over similar products [41][38]. - **Marketing**: The company has effectively utilized short dramas for product placement, achieving significant exposure and engagement. Collaborations with influencers have resulted in high viewership, with some dramas reaching over 1.2 billion views [41][42]. - **Channel**: The company has built a robust live-streaming matrix and adjusted its influencer collaboration strategy to optimize traffic conversion. The focus has shifted from top-tier influencers to mid-tier ones for better cost efficiency [43][44]. 3. Earnings Forecast and Valuation - The company is projected to achieve revenues of 7.13 billion, 9.11 billion, and 10.62 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 69.1%, 27.9%, and 16.5%. Net profits are expected to reach 820 million, 1.15 billion, and 1.42 billion yuan, with growth rates of 77.4%, 40.4%, and 23.6% [51][8]. - The current price-to-earnings (P/E) ratios are projected to be 15, 11, and 9 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation compared to peers [51][52].

Investment Rating - The report initiates coverage on Shangmei Co., Ltd. with a "Buy" rating and sets a target price of HKD 44.0, indicating a potential upside of 41.9% from the current price of HKD 31.0 [1][4][5]. Core Insights - Shangmei Co., Ltd. is a leading domestic cosmetics company that has successfully implemented a multi-brand strategy, with its flagship brand, Han Shu, achieving significant growth through targeted marketing on platforms like Douyin [1][2][3]. - The company has a strong focus on the lower-tier markets, which is expected to drive future growth, supported by its diverse product offerings across skincare, baby care, and hair care segments [1][2][3]. - The report highlights the successful alignment of Han Shu's consumer profile with Douyin's user demographics, leveraging innovative marketing strategies such as short dramas to enhance brand visibility and sales [3][4][5]. Summary by Sections Multi-Brand Strategy - Shangmei Co., Ltd. has been practicing a multi-brand strategy for nearly 20 years, with its main revenue coming from the Han Shu brand, which has recently dominated the Douyin platform [2][3][4]. - The company aims to develop multiple brands across different consumer segments, from mass to premium, enhancing its market influence [2][3][4]. Channel and Consumer Alignment - Han Shu's success on Douyin is attributed to its alignment with the platform's user demographics, particularly targeting consumers aged 18-34 in lower-tier cities [3][4][5]. - The brand has effectively utilized short drama marketing to regain consumer attention and drive sales, achieving significant viewership and engagement [3][4][5]. Growth Potential - Despite concerns about reliance on a single channel and brand, the report suggests that Shangmei's strategies, including expanding into other channels and enhancing its product lines, will support long-term growth [3][4][5]. - The company is expected to continue benefiting from the growing lower-tier market, which represents a significant portion of China's population and consumer spending [3][4][5]. Financial Projections - Revenue is projected to grow significantly, with estimates of RMB 7,031 million in 2024, reflecting a year-on-year increase of 67.8% [6][11][141]. - The report anticipates improvements in profit margins, with gross margins expected to reach 74.7% by 2026 [6][11][141]. Valuation and Target Price - The target price of HKD 44.0 is based on a 15x PE ratio for 2025, reflecting a discount compared to leading domestic cosmetics brands [4][5][118].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The report highlights that the company has successfully navigated through various phases of the cosmetics industry over the past 20 years, demonstrating resilience and adaptability [5]. - The company is recognized as a leading domestic multi-brand cosmetics enterprise, with significant growth potential driven by its core brand, Han Shu [5][7]. - The report projects revenue growth rates of 56.6%, 75.9%, 27.9%, and 19.1% for the years 2023 to 2026, respectively [1]. Summary by Sections Company Development Overview - The company has evolved through several key phases, including brand inception, television shopping, focused marketing, multi-brand development, and recent shifts towards e-commerce [5][15]. - The founder, Mr. Lv Yixiong, has played a crucial role in the company's strategic direction and market positioning, leveraging insights from market trends and consumer behavior [5][15]. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 4,191 million, 7,370 million, 9,425 million, and 11,227 million yuan from 2023 to 2026, respectively [1]. - The projected net profit attributable to shareholders is forecasted to be 461 million, 896 million, 1,161 million, and 1,368 million yuan for the same period [1]. - The report suggests that the company's earnings per share will increase from 1.16 yuan in 2023 to 3.44 yuan in 2026, with corresponding price-to-earnings ratios of 33, 17, 13, and 11 [1]. Brand Performance - Han Shu has become the primary revenue driver, contributing approximately 84% of total revenue in the first half of 2024, up from 32% in 2019 [7][8]. - The company has successfully repositioned its brands to adapt to changing consumer preferences and market dynamics, particularly focusing on online sales channels [5][7]. Market Positioning - The company has established a strong foothold in the domestic cosmetics market, ranking among the top five domestic brands by retail sales from 2015 to 2021 [5]. - The report emphasizes the company's strategic focus on the mid-range price segment, targeting consumers in lower-tier cities, which has differentiated it from international competitors [22].

呃各位投资人朋友们大家晚上好我是开源零售团队的属于分析师郝德鹏啊欢迎大家参加我们今天这个上美股份的深度报告进化会 上美作为港股低估值高成长的美股标的也是具备一定的稀缺性我们也是近期刚刚发布了上美股份的公司生报告所以今天的会议也借此机会我们跟大家来详细剖析一下上美的基本面和看点也分享一下我们的推荐逻辑那一同与会的还有我的团队同事陈思 我们知道上美作为国内领先的多品牌美妆集团现在其实也是成功打造了包括韩束、红色小项、一叶子等丰富的品牌矩阵也多维度地布局了化妆品、母婴护理包括洗护等多个细分的赛道那公司的核心主品牌韩束在今年的上半年也是贡献了公司超过83%的一个营收并且持续地坐稳了抖音渠道的美妆第一的一个位置 可以说上美这几年整个的一个快速的这个发展跟起量跟这个中性牌函数在抖音渠道的爆发还是有密不可分的一个关系所以呢在报告中呢我们还是首先针对这个函数的一个爆发历程去做了一个比较深度的复盘在这里面呢我们做了三个层次的一个研究一个呢是关注到这个函数的早期可能大家是依托这个短剧实现了这个破圈通过聚焦年轻且消费活力强也具备抗拆需求的这样的黄金人群 也是积累了比较多的这个A3的人民资产然后在第二个层面呢我们会关注到公司在整个产 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company, Shangmei Co., is a leading multi-brand beauty group in China, with its main brand, Han Shu, gaining significant traction due to high cost-performance products and the short video trend. The company is expected to maintain high growth due to its efficient organizational operations and supply chain capabilities [4][5]. Financial Performance - The company reported a significant turnaround in 2023, with revenue reaching 4.19 billion HKD, a year-on-year increase of 56.8%. The net profit for the same year was 461 million HKD, up 213.5% [21][22]. - For 2024, the projected net profits are 899 million HKD, 1.18 billion HKD, and 1.45 billion HKD for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.26, 2.97, and 3.63 HKD [4][21]. Brand Strategy - The company employs a "2+2+2" brand strategy, focusing on two brands each in skincare, maternal and infant care, and hair care. The main brand, Han Shu, targets the anti-aging market, while other brands like Red Elephant and One Leaf cater to different segments [14][15][16]. Growth Drivers - Han Shu's product line, particularly the "Waist Series," is expected to drive growth, with a strong emphasis on high cost-performance and effective marketing strategies [6][30]. - The company has successfully leveraged platforms like Douyin (TikTok) for marketing, achieving a GMV of 34.44 billion HKD in 2024H1, surpassing the total for 2023 [21][30]. Supply Chain and Operational Efficiency - The company has established a robust supply chain with both domestic and overseas manufacturing capabilities, ensuring stable production and pricing control [5][19]. - The organizational structure is designed for high efficiency, with brand managers given significant autonomy, which has proven effective in responding to market trends [5][19]. Market Position - Han Shu has become a top player in the beauty market, particularly on Douyin, where it has consistently ranked first in beauty sales [30][37]. - The company is well-positioned to benefit from the growing demand for affordable skincare products, especially among younger consumers [34][36].

CHICMAX 02145.HK 2024中期報告 Interim Report | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 上海上美化妝品股份有限公司 Shanghai Chicmax Cosmetic Co., Ltd. (A joint stack company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司) | | | | | | | | | | | --- | --- | |------------------------------------ ...