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 ...

2 开源证券 美容护理/化妆品 公 司 研 究 开 源 证 券 证 券 研 究 报 告 港股公司首次覆盖报告 股价走势图 -40% 0% 40% 80% 120% 160% 2023-10 2024-02 2024-06 上美股份 恒生指数 数据来源：聚源 主品牌韩束势能强劲，产品+渠道+品牌多维成长 上美股份（02145.HK） 2024 年 10 月 06 日 投资评级：买入（首次） | --- | --- | |-------------------------|---------------| | 日期 | 2024/10/4 | | 当前股价 ( 港元 ) | 49.300 | | 一年最高最低 ( 港元 ) | 56.950/18.800 | | 总市值 ( 亿港元 ) | 196.23 | | 流通市值 ( 亿港元 ) | 101.69 | | 总股本 ( 亿股 ) | 3.98 | | 流通港股 ( 亿股 ) | 2.06 | | 近 3 个月换手率 (%) | 10.03 | 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 | --- | ...

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) | | | | | | | | | | | --- | --- | |------------------------------------ ...

港股通 证券研究报告 上美股份 (2145 HK) 韩束 X 肽系列重磅发布，新增长极可期 投资评级(维持): 买入 目标价(港币): 59.93 研究员 樊俊豪 SAC No. S0570524050001 SFC No. BDO986 fanjunhao@htsc.com +(852) 3658 6000 研究员 孙丹阳 SAC No. S0570519010001 SFC No. BQQ696 sundanyang@htsc.com +(86) 21 2897 2038 华泰研究 动态点评 2024 年 9 月 01 日│中国香港 化妆品 韩束新品"超频 X 肽系列"重磅发布，产品矩阵再延伸，后续值得期待 24 年 8 月 30 日公司主品牌韩束推出全新 X 肽系列重磅新品 X 肽超频霜， 定位"涂抹美容仪"。X 肽是公司继环六肽-9 之后的又一重磅成分，通过模 拟光电射频原理将抗衰深入皮肤内部，实现深层抗老。灵魂成份+数据验证 +清晰卖点，X 肽系列具备成为强消费者认知的大单品的卖相。24M1-M7 韩 束淘系/抖音 GMV 分别为 36.1/5.0 亿，抖音权重更大、天猫增速快而体量 有限，以套盒销 ...

韩束品牌继续高增，一页品牌增长潜力开 始释放 核心观点 ⚫ 公司发布 24H1 中报，实现营业收入 35 亿，同比增长 120.7%，实现归母净利润 4 亿，同比增长 297%。 ⚫ 韩束继续高增，一页品牌有望打造第二成长曲线。分品牌来看，1）韩束：24H1 收 入同比增长 184.7%，韩束继续保持抖音渠道美妆行业领先地位，上半年 GMV 位居 美妆品牌第一，达到 34.4 亿，已超过去年全年 GMV。同时，韩束在其他电商平台 也取得了快速发展，截至 24H1，韩束天猫旗舰店 GMV 同比增长超过 200%，京东 自营旗舰店同比增长超 400%。2）一叶子：24H1 收入同比下滑 38.6%。3）红色小 象：24H1 收入同比下滑 7.9%，红色小象继续推动品牌转型，聚焦中大童学龄市 场。产品层面，推出更多儿童彩妆新品，受市场欢迎。4）一页：24H1 收入同比增 长 173.2%，24H1 一页在抖音、天猫、京东渠道 GMV 均实现三位数以上增长；线 下方面，一页合作超过 6,000 家母婴专卖店，并布局爱婴室等母婴渠道。 ⚫ 线上渠道引领增长。24H1 线上和线下渠道同比增长 146%和 12%。上半年线 ...

证券研究报告 | 公司点评 | 化妆品 上美股份(02145) 报告日期：2024 年 08 月 25 日 净利润+309%略超预期，多品牌多品类共驱，后续增长动力强劲 ——上美股份 24 年中报点评 投资要点 ❑ 净利润+309%略超预期，归母净利同增 297%贴近预期上限，年中分红 74.5% 24H1 收入 35 亿，同比+121%，净利润 4.1 亿，同比+309%，归母净利 4 亿，同 比+297%。原预告净利润同增 286%-306%，实际同增 309%。年中分红每股派息 0.75 人民币，合计 2.99 亿，派息率 74.5%。 ❑ 毛利率增至 76.5%，受益 DTC 占比提升，净利率增至 11.8% 24H1 毛利率 76.5%，同比+7.5pp，净利率 11.8%，同比+5.4pp。销售/管理/研发 费用率分别为 57.6%/3.2%/2.2%，同比分别+4pp/-4pp/-1pp。 ❑ 按品牌拆分，84%韩束+4%一叶子+5%红色小象+4.6%一页 分品牌来看，韩束收入 29.3 亿，同比+185%，高增势能延续；一叶子收入 1.3 亿，同比-39%；红色小象收入 1.7 亿，同比-8% ...

[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 ...

[Table_Author] [Table_OtherReport] 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 上美股份(2145.HK) 投资评级 上次评级 点评： 邮 箱：caixinyu@cindasc.com [Table_ReportDate] 2024 年 8 月 24 日 [Table_S 事件：公司发布 ummary] 2024H1 中报，24H1 公司实现营业收入 35.02 亿元 /yoy+120.7%，归母净利润 4.12 亿元/yoy+308.7%，毛利率 76.5%，同比提 升 7.5PCT。24H1 中期股息每股 0.75 元，现金分红金额 2.99 亿元，占 24H1 归母净利润的 72.33%。 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 分品牌：韩束表现持续领先，新品牌 newpage 一页快速增长。韩束、一叶 子、红色小象三个品牌贡献主要营收，合计为 32.26 亿元/yoy+127.1%，占 总收入的 92.1%。（1）韩束：24H1 收入 29. ...