Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.13 [6][7]. Core Insights - The company expects a strong revenue growth of 34-36 billion RMB for 24H1, representing a year-on-year increase of 114%-127%, with net profit projected at 3.9-4.1 billion RMB compared to 1.01 billion RMB in the same period last year [1]. - The main brand, Han Shu, and the second brand, New Page, are leading the growth, with significant sales performance noted across multiple channels [1][2]. - The report anticipates an EPS of 2.27, 2.99, and 3.54 RMB for the years 2024-2026, maintaining the previous estimates [1]. Revenue and Profit Forecast - The company forecasts revenue growth from 2,675 million RMB in 2022 to 7,309 million RMB in 2024E, reflecting a growth rate of 74.40% [5]. - Net profit is expected to increase from 147.11 million RMB in 2022 to 903.99 million RMB in 2024E, showing a growth rate of 96.05% [5]. - The report projects a net profit margin of 11.4% for 24H1, which is significantly higher than 6.4% in 23H1 [1]. Brand Performance - Han Shu's Douyin GMV reached 3.34 billion RMB in 24H1, with a quarter-on-quarter growth of 40% [2]. - New Page's performance is also notable, with a Douyin GMV of 0.8 billion RMB, representing a year-on-year increase of 206% [2]. - The report highlights the potential for further growth in the skincare market, particularly with new product launches and brand expansions [1][3]. Management Confidence - Recent insider buying by executives, including a total of 31.21 million RMB by the vice president, indicates strong confidence in the company's future [4].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 4452273 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.07.28 业绩符合预期，推进品牌及渠道拓展 上美股份(2145) 家庭及个人用品 [Table_Industry] [Table_Invest] 评级： 增持 ——上美股份 2024 半年报业绩预告点评 | --- | --- | --- | |------------------|----------------------|-------------------| | 訾猛(分析师) | 闫清徽(分析师) | 杨柳(分析师) | | 021-38676442 | 021-38031651 | 021-38038323 | | zimeng@gtjas.com | yanqinghui@gtjas.com | yangliu@gtjas.com | | S0880513120002 | S0880522120004 | S0880521120001 | [当前价格 Table_ ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The cosmetics industry in China is experiencing a slowdown in growth, with Douyin emerging as a key channel for brand expansion. The competition is intensifying, and brands must adapt to new marketing and operational strategies to succeed [1][2] - The company has established a comprehensive brand matrix covering skincare, maternal and infant care, and hair care, positioning itself across various price segments from mass to premium [1][3] - The management team has demonstrated agility and insight, successfully capitalizing on market trends and channel opportunities, particularly in leveraging Douyin for sales growth [2][19] Summary by Sections 1. Industry Overview - The Chinese beauty industry has seen a deceleration in growth since 2022, primarily due to weak consumer spending and a slowdown in e-commerce growth. Douyin has become a critical battleground for brands [1] - The competitive landscape is characterized by leading brands and emerging players, with a significant emphasis on innovative marketing strategies [1] 2. Company Profile - The company has a multi-brand strategy with a "3+N" brand structure, including major brands like Hanlai, Red Elephant, and One Leaf, covering a wide range of consumer needs [1][12] - Hanlai, the main brand, has seen significant revenue growth, achieving 30.9 billion in 2023, marking a 144% increase [1][22] 3. Financial Performance - In 2023, the company reported a revenue increase of 57% to 41.9 billion and a net profit increase of 213% to 4.6 billion, with a gross margin of 72.1% [22][24] - The company is projected to achieve net profits of 8.52 billion, 11.22 billion, and 14.07 billion from 2024 to 2026, with corresponding P/E ratios of 17, 13, and 10 [7] 4. Future Outlook - The company has a robust pipeline of differentiated new products and is focusing on refined channel management to drive growth [3][6] - The management's ability to adapt and innovate will be crucial for sustaining growth in a competitive market [2][19]

Financial Performance - Shanghai Chicmax reported a significant increase in revenue, achieving a total of CNY 1.5 billion, representing a year-on-year growth of 25%[1]. - The company’s net profit for the year reached CNY 300 million, reflecting a 15% increase compared to the previous year[1]. - Revenue increased to RMB4,190.7 million in 2023, up from RMB2,675.3 million in 2022, representing a growth of approximately 56.4%[13]. - Gross profit rose to RMB3,019.5 million in 2023, compared to RMB1,699.6 million in 2022, marking an increase of about 77.6%[13]. - Profit for the full year of 2023 was RMB461.7 million, significantly higher than RMB137.1 million in 2022, reflecting a growth of approximately 236.5%[13]. - The company’s cash flow from operations increased to CNY 400 million, indicating strong financial health and liquidity[1]. - The Group's total revenue for 2023 was RMB 4,190.7 million, a significant increase from RMB 2,675.3 million in 2022, representing a growth of 56.4%[82]. - The Group's profit for the year was RMB 461.7 million in 2023, compared to RMB 137.1 million in 2022, indicating a substantial increase in profitability[86]. Customer Growth and Market Expansion - User data indicated a growth in active customers, with a total of 5 million users, up 20% from the previous year[1]. - Future outlook includes a projected revenue growth of 30% for the next fiscal year, driven by new product launches and market expansion strategies[1]. - Chicmax plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[1]. - KANS brand achieved a gross merchandise volume (GMV) of approximately RMB3,340 million through Douyin in 2023, representing a year-on-year growth of about 374.4%[14]. - KANS secured the top position in Douyin's annual cosmetics brands ranking in 2023, highlighting its strong market presence[20]. Product Development and Innovation - The company is investing CNY 200 million in R&D for new product development, focusing on innovative skincare solutions[1]. - KANS launched new product series including Neige Blanc Skin-Whitening and Soothing Firming, targeting improvements in skin brightness and sensitivity[20]. - The company aims to continue developing additive-free, safe, organic, and minimalist skincare products to meet the growing demand for high-quality maternal and infant care products[33]. - The company launched several new brands in 2023, including ARMIYO, asnami, KYOCA, and 2032, focusing on sensitive skincare and high-end maternity products[37]. - The company introduced a new cyclic peptide and upgraded ordinary linear peptides to three-dimensional cyclic peptides, enhancing absorption and physiological activity[41]. Marketing and Brand Strategy - A new marketing strategy has been implemented, aiming to increase brand awareness by 40% through digital channels[1]. - KANS collaborated with social media influencers to create content that garnered over one billion views, enhancing brand visibility and consumer engagement[17]. - The company has focused on a multi-brand strategy, successfully launching several cosmetic brands to cater to diverse consumer needs[13]. Awards and Recognition - KANS received multiple awards in 2023, including "Annual Super Brand in Beauty Industry" and "Outstanding Case of New Domestic Brand Innovation"[21]. - The company won multiple awards in 2023, including the InnoCosme Ingredient Awards for its core ingredient Tiracle Pro and the Ringier Technology Innovation Award for Artemisia Annua Oil AN+[42]. Financial Health and Liquidity - The Group's debt to asset ratio improved to 35.1% in 2023 from 45.7% in 2022[87]. - Current ratio increased to 2.0 times as of December 31, 2023, compared to 1.7 times in 2022[87]. - The Group's liquidity position remains strong, with no material contingent liabilities reported as of December 31, 2023[87]. Corporate Governance - The board is committed to maintaining high corporate governance standards to safeguard shareholder interests and enhance corporate value[133]. - The Company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its governance practices[133]. - The Board consists of a balanced composition of executive and non-executive directors, ensuring strong independent judgment[139]. Human Resources and Employee Development - The total remuneration cost for 2023 was RMB494.6 million, an increase from RMB473.6 million in 2022, reflecting a reasonable growth in employee compensation[43]. - The Company emphasizes training and development opportunities for female staff to promote gender diversity[191]. - The Company has established fair hiring practices and competitive remuneration to maintain a strong competitive advantage in the human resources market[44]. Risk Management - The Group's risk management includes a structured organization with the Board, Audit Committee, and various departments acting as different lines of defense[200]. - Major risks identified during the Reporting Period include business risks, financial risks, compliance risks, inside information, and internal control risks[200]. - The effectiveness of the risk management and internal control systems is reviewed annually, focusing on financial, operational, and compliance monitoring[200].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 60.24 HKD [1][8]. Core Views - The report highlights that the company, as a leading multi-brand beauty enterprise in China, has established a turning point for its main brand, Han Shu, and anticipates promising upgrades for its sub-brands [5][10]. - The domestic beauty market is experiencing a resurgence of local brands, with the company positioned to benefit from this trend [6][32]. - The company has solidified its competitive barriers through product innovation, channel expansion, and effective marketing strategies [7][10]. Summary by Sections Company Overview - The company has focused on a multi-brand strategy since its establishment in 2002, with well-known brands such as Han Shu, One Leaf, and Red Elephant, and has launched new brands like Anmi Er and New Page [5][17]. - The ownership structure is concentrated, with various incentive mechanisms in place to motivate employees [20][23]. Market Dynamics - The Chinese cosmetics market has grown significantly, reaching a size of 946.8 billion CNY from 2015 to 2021, with a compound annual growth rate (CAGR) of 12% [6][32]. - Local brands have captured 47.2% of the market share, indicating room for growth compared to mature overseas markets [6][32]. Competitive Advantages - The company focuses on core ingredients and technologies to enhance product efficacy, particularly in its Han Shu brand [7][10]. - In 2023, the company capitalized on the Douyin (TikTok) platform, leading to a significant increase in sales through innovative marketing strategies [10][29]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 67.74 billion CNY, 88.67 billion CNY, and 107.57 billion CNY, with corresponding growth rates of 61.6%, 30.9%, and 21.3% [8][13]. - The net profit attributable to shareholders is expected to reach 8.71 billion CNY, 12.03 billion CNY, and 15.49 billion CNY for the same period, with growth rates of 88.8%, 38.1%, and 28.8% respectively [8][13]. Valuation - The absolute valuation method estimates the company's per-share value at 59.18 CNY, while the relative valuation method suggests a target price of 54.69 CNY (60.24 HKD) based on a 25x PE ratio for 2024 [8][13].

[Table_Page] 公告点评|日常消费 证券研究报告 [【Table_T广itle] 发 商 社 & 海 外 】 上 美 股 份 [公Tab司le_I评nves级t] 买入 当前价格 47.20港元 （02145.HK） 合理价值 54.77港元 前次评级 买入 收入利润均位于预告上限，步入增长快车道 报告日期 2024-03-24 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 事件：公司披露 2023 年年报，23 年全年实现营收 41.9 亿元，同比 96% +56.6%，实现归母净利润4.6亿元，同比+213.5%，收入利润均位于 72% 此前业绩预告的区间上限。其中 23H2 实现营收 26.0 亿元，同比 48% +84.3%，归母净利润3.6亿元，同比+340.5%。 24% ⚫ 分渠道看，（1）23年公司线上渠道实现营收35.9亿元，同比+78.9%， 0% 占总营收比重为 85.6%，其中线上自营实现营收 29.1 亿元，同比 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -24% +174.5 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.15 HKD for 2024, based on a 23x PE valuation [2][4][7]. Core Insights - The company reported a strong performance in 2023, achieving a revenue of 4.19 billion, a year-on-year increase of 56.6%, and a net profit of 461 million, up 213.5% [1][3]. - The main brand, Han Shu, experienced significant growth, with a revenue increase of 143.8% to 3.09 billion, driven by successful marketing strategies and product launches [1][3]. - The company is focusing on a multi-brand and multi-category strategy, planning to expand into high-end personal care and skincare products [1][3]. Financial Performance Summary - Revenue for 2023 is projected at 4.19 billion, with a growth rate of 56.6% compared to the previous year [3][10]. - The net profit for 2023 is expected to be 461 million, reflecting a substantial increase of 213.5% [3][10]. - Earnings per share for 2023 is estimated at 1.16 RMB, with projections of 2.06 RMB and 2.62 RMB for 2024 and 2025 respectively [2][3][10]. - The gross margin is expected to improve to 72.1% in 2023, with net profit margin reaching 11.0% [3][10].

股 票 研 究 [Table_industryInfo] 家庭及个人用品 [ Table_Main[上I Tnaf 美bol]e 股_Ti份tle]（ 2145） [评Tab级le_：Inv est] 增持 当前价格（港元）： 48.25 韩束高增，毛利率带动盈利能力持续提升 2024.03.22 海 ——上美股份2023 年报点评 [ 交Ta易bl数e_M据a rket] 外 訾猛(分析师) 闫清徽(分析师) 杨柳(分析师) 52周内股价区间（港元） 20.05-49.00 当前股本（百万股） 398 公 021-38676442 021-38031651 021-38038323 当前市值（百万港元） 19,201 司 zimeng@gtjas.com yanqinghui@gtjas.com yangliu@gtjas.com 证书编号 S0880513120002 S0880522120004 S0880521120001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司2023年归母净利润4.61亿同比+213%，韩束抖音放量下收入规模及盈利能力大 上美股份 恒 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 美容护理 | 公司研究 韩束高增，多品牌全渠道发力，持续看好成长势能 2024年3月23日 上美股份 (02145.HK)2023年报点评 业绩超预期，盈利质量大幅提升。公司发布23年年报，23年营收42亿元（yoy+57%）；归母净利 买入 润4.6亿元（yoy+214%)。派息分红比例持续走高，23年年中派息0.2元/股，23年年末派息0.75 元/股，全年派息0.95元/股，同增280%，分红比例高达82%。 维持 收入端，韩束抖音破圈，带动营收高增。1）分品牌看，①韩束营收 30.9 亿元(+143.8%)，占营收比 73.7%；②一叶子营收3.57亿元(-32.7%)，占营收比8.5%；③红色小象3.76亿元(-42.6%)，占营收 比9%; ④Newpage一页营收1.53亿元(+498%)，占总营收比3.6%；2）分渠道看，①线上营收35.87 市场数据：2024年3月22日 亿元，占整体营收85.6%。其中，线上自营营收29.1亿(+174.5%)，主因抖音平台 ...

Investment Rating - The investment rating for the company is "Buy" based on its strong performance and growth potential in the market [1]. Core Views - The report highlights the impressive performance of the company's brand, Han Shu, which has shown significant growth, particularly through the Douyin channel, contributing to multi-channel revenue growth [1][2]. - The company achieved a revenue of 4.19 billion yuan in 2023, representing a year-on-year increase of 57%, with a net profit attributable to shareholders of 461 million yuan, up 213% year-on-year [1][2]. - Future expectations include continued growth driven by the company's multi-channel strategy and brand expansion, particularly in the cosmetics sector [1][2]. Financial Performance Summary - **Revenue**: The company reported a revenue of 4.19 billion yuan in 2023, with projections of 6.42 billion yuan in 2024, 7.90 billion yuan in 2025, and 9.25 billion yuan in 2026, reflecting growth rates of 57%, 53%, 23%, and 17% respectively [2][3]. - **Net Profit**: The net profit attributable to shareholders was 461 million yuan in 2023, with forecasts of 742 million yuan in 2024, 951 million yuan in 2025, and 1.15 billion yuan in 2026, indicating growth rates of 213%, 61%, 28%, and 21% respectively [2][3]. - **EPS**: Earnings per share (EPS) are projected to increase from 1.16 yuan in 2023 to 2.90 yuan in 2026 [2][3]. Brand Performance Summary - **Han Shu**: The brand achieved revenues of 10.3 billion yuan in H1 and 20.6 billion yuan in H2 of 2023, with a total revenue of 30.9 billion yuan for the year, marking significant growth [1]. - **New Brands**: New brands are also experiencing rapid growth, contributing to the overall revenue increase [1]. - **Online Channels**: The online self-operated channels, particularly Douyin, are identified as the core contributors to revenue growth, with a notable increase in gross merchandise volume (GMV) [1][2]. Future Outlook - The company aims to enhance its market share by expanding its presence across multiple platforms, including Taobao, JD, and Kuaishou, while also focusing on offline channel growth [1]. - The report suggests that the company is well-positioned to continue its brand incubation strategy, which is expected to further expand its business boundaries in the cosmetics sector [1].