Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 54.77 HKD per share based on a 25x PE for 2024 [4][20]. Core Insights - The company reported a significant increase in revenue and profit for 2023, achieving a revenue of 4.19 billion RMB, up 56.6% year-on-year, and a net profit of 461 million RMB, up 213.5% year-on-year. The second half of 2023 saw even stronger growth, with revenue of 2.6 billion RMB, up 84.3%, and a net profit of 360 million RMB, up 340.5% [9][16]. - The online sales channel contributed significantly, generating 3.59 billion RMB in revenue, a 78.9% increase, accounting for 85.6% of total revenue. The offline channel, however, saw a decline, with revenue of 540 million RMB, down 12.2% [9][15]. - The main brand, 韩束 (Han Shu), achieved revenue of 3.09 billion RMB, a 143.8% increase, driven by brand upgrades and increased sales on platforms like Douyin, where GMV reached 3.34 billion RMB, up 374.4% [9][15]. Revenue and Profit Summary - The company’s revenue for 2023 was 4.19 billion RMB, with a growth rate of 56.6%. The projected revenue for 2024 is 6.54 billion RMB, with a growth rate of 56.0% [3][18]. - The net profit for 2023 was 461 million RMB, with a growth rate of 213.5%. The projected net profit for 2024 is 806 million RMB, with a growth rate of 74.8% [3][19]. - The gross margin increased by 8.5 percentage points to 72.1%, while the net profit margin improved by 5.5 percentage points to 11.0% [13][19]. Brand Performance - 韩束 (Han Shu) remains the leading brand, contributing 73.7% of total revenue. Other brands like 一叶子 (One Leaf) and 红色小象 (Red Elephant) faced challenges, with revenues declining by 32.7% and 42.6% respectively [9][15]. - The new brand, newpage, saw remarkable growth, achieving a revenue of 150 million RMB, up 498% [9][15]. Strategic Initiatives - The company is implementing a "Six Six" strategy to drive sustainable growth, focusing on six competitive areas and six business segments. This includes enhancing product development and expanding into new markets [15][20]. - The company has applied for 58 new patents, indicating a strong commitment to innovation and product development [15][20].

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].

Investment Rating - The investment rating for the company is "Buy" [4]. Core Insights - The company's net profit for 2023 is 461 million, representing a year-on-year increase of 213%. The growth is attributed to the strong performance of the Han Shu brand on Douyin, which has significantly boosted revenue and profitability. The company is expected to benefit from the trend of value consumption, with strong brand management leading to continued growth [3]. - The revenue, net profit, and attributable net profit for 2023 are 4.191 billion, 461 million, and 461 million respectively, showing year-on-year increases of 57%, 237%, and 213%. The profit slightly exceeded the upper limit of the earnings forecast [3]. - The gross margin and net margin for 2023 are 72.1% and 11%, reflecting increases of 8.5 and 5.9 percentage points year-on-year, driven by the higher proportion of high-margin new products [3]. - The company has raised its earnings forecasts for 2024-2026, expecting EPS of 2.03 (+0.25), 2.61 (+0.4), and 3.18 RMB, and has adjusted the target price to 55.77 (+6.85) HKD based on a PE of 25x for 2024 [3]. Financial Summary - The company's revenue for 2023 is 4.191 billion, with a year-on-year growth of 57%. The net profit is 461 million, reflecting a 213% increase compared to the previous year [8]. - The gross profit for 2023 is 3.019 billion, with a gross margin of 72.1%. The net profit margin stands at 11% [8]. - The company expects revenue growth of 53% in 2024, followed by 23% in 2025 and 17% in 2026 [8].

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].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of HKD 47.20 [2]. Core Insights - The company achieved a revenue of CNY 4.191 billion in 2023, representing a year-on-year increase of 56.6%. The net profit attributable to shareholders reached CNY 457 million, up 212.7% year-on-year, exceeding previous performance forecasts [1][2]. - The Han Shu brand showed strong momentum with a revenue increase of 144% year-on-year, driven by brand upgrades and increased sales on e-commerce platforms [1]. - The company is focusing on a multi-brand strategy, with expectations for continued growth from its brand matrix, particularly the Han Shu brand and its flagship product, the Hong Man Yao series [1]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of CNY 4.191 billion, with a growth rate of 56.6%. The net profit attributable to shareholders was CNY 457 million, reflecting a growth rate of 212.7% [2][8]. - The gross profit margin improved to 72.1%, an increase of 8.5 percentage points year-on-year, primarily due to the Han Shu brand's performance [1][8]. Brand Performance - Han Shu brand revenue reached CNY 3.09 billion in 2023, a year-on-year increase of 143.8%. The brand's focus on high-value products and effective marketing strategies contributed to this growth [1]. - Other brands, such as Yi Ye Zi and Hong Se Xiao Xiang, experienced declines in revenue due to market competition and brand adjustments, while the new brand Newpage showed significant growth [1]. Strategic Initiatives - The company is implementing a three-pronged strategy focusing on channel expansion, a "2+2+2" brand strategy, and a "66 strategy" to enhance its market presence across various categories [1]. - The channel strategy emphasizes strengthening its presence on platforms like Douyin and Tmall, while also re-entering offline markets to prepare for future growth [1]. Profitability Forecast - The company expects net profits to reach CNY 801 million, CNY 1.088 billion, and CNY 1.411 billion for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 22X, 16X, and 12X [2][8].

[Table_Main] 证券研究报告 | 公司点评 上美股份(02145.HK) 2024年3月22日 上美股份：23 全年业绩超预 买入（上调） 所属行业：美容护理/化妆品 期，抖音延续高增长 当前价格(元)：48.25 单击或点击此处输入文字。 证券分析师 投资要点 赵雅楠 资格编号：S0120523070002  上美股份 23 年业绩增长超预期。（1）2023 年全年：公司实现营收 41.91 亿元 邮箱：zhaoyn＠tebon.com.cn /+56.64%（落在此前预告40-42亿上沿），净利润4.61亿元/+213%（超出此前预 易丁依 告4.2-4.6亿），毛利率为72.05%/+8.52pcts，来自于高毛利率的韩束品牌占比提 资格编号：S0120523070004 升，公司加大抖音渠道投放，销售费率同比提升 6.45pcts 至 53.46%，净利率为 邮箱：yidy＠tebon.com.cn 11.0%/+5.50pcts；（2）23H2：实现营收 26.04 亿/+84.29%，净利润为 3.60 亿 /+327.1%，收入及利润环比均提速，23H2的毛利率为73.89%、环比+ ...

Financial Performance - Revenue for the year ended December 31, 2023, increased by 56.6% to RMB 4,190.7 million from RMB 2,675.3 million in 2022[2] - Gross profit rose by 77.7% to RMB 3,019.5 million compared to RMB 1,699.6 million in the previous year[2] - Net profit for 2023 was RMB 461.7 million, a significant increase of 236.8% from RMB 137.1 million in 2022[2] - The company's revenue from three main brands in 2023 was RMB 3,822.6 million, an increase of 55.9% from 2022, contributing 91.2% to total revenue[11] - The gross profit increased by 77.7% from RMB 1,699.6 million in 2022 to RMB 3,019.5 million in 2023, with gross margin improving from 63.5% to 72.1%[30] - The net profit for 2023 was RMB 461,663,000, up from RMB 137,080,000 in 2022, reflecting an increase of approximately 236.5%[41] - The company reported basic and diluted earnings per share of RMB 1.16 for 2023, compared to RMB 0.41 in 2022[41] Brand Performance - The main brand, Han Shu, generated revenue of RMB 3,090.4 million in 2023, representing a 143.8% increase and accounting for 73.7% of total revenue[8] - Han Shu's total GMV on Douyin reached approximately RMB 3,340 million, reflecting a year-on-year growth of about 374.4%[6] - The brand Yi Ye Zi generated revenue of RMB 356.5 million in 2023, a decrease of 32.7% compared to the previous year, contributing 8.5% to total revenue[9] - The revenue of Han Shu increased by 143.8% from RMB 1,267.4 million in 2022 to RMB 3,090.4 million in 2023, driven by brand upgrades and increased self-operated income from the Hong Man Yao series on e-commerce platforms[26] - The revenue of Yi Ye Zi decreased by 32.7% from RMB 529.9 million in 2022 to RMB 356.5 million in 2023, primarily due to ongoing transformation and upgrades[26] - The revenue of Hong Se Xiao Xiang decreased by 42.6% from RMB 655.1 million in 2022 to RMB 375.7 million in 2023, mainly due to intense market competition[26] Dividends and Shareholder Returns - The company plans to pay a final dividend of RMB 0.75 per share for the year ended December 31, 2023, up from RMB 0.25 per share in 2022[3] - The proposed final dividend for 2023 is RMB 0.75 per share, up from RMB 0.25 per share in 2022, which represents a 200% increase[60] - The annual general meeting is scheduled for May 30, 2024, to approve the proposed final dividend[72] - The final dividend payment is expected to be made on or around June 28, 2024, pending shareholder approval[72] Research and Development - Research and development expenses for 2023 were RMB 125.8 million, accounting for 3.0% of annual revenue, compared to RMB 110.3 million and 4.1% in 2022[16] - The company plans to enhance R&D investment in key skincare areas, including anti-aging technology and skin barrier repair technology[22] - In 2023, the company applied for 58 new patents, including 35 invention patents, and was granted 18 new patents, with 3 being invention patents[17] Market Strategy and Expansion - The company is expanding its marketing network, focusing on online platforms like Douyin, Tmall/Taobao, and JD to enhance brand presence[23] - The company plans to continue expanding its market presence and investing in new product development to sustain growth in the coming years[51] - The company launched a new product line targeting school-age children, including the "Primary School Series" and a popular "Cosmic Fun" children's makeup gift box[10] Financial Position and Assets - The total assets as of December 31, 2023, were RMB 3,127,648,000, compared to RMB 2,546,186,000 in 2022, showing an increase of approximately 22.8%[44] - Non-current assets totaled RMB 1,050,511,000 as of December 31, 2023, compared to RMB 893,501,000 in 2022, reflecting a growth of approximately 17.6%[44] - The company's cash and cash equivalents decreased from RMB 1,147.7 million in 2022 to RMB 697.7 million in 2023, while interest-bearing bank borrowings were reduced by 84.6% to RMB 100.0 million[38] Awards and Recognition - The company received multiple awards in 2023, including the "2023 Tmall Golden Baby Award" for maternal and infant public welfare and the "InnoCosme Beauty Material Award" for its core ingredient Tiracle Pro[11][18] Corporate Governance - The company's financial statements for the year ended December 31, 2023, have been reviewed by the audit committee and are in compliance with applicable accounting standards[70] - The audit committee consists of three independent non-executive directors, with Mr. Liang Haoxin serving as the chairman[69]

股 票 研 究 证 券 研 究 报 告 [Table_MainInfo] [Table_Title] 上美股份（2145） 业绩超预期，看好持续爆发 | --- | --- | --- | --- | |----------|------------------|----------------------|-------------------| | | 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 | | 证书编号 | S0880513120002 | S0880522120004 | S0880521120001 | 本报告导读： 公司 2023 年业绩超预期，韩束抖音放量下收入规模及盈利能力大幅提升，我们认为 公司受益平价消费趋势，大品牌、强运营下有望持续爆发。 摘要： [Table_Summary] 投资建议：公司韩束品牌抖音高势能叠加多渠道拓 ...

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 23 年业绩大超预期，韩束延续高增，子品牌势能向上 2024年3月3日 上美股份 (02145.HK)业绩快报点评 23年业绩大超预期，韩束放量，盈利质量大幅提升。公司发布23年业绩预告，预计23年收入约40-42 买入 亿元，较22年收入26.75亿元同增49.5%-57.0%；公司23年归母净利润4.2-4.6亿元，较22年 1.47 亿元，同增 185.5%-212.7%。我们推算，23 年净利润率为 10%-11.5%，同增 4.5-6.0pct； 维持 23H2 营收 24-26 亿元，同比+69.85%-84.01%，归母净利润3.2-3.6 亿元，同比+290%-339%， 23H2 归母净利润率13.2%-13.7%，同增7.4-7.9pct，盈利质量大超预期，公司收入与利润率的增长 主要源于主品牌韩束抖音放量及产品收入结构的调整。 市场数据：2024年3月1日 24 年包材采购预计翻倍，产品需求旺盛，韩束开年抖音销售连续霸榜第一。公司公 ...