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]

[Table_Main] 证券研究报告 | 公司点评 上美股份(02145.HK) 2024 年 07 月 29 日 买入（维持） 所属行业：美容护理/化妆品 当前价格(港元)：37.45 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 -51% -26% 0% 26% 51% 77% 103% 129% 2023-07 2023-11 2024-03 | --- | --- | --- | --- | |------------------|-------|--------|--------| | 恒 生 指 数 对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -9.21 | -18.86 | -15.53 | | 相对涨幅(%) | -5.29 | -9.27 | -11.96 | 资料来源：德邦研究所，聚源数据 相关研究 1.《上美股份：23 全年业绩超预期，抖 音延续高增长》，2024.3.22 2.《上美股份：渠道转型现成效，打造 多品牌的化妆品集团》，2024.1.26 上美股份：24H1 预告高增 ...

证券研究报告 港股公司|公司点评|上美股份（02145） 韩束抖音势能延续+流量外溢，2024H1 营收利润快速增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月28日 证券研究报告 |报告要点 2024H1 韩束抖音渠道延续 2023 年以来高增长，且抖音流量外溢至天猫/京东等渠道，第二品 牌梯队 newpage 一页销售业绩同比大幅增长，驱动公司上半年营收利润快速增长。伴随韩束 产品拓展（红蛮腰/白蛮腰/活肤水）、抖音流量外溢至线上其它渠道与线下 CS 渠道，公司有 望通过产品极致性价比优势、灵活渠道运营能力与与韩束品牌积淀持续攫取份额。 |分析师及联系人 邓文慧 李英 SAC：S0590522060001 SAC：S0590522110002 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年07月28日 上美股份（02145） 韩束抖音势能延续+流量外溢，2024H1 营收 利润快速增长 | --- | --- | |------------|-----------------| | 行 业： | 美容护理/化妆品 | | ...

上 市 公 司 美容护理 2024 年 07 月 28 日 上美股份 (02145) ——业绩翻倍，韩束抖音霸榜，看好洗护品类及多品牌曲线 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 07 月 26 日 | | 收盘价（港币） | 37.45 | | 恒生中国企业指数 | 6010.64 | | 52 周最高/最低（港币） | 56.95/18.38 | | H 股市值（亿港币） | 77.24 | | 流通 H 股（百万股） | 206.25 | | 汇率（人民币/港币） | 1.0952 | 一年内股价与基准指数对比走势： -24% 26% 76% 126% HSCEI 上美股份 资料来源：Bloomberg 买入（维持）投资要点： ⚫ 利润高增，多品牌多渠道共振。公司发布 2024 年上半年业绩预告：24H1 实现营业收入 34-36 亿元（同比+114.3%-126.9%），中值为 35 亿元（同比+121%）；归母净利润 3.9-4.1 亿元（同比+286 ...

迁泰将投告 上美嚴份 (2145 HK) 非大芬能惡動，New Page 亦克縣 부휴坏充众令点评 2024 年 7 月 28 日 | 中国香港免状品 24H1 收入、利润管蔡勒增长，主品牌单余、New Page 增逾利领 公司预计 24H1 登录 34-36 亿元/yoy114%-127%，归非净利 3.9-4.1 亿元/ 去年同第 1.01 亿元，主委国主品牌韩永多渠道快递增长及茅二品牌杨良 New Page 领导业绩同比大幅增长。技中值测算，24H1 冷利率 11.4%，明 並高手 23H1（6.4%）。 參禁手 23H2（13.8%），主委固税收送还差异（23H2 含其他或入及數益 0.89 亿)。23 辛种永在大众护肤领域依托红变酸在村含 渠道这堂，伴随品牌券熊彩堂/运营实力不断黑秒，后续向变感考更多抄战 亲金系列及活跃水爷大学品在天猫/线下爷多渠道份有缘大发力空间。红色 小象/一叶子/尖敏佐/2032 辛多品牌矩阵赤先点岭王，未未可期。表们预计 24-26 年 EPS2.27/2.99/3.54 ㄤ（维持） 可比公司 24 年 Wind 一發查利预 测 PE24 倍，考虑主品牌韩来增劳猛劲，给予公 ...

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]

CHICMAX 02145.HK 2023年度報告 Annual 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) | | | | | | | | | | | | | | --- | --- | |------------------------------- ...

证券研究报告 2024 年 03 月 31 日 美容护理/化妆品 买入（首次） 50.10 港元 60.24 港元 | --- | --- | |------------|-------| | | | | | | | 行 业： | | | | | | 投资评级： | | | 当前价格： | | | 目标价格： | | | --- | --- | |--------------------------|---------------| | 基本数据 | | | 总股本/流通股本 (百万股) | 397.96/197.34 | | 流通市值(百万港元 ) | 9,886.92 | | 每股净资产(元 ) | 4.71 | | 资产负债率 (%) | 38.36 | | 一年内最高/最低(港元 ) | 51.10/18.38 | 股价相对走势 -30% 13% 57% 100% 2023/3 2023/7 2023/11 2024/3 上美股份 恒生指数 作者 分析师：邓文慧 执业证书编号：S0590522060001 邮箱：dengwh@glsc.com.cn 分析师：李英 执业证书编号：S05905221100 ...

[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 ...