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].

Financial Performance - Chicmax reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion for the first half of 2024[10]. - The company achieved a net profit margin of 20%, translating to a net profit of RMB 240 million[10]. - Future guidance estimates a revenue growth of 20% for the full year 2024, driven by new product launches and market expansion[10]. - KANS generated revenue of RMB 2,926.5 million in 1H2024, an increase of 184.7% compared to 1H2023, accounting for 83.6% of total revenue for the period[19]. - One Leaf's revenue in 1H2024 was RMB 125.1 million, a decrease of 38.6% from 1H2023, representing 3.5% of total revenue[22]. - Revenue from Baby Elephant in 1H2024 was RMB 174.1 million, a decrease of 7.9% compared to 1H2023, accounting for 5.0% of total revenue[28]. - Total revenue for 1H2024 was RMB 3,225.7 million, with three main brands contributing 92.1%, representing an increase of 127.1% year-on-year[28]. - Revenue for the first half of 2024 reached RMB 3,502,399, an increase of 120.5% compared to RMB 1,586,826 in the same period in 2023[192]. - Profit for the period reached RMB 412,425, a significant increase from RMB 100,938 in the same period last year, representing a growth of 309%[194]. Market Expansion and Product Development - Chicmax plans to launch three new skincare products in Q3 2024, targeting a 30% increase in market share[10]. - The company is expanding its market presence in Southeast Asia, with a projected investment of RMB 100 million over the next two years[10]. - Chicmax is investing in new technology for product development, aiming to reduce production costs by 10%[10]. - KANS launched a new single product, "Reviving Skin Essence," containing a self-developed ingredient, "TIRACLE PRO," in 1H2024[14]. - KANS is focused on consolidating its market position as a leading scientific anti-aging brand in China, aiming to meet increasing consumer demands through advanced technology[19]. - Newpage launched "Baby Cooling Cream" and "Baby Sunscreen Lotion" in 1H2024, focusing on sensitive skin solutions for babies[28]. Sales and Distribution Channels - Chicmax's e-commerce sales have increased by 40%, now accounting for 60% of total sales[10]. - KANS achieved a gross merchandise volume (GMV) of RMB3,444 million on Douyin in 1H2024, surpassing the full year GMV of RMB3,340 million for 2023, ranking first among beauty brands on the platform[6]. - The GMV of KANS's flagship store on Tmall increased by approximately 200% year-on-year, while the growth rate of JD's self-operated flagship store exceeded 400% as of June 30, 2024[12]. - KANS's online channel GMV growth rate reached 222.8% in 1H2024, ranking second among domestic cosmetics brands and first among top cosmetics brands[12]. - Online direct sales revenue rose by 179.0% from RMB983.8 million in 1H2023 to RMB2,745.2 million in 1H2024, primarily from platforms like Douyin and Tmall[78]. Research and Development - R&D expenses in 1H2024 were RMB78.3 million, up 43.9% from RMB54.4 million in 1H2023, representing 2.2% of revenue[34]. - The company plans to increase investments in R&D focusing on trendy core ingredients in skincare, including anti-aging technology and skin barrier repair[51]. - In 1H2024, the company applied for 24 new patents, including 8 invention patents, and was granted 11 patents[34]. Corporate Governance and Compliance - The Company has adopted the Model Code for securities transactions, confirming compliance by all Directors and Supervisors during 1H2024[91]. - The audit committee confirmed that the interim results are in compliance with applicable accounting standards and regulations[179]. - The Company will continue to review its corporate governance practices to maintain high standards[90]. Employee and Shareholder Engagement - The Company aims to improve its recruitment and training system to attract talents from prestigious universities and establish joint training projects with universities[46]. - The Employee Share Ownership Plan (ESOP) was established in 2016 to attract and retain talent, aligning the interests of shareholders, the company, and employees[146]. - The RSU Scheme was approved on December 14, 2023, to attract and retain talents critical to the long-term growth of the Group[156]. Financial Position and Assets - Total assets as of the reporting period were RMB3,466.974 million, while total liabilities were RMB1,341.437 million, resulting in total equity of RMB2,125.537 million[58]. - Cash and cash equivalents decreased to RMB 569,386 from RMB 697,689, a decline of 18.4%[197]. - The Group's liquidity position remains strong, with sufficient cash and bank balances to meet working capital requirements[84].

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% ...