公司研究 | 动态跟踪 上美股份 02145.HK 增持（维持） 韩束品牌增长强劲，盈利能力改善明显 股价（2024年03月25日） 48港元 目标价格 51.15港元 52周最高价/最低价 50.5/18.22港元 总股本/流通H股（万股） 39,796/19,734 H股市值（百万港币） 19,102 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司发布2023全年业绩公告，实现营业收入41.9亿，同比增长56.6%，归母净利 报告发布日期 2024年03月26日 润4.6亿，同比增长213.5%，其中23H2收入和归母净利润增速分别为84.3%和 340%。 1周 1月 3月 12月 ⚫ 品牌方面，主品牌韩束引领高速增长。2023年公司对韩束品牌进行了全面升级，推 绝对表现% 3 20.3 110.07 91.93 动品牌视觉系统的年轻化升级，增强了品质国货形象的记忆力和影响力。全年韩束 相对表现% 4.57 21.81 109.25 109.21 品牌收入增长143.8%至30.9亿，其中23H2增速为210.7%，实现高增的核心原因 恒生指数% -1.57 -1.51 0.82 -17.28 包 ...

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].

上美股份（2145.HK）2023年年报点评 23 年收入利润均达预告上限，韩束势能强劲，公司长期增长可期 2024年03月23日 ➢ 事件：上美股份发布2023年业绩。营业收入方面，23年公司实现营收41.91 推荐 维持评级 亿元，yoy+56.6%；23H2 实现营收 26.04 亿元，yoy+84.3%。归母净利润方 面，23 年公司实现归母净利润 4.57 亿元，yoy+212.7%；23H2 预计实现归母 当前价格： 47.20港元 净利润3.56亿元，yoy+340.5%，收入利润均达此前业绩预告上限。 ➢ 23 年韩束品牌收入同比+144%，期待后续多品牌矩阵持续发力。23 年公 司实现营收41.91亿元，yoy+56.6%。分品牌看，1）韩束：23年营收30.90亿 元，yoy+143.8%，主要系韩束品牌升级及红蛮腰系列在抖音等电商平台的自营 [Table_Author] 收入增加。23年，韩束进行产品聚焦，集中资源培育具备“韩束红”品牌心智、 主打抗衰功效、定价399元、卡位高性价比套组赛道的大单品红蛮腰系列，并通 过合作剧情达人姜十七共创五部短剧（截至目前合计播放超 50 亿次），辅以 ...

[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 ...

上美股份（2145.HK）2023年业绩预告点评 韩束品牌抖音高增，23 年公司归母净利润同比增长超 180% 2024年03月03日 ➢ 事件：上美股份发布 2023 年业绩预告。营业收入方面，23 年公司预计实 推荐 维持评级 现营业收入40.0~42.0亿元，同比增长49.5%~57.0%；23H2预计实现营业收 当前价格： 40.65港元 入 24.1~26.1 亿元，同比增长 70.8%~84.9%。归母净利润方面，23 年公司预 计实现归母净利润4.2~4.6亿元，同比增长185.5%~212.7%；23H2预计实现 归母净利润3.2~3.6亿元，同比增长290.2%~339.1%。公司收入及利润高增主 要系韩束品牌收入增加。 [T able_Author] ➢ 产品、渠道、营销多维度齐发力，韩束品牌势能持续提升，抖音渠道销售率 先实现高增。 1）产品端：采取产品聚焦策略，围绕“韩束红”的品牌心智，集 中资源培育主打抗衰功效、定价399元、卡位高性价比套组赛道的大单品红蛮腰 系列，以单品带品牌出圈；同时储备有主打美白淡斑功效的白蛮腰、主打舒缓紧 致的蓝蛮腰等系列产品，套组在价格、外观、产品结构等方 ...