Investment Rating - The investment rating for Shanghai Jahwa (600315) is "Buy" [1] Core Views - The company reported a 29% year-on-year increase in net profit attributable to the parent company for Q1 2024, driven by organizational efficiency improvements that enhanced gross margin and optimized expense ratios [2][19] - The gross margin and net profit margin for Q1 2024 were 63.27% and 13.45%, respectively, reflecting a year-on-year increase of 2.07 and 1.81 percentage points [19] - The report anticipates continued revenue and performance growth due to new product launches and enhanced operational capabilities, projecting net profits of 605 million, 702 million, and 790 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.0%, 16.0%, and 12.5% [28] Financial Summary - For the fiscal year 2022, total revenue was 7,106 million yuan, with a year-on-year decrease of 7.1%. The projected revenue for 2023 is 6,598 million yuan, with a further increase to 7,242 million yuan in 2024 [18] - The net profit attributable to the parent company for 2022 was 472 million yuan, with a projected increase to 500 million yuan in 2023 and 605 million yuan in 2024, reflecting a year-on-year growth of 5.9% [18] - The gross margin is expected to improve from 57.1% in 2022 to 59.0% in 2023 and 59.8% in 2024 [18] - The earnings per share (EPS) for 2022 was 0.70 yuan, projected to rise to 0.74 yuan in 2023 and 0.89 yuan in 2024 [18]

证券研究报告·公司点评报告·化妆品 上海家化（600315） 2024Q1 业绩点评：扣非归母净利同增 29%， 战略转型成效初显 2024 年 04 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7,106 | 6,598 | 7,292 | 8,148 | 9,231 | | 同比（ % ） | (7.06) | (7.16) | 10.52 | 11.75 | 13.28 | | 归母净利润（百万元） | 472.04 | 500.05 | 568.01 | 672.78 | 800.64 | | 同比（ % ） | (27.29) | 5.93 | 13.59 | 18.45 | 19.00 | | EPS- 最新摊薄（元 / 股） ...

24Q1 减收而增利，降本增效成果显著 2024Q1，公司实现营收 19.05 亿元/同比-3.76%；归母净利润 2.56 亿 元/同比+11.18%；扣非归母净利润 2.93 亿元/同比+29.17%。；经营性 现金流量净额 5.70 亿元/同比+25.06%。 护肤品牌高端化、专业化，个护家清稳健增长： 增持-A 投资评级，6 个月目标价 21.49 元。我们预计公司 2024 年2026 年的收入增速分别为 13.0%、10.9%、8.6%，净利润的增速分别 为 16.3%、11.6%、12.6%；给予增持-A 的投资评级，6 个月目标价为 21.49 元，相当于 2024 年 25 倍的动态市盈率。 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|---------------------------------|---------|-------|---------|---------|---------| | [Table_Finance1] ( 百万元 | ) 2022A 2023A 2024 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" with a target price of 21.26 CNY, based on a current price of 18.19 CNY [2]. Core Views - The company reported a revenue of 6.598 billion CNY in 2023, a decrease of 7.2% year-on-year, while the net profit attributable to the parent company was 500 million CNY, an increase of 5.9% year-on-year. The first quarter of 2024 showed a revenue of 1.905 billion CNY, down 3.8% year-on-year, but net profit increased by 11.2% to 256 million CNY [1][4]. - The company is undergoing strategic adjustments to address high fixed costs and insufficient brand investment, aiming to reverse the trend of declining brand audience. In 2023, domestic revenue decreased by approximately 5.2% due to proactive price control policies [1]. - The overseas business faced challenges from declining birth rates, high inflation in Europe and the US, and geopolitical factors affecting sales, leading to a 12.9% year-on-year revenue decline [1]. Financial Performance Summary - Revenue projections for 2024-2026 are 7.607 billion CNY, 8.307 billion CNY, and 8.772 billion CNY, with corresponding growth rates of 15.3%, 9.2%, and 5.6% [4]. - Net profit attributable to the parent company is expected to be 654 million CNY, 743 million CNY, and 814 million CNY for 2024-2026, with growth rates of 30.7%, 13.7%, and 9.5% respectively [4]. - Earnings per share (EPS) are projected to be 0.97 CNY, 1.10 CNY, and 1.20 CNY for the same period [4]. - The company’s financial metrics indicate a PE ratio of 22 for 2024, with a target price of 21.26 CNY based on comparable company valuations [4].

上海家化 (600315.SH) 1Q24 业绩超预期，期待战略转型& 经营分析 毛利率持续优化&投放节奏错期&加强成本管控、Q1 盈利水平 ■ 提升明显,全年维度将加大品牌费用投放蓄力成长。1024毛 利率同比+2. 1PCT，主要系原材料价格下降、产品结构优化、 主动收缩低毛利的渠道业务和代理业务;销售费用率&管理费 用率合计同比-6. 1PCT、改善明显,品牌投放费用同比下降(去 年 Q1 前置投放、今年Q1 恢复正常节奏),全年维度加大品牌 投放费用+加强管控渠道促销费用,持续优化固定成本;扣非 净利率 15.4%、同比+3.93PCT。 道翻倍增长。 23年末事业部制正式落地,设立美容护肤与母婴事业部、个 护家清事业部、海外事业部,打造品牌与销售协同、线上与线 下协同,24年继续向高毛利、高增速、高品牌溢价的品类和 渠道聚焦,Q1 初显成效,期待持续提效。 商贸零售组 相关报告: 880 2024年04月22日 公司点评 证券研究报告 业绩简评 ■ 公司 4 月 22 日公告 1Q24 营收 19.05 亿元、同比-3.8%,归母 净利润 2.56 亿元、同比+11.2%,扣非净利润 2.93 亿元 ...

上海家化23年报交流240422.m4a.原文 2024年04月22日20:52 发言人100:00 您接入上海嘉化2024年一季度业绩交流会，您已成功加入会议。 发言人2 00:15 感谢大家参加本次会议。会议即将开始，请稍后。 发言人300:21 发言人200:38 感谢大家参加本次会议。会议即将开始，请稍后。 转卖， 发言人201:01 发言人301:07 Thanks for your participation. The meeting is ready to start. Please remain on the line 发言人2 01:25 感谢大家参加本次会议。会议即将开始，请稍后。 防二道贩子 发言人301:31 发言人201:48 感谢大家参加本次会议。会议即将开始，请稍后。 运转卖， 发言人301:54 道贩了 Thanks for your participation.The meeting is ready to start. Please, please remain on the line. 市调研 发言人402:09 报声明，本次会议仅服务于邀请参会的广大投资者，会音频及文字 ...

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上海家化联合股份有限公司 回购注销 2020 年、2022 年限制性股票激励 计划部分限制性股票及注销 2021 年股票期 权激励计划第三个行权期股票期权 的 法律意见书 上海市北京西路 968 号嘉地中心 27 楼接待中心 邮编：200041 27/F, Garden Square, 968 West Beijing Road, Shanghai 200041, China T. +86 21 5234 1668 F. +86 21 5234 1670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2024 年 4 月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关 于 回购注销 2020 年、2022 年限制性股票激励计划 部分限制性股票及注销 2021 年股票期权激励计划 第三个行权期股票期权的 法律意见书 致：上海家化联合股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受上海家化联合股份有限 公司（以下简称"上海家化"或"公司"）的委托，作为其实施 2020 年限制性 股票激励计划、2021 年股票期权激励计划及 2 ...

证券代码：600315 证券简称：上海家化 公告编号：2024-015 上海家化联合股份有限公司 关于 2021 年股票期权激励计划 第三个行权期股票期权注销的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对 其内容的真实性、准确性和完整性承担个别及连带责任。 2024 年 4 月 22 日，上海家化联合股份有限公司（以下简称"公司"）召开八届十七次董事 会和八届十五次监事会，审议通过了《关于 2021 年股票期权激励计划第三个行权期股票期权 注销的议案》。因公司 2021 年股票期权激励计划第三个行权期公司业绩考核未达标，根据公 司《2021 年股票期权激励计划（草案修订稿）》（以下简称"激励计划"）的有关规定和公司 2021 年第一次临时股东大会的授权，现就相关事项公告如下： 一、已履行的决策程序和信息披露情况 1、2021 年 7 月 22 日，公司召开七届二十一次董事会、七届十六次监事会，审议并通过 《关于公司<2021 年股票期权激励计划（草案）>及其摘要的议案》、《关于公司<2021 年股 票期权激励计划实施考核管理办法>的议案》等议案。公司独立董事对本次 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 1,905,398,114.42, representing a decrease of 3.76% compared to the same period last year[17]. - Net profit attributable to shareholders for Q1 2024 was CNY 256,207,190.53, an increase of 11.18% year-on-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 293,382,590.79, reflecting a 29.17% increase compared to the previous year[17]. - The basic earnings per share for Q1 2024 was CNY 0.38, up by 11.76% from the same quarter last year[17]. - Total operating revenue for Q1 2024 was RMB 1,905,398,114.42, a decrease of 3.74% compared to RMB 1,979,746,030.61 in Q1 2023[33]. - Total operating costs for Q1 2024 were RMB 1,595,257,754.22, down 10.51% from RMB 1,783,096,173.28 in Q1 2023[33]. - Operating profit increased to approximately $272.49 million from $253.23 million, reflecting a growth of about 7.6%[48]. - The total comprehensive income for the period was CNY 230,653,584.01, compared to CNY 233,149,086.43 in the previous period[50]. Cash Flow - The net cash flow from operating activities for Q1 2024 was CNY 570,208,886.78, an increase of 25.06% year-on-year[17]. - Cash flow from operating activities for Q1 2024 was RMB 570,208,886.78, an increase of 25.00% compared to RMB 455,962,079.73 in Q1 2023[38]. - Net cash flow from investing activities was CNY -5,279,450.36, an improvement from CNY -13,364,368.34 in the previous period[52]. - The net cash flow from financing activities was CNY -160,700,331.75, compared to CNY -258,706,108.47 in the previous period[52]. - The company received CNY 119,328,275.31 in cash from borrowings during the period, with no cash received from borrowings in the previous period[52]. - The total cash inflow from financing activities was CNY 119,328,275.31, while total cash outflow was CNY 280,028,607.06[52]. Assets and Liabilities - Total assets at the end of Q1 2024 were CNY 11,827,304,687.34, a slight increase of 0.83% from the end of the previous year[4]. - The equity attributable to shareholders increased by 3.00% to CNY 7,920,771,159.42 compared to the end of the previous year[4]. - Total liabilities decreased to approximately $3.91 billion from $4.04 billion, a reduction of about 3.2%[45]. - The company's total equity increased to approximately $7.92 billion from $7.69 billion, showing a growth of about 3%[45]. - The company’s total non-current assets decreased to approximately $6.04 billion from $6.15 billion, a decline of about 1.8%[44]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 49,803[24]. - The largest shareholder, Shanghai Jahwa United Co., Ltd., holds 51.01% of the shares, totaling 344,927,001 shares[24]. Research and Development - Research and development expenses increased to approximately $34.86 million from $32.73 million, marking a rise of about 6.5%[48]. Other Financial Metrics - The weighted average return on equity increased by 0.15 percentage points to 3.28%[4]. - The company reported non-recurring gains and losses totaling CNY -37,175,400.26 for the quarter[6]. - The company reported a non-operating loss of RMB 48,627,572.23 related to fair value changes of financial assets and liabilities[20]. - The company reported a decrease in inventory from approximately $776.75 million to $681.18 million, a decline of about 12.3%[43]. - Cash and cash equivalents increased to approximately $1.34 billion from $939.62 million, representing a growth of 43% year-over-year[43]. - Cash and cash equivalents at the end of the period totaled CNY 1,332,084,785.93, down from CNY 1,861,435,303.10 in the previous period[52]. - The impact of exchange rate changes on cash and cash equivalents was CNY -1,140,748.30, contrasting with a positive impact of CNY 1,864,481.24 in the previous period[52]. - The company reported a net loss in other comprehensive income attributable to the parent company of CNY -25,553,606.52[50]. - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[22].