2024 年 04 月 23 日 上海家化 (600315) | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 22 日 | | 收盘价（元） | 18.19 | | 一年内最高 / 最低（元） | 30.63/15.61 | | 市净率 | 1.6 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 12245 | | 上证指数/深证成指 | 3044.60/9239.14 | 相关研究 ⚫ 公司发布 24Q1 财报，业绩符合市场预期。24Q1 营收 19.05 亿元，同比下降 3.8%；归 母净利润 2.56 亿元，同比增长 11.2%；扣非归母净利润 2.93 亿，同比增长 29.2%。扣非 利润如按 2023 年 12 月最新会计准则，调整 23Q1 扣非净利润基数，则 24Q1 扣非净利 润同比增长 44.7%。 ⚫ 持续品牌创新和产品创新，各品牌产品 24Q1 利好频传。六神品牌新品手枪泵驱蚊花露水 上市当月销售 27 万瓶+；美 ...

形成合力 [Table_Contacts] ⚫ 事件：公司披露 2024 年一季报，Q1 公司实现营收 19.1 亿元，同比 -3.8%，实现归母净利润 2.6 亿元，同比+11.2%，实现扣非归母净利 润 2.9 亿元，同比+29.2%，利润超预期。非经常性损益主要是本期公 司持有金融资产和金融负债产生的公允价值变动损失 4863 万元。 ⚫ 毛利率提升，费用率管控良好。（1）公司聚焦高毛利、高增速、高品 牌溢价的品类，Q1 毛利率同比+2.1pp 至 63.3%。（2）公司持续进行 费用优化，Q1 期间费用率同比-4.5pp 至 46.2%，其中销售费用率同比 -3.5pp 至 37.2%，管理费用率同比-2.6pp 至 6.5%。（3）Q1 公司归母 净利率为 13.4%，同比+1.8pp，扣非归母净利率为 15.4%，同比+3.9pp。 ⚫ 根据公司官方微信公众号，美婴事业部方面，佰草集 Q1 传统电商销 售额同比+49%，38 大促期间天猫 GMV 同比+119%、抖音 GMV 同比 +41%，；玉泽 38 节携手饿了么，在国内五大城市开启"玉泽梦想守护 自愈站"，并上新以重组三型人源化胶原蛋白为核 ...

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 ...

Summary of Shanghai Jahwa's Q1 2024 Earnings Call Company Overview - **Company**: Shanghai Jahwa - **Date of Call**: April 22, 2024 - **Key Participants**: CEO Pan Qiusheng, CFO Han Min, and other senior management Key Points Industry and Company Strategy - Shanghai Jahwa has undergone an organizational restructuring to focus on high-margin, high-growth, and high-brand premium categories, referred to as the "three highs" strategy [4][6] - The company is actively reducing inventory across various channels and is moving away from low-margin businesses to enhance quality growth [4][6] Financial Performance - **Q1 2024 Revenue**: CNY 1.905 billion (approximately USD 274 million), with domestic revenue at CNY 1.569 billion (down about 2% YoY) and overseas revenue at CNY 337 million (down about 11% YoY) [4][5] - **Net Profit**: CNY 256 million (up 11.18% YoY), with adjusted net profit at CNY 293 million (up 29.17% YoY) [7] - **Gross Margin**: 63.27%, an increase of 2.07 percentage points YoY, attributed to lower raw material costs and a shift towards higher-margin products [7][8] Product Performance - The skincare and maternal-infant division generated CNY 393 million in revenue, with a significant focus on transforming the brand's sales model [5] - The "Yuze" brand saw a 0.8% increase in revenue, while "Meijiajing" experienced a substantial growth of 44% [5] - New product launches are planned for Q2, including a high-end anti-aging series and medical repair masks targeting post-surgery recovery [8][9] Marketing and Sales Strategy - The company plans to increase marketing activities in Q2, particularly for new product launches, to drive sales during the 618 shopping festival [8][9] - Emphasis on digital marketing and collaboration with influencers to enhance brand visibility and sales performance [8][9] Cost Management - Total expenses decreased by 15.52% YoY, with a combined expense ratio of 43.72%, down 6.08 percentage points [7][8] - The reduction in sales and management expenses is attributed to a strategic shift in resource allocation and cost control measures [6][12] Future Outlook - The company aims to continue its strategic transformation and enhance operational efficiency through digitalization and increased R&D investment [9][10] - Anticipation of improved performance in Q2 with the launch of new products and increased marketing efforts [9][10] Additional Insights - The restructuring has led to better synergy between online and offline channels, enhancing overall operational efficiency [16][17] - The company is focused on maintaining a balance between profitability and revenue growth, particularly in the context of rising competition in the market [17][18] This summary encapsulates the key insights from Shanghai Jahwa's Q1 2024 earnings call, highlighting the company's strategic focus, financial performance, product developments, and future outlook.

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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 ...