Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5]. Core Insights - The company reported steady growth in performance during the off-season, with a significant increase in gross margin and net profit margin quarter-on-quarter [3]. - The management transition has been smooth, and the company achieved impressive sales rankings during the Double Eleven shopping festival [4]. - The main brand continues to experience strong growth driven by a big product strategy, and the company is well-positioned to build a comprehensive domestic beauty ecosystem [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 6.966 billion yuan, a year-on-year increase of 32.72%, and a net profit attributable to shareholders of 999 million yuan, up 33.95% year-on-year [3]. - In Q3 alone, the company reported operating revenue of 1.965 billion yuan, a year-on-year increase of 21.15%, and a net profit of 298 million yuan, up 20.72% year-on-year [3]. - The gross margin for Q3 was 70.71%, an increase of 1.12 percentage points from Q2, with a net profit margin of 15.15%, up 1 percentage point quarter-on-quarter [3]. Product and Management Developments - The company has been continuously iterating on existing products and launching new ones, enhancing its product matrix in preparation for the Double Eleven sales event [4]. - The management team underwent a successful transition, with the new general manager taking over smoothly from the previous one [4]. Future Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 3.92 yuan, 4.83 yuan, and 5.88 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 25, 21, and 17 times [5].

Investment Rating - Buy (Maintained) [1] Core Views - The company reported stable growth in Q3 2024, with revenue of 6.97 billion yuan (+32.7% YoY) and net profit attributable to the parent company of 1.0 billion yuan (+34.0% YoY) [2] - The main brand continued to grow, with online sales maintaining high growth [2] - The company's profitability remained stable, with a gross margin of 70.1% in Q1-Q3 2024, and a net profit margin of 14.3% (+0.1 pct YoY) [2] - The company ranked first in the 2024 Double 11 shopping festival on Tmall and Douyin, solidifying its position as a leading domestic beauty brand [2] Financial Performance - Revenue for 2024 is expected to reach 11.35 billion yuan (+27.45% YoY), with net profit attributable to the parent company of 1.54 billion yuan (+28.61% YoY) [1] - EPS for 2024 is forecasted at 3.88 yuan per share, with a P/E ratio of 25.55 [1] - The company's gross margin is expected to remain stable at around 70% from 2024 to 2026 [8] - Net profit attributable to the parent company is projected to grow at a CAGR of 23% from 2024 to 2026, reaching 2.36 billion yuan by 2026 [3] Brand and Product Strategy - The main brand, Proya, continued to grow, with the launch of upgraded products such as the Yuanli Essence 3.0 and the Optical Bottle, which received a whitening certification in October 2024 [2] - The brand Caitang is focusing on the foundation makeup segment, with the Small Round Tube series performing well [2] - The company's multi-brand strategy is progressing smoothly, with a well-established product matrix [3] Market Position - The company maintained its leading position in the domestic beauty market, ranking first in the 2024 Double 11 shopping festival on Tmall and Douyin [2] - The company's market share and brand strength are expected to continue to grow, supported by its strong product portfolio and efficient operations [3] Financial Projections - Revenue is expected to grow from 11.35 billion yuan in 2024 to 16.93 billion yuan in 2026, with a CAGR of 22% [1] - Net profit attributable to the parent company is projected to increase from 1.54 billion yuan in 2024 to 2.36 billion yuan in 2026, with a CAGR of 23% [3] - The company's P/E ratio is expected to decline from 25.55 in 2024 to 16.65 in 2026, reflecting strong earnings growth [1]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][9] Core Views - The company achieved steady growth in Q3, with a revenue of 6.966 billion and a year-on-year increase of 32.7%, while net profit reached 999 million, up 34.0% year-on-year [1][4] - The main brand, Proya, ranks first on both Tmall and Douyin platforms during the Double 11 shopping festival, indicating strong market presence [1][4] - The company is focusing on a big product strategy and diversified channel layout, which has helped maintain growth despite industry pressures [9] Financial Performance - For the first three quarters, the company reported a revenue of 69.66 billion, with a net profit of 9.99 billion, reflecting a year-on-year growth of 32.7% and 34.0% respectively [1][4] - In Q3 alone, revenue was 19.65 billion, showing a year-on-year increase of 21.2%, while net profit was 2.98 billion, up 20.7% year-on-year [1][4] - The gross margin for Q3 was 70.71%, with a net margin of 15.19%, slightly down from the previous year due to increased promotional activities [5][9] Brand Performance - The main brand Proya accounted for approximately 79% of total revenue, with a year-on-year growth of over 30% [1][4] - The sub-brand Caitang also saw a revenue increase of over 30%, contributing about 11% to total revenue [1][4] - The OR brand achieved a revenue growth of around 40%, while the YF brand grew by approximately 15% [1][4] Channel Performance - Online sales reached 65.28 billion, up 38.48% year-on-year, accounting for 93.85% of total revenue, while offline sales decreased by 18.08% to 4.29 billion [1][4] - In Q3, online revenue growth was 33.5%, while offline revenue saw a significant decline of 50.9% [1][4] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 15.79 billion, 19.78 billion, and 23.64 billion for 2024, 2025, and 2026 respectively [9][10] - The report anticipates a PE ratio of 25, 20, and 17 for the respective years, indicating a favorable valuation outlook [9][10]

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 116.53 CNY [5][11]. Core Insights - The company reported a robust revenue growth of 32.72% year-on-year, reaching 6.966 billion CNY in the first three quarters of 2024, driven by online channel revenue and steady growth of smaller brands [2]. - The net profit attributable to shareholders for the same period was 999 million CNY, reflecting a growth of 33.95% [2]. - The company continues to focus on skincare innovation and research, leading to significant sales performance during promotional events like Double Eleven [5][8]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.965 billion CNY, up 21.25% year-on-year, with a net profit of 298 million CNY, an increase of 20.72% [2]. - The gross profit margin slightly decreased to 70.07% in the first three quarters, down 1.11 percentage points, while the net profit margin improved to 14.34% [3]. - The average selling price of skincare products increased by 24.64% to 80.22 CNY per unit, while the average selling prices for beauty makeup and hair care products decreased [4]. Product Segment Performance - Skincare products dominated Q3 revenue with 1.654 billion CNY, growing 20.73%, while hair care products saw a significant growth of 47.06% [4]. - The company is advancing product innovation, focusing on soothing and repairing functions, with new product launches showing promising results [5][8]. Future Growth Projections - The company is expected to maintain a revenue growth rate of 23.3%, 22.3%, and 21.6% for 2024, 2025, and 2026 respectively, with net profit growth rates of 29.1%, 26.4%, and 23.7% [9][10].

上 市 公 司 美容护理 证 券 研 究 报 告 2024 年 10 月 24 日 珀莱雅 (603605) —— 业绩符合预期，势能持续强劲 | --- | --- | --- | |------------------------------------|-----------------------|-------------------------------| | 市场数据： | | 2024 年 10 月 24 日 | | 收盘价（元） | | 99.00 | | | 一年内最高/最低（元） | 121.10/75.01 | | 市净率 | | 8.7 | | 息率（分红/股价） | | 0.92 | | 流通 A | 股市值（百万元） | 39,085 | | 上证指数/深证成指 | | 3,280.26/10,441.75 | | 注："息率"以最近一年已公布分红计算 | | | | --- | --- | |------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） ...

Investment Rating - The investment rating for the company is "Buy" [4] - The target price is set at 119.50, up from the previous forecast of 117.60 [4] Core Insights - The company's revenue and profit both grew by over 20%, aligning with expectations, and it maintained steady growth during the off-season [2] - The company achieved significant sales during the first phase of the Double Eleven shopping festival, ranking first in beauty on both Tmall and Douyin platforms [2] - The sub-brand OR experienced accelerated growth, indicating a positive outlook for the company's long-term group development [2] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 69.66 billion, net profit attributable to the parent of 9.99 billion, and net profit excluding non-recurring items of 9.71 billion, all showing a year-on-year increase of 33% [10] - In Q3 2024, the company achieved revenue of 19.65 billion, net profit attributable to the parent of 2.98 billion, and net profit excluding non-recurring items of 2.92 billion, with year-on-year growth of 21% [10] - The gross margin for the first three quarters of 2024 was 70.07%, slightly down by 1.11 percentage points year-on-year [10] - The company’s online sales accounted for 94% of total revenue, with online revenue growing by 38.5% year-on-year, while offline sales faced an 18.1% decline [10] Brand and Channel Performance - The company’s brands, including Proya, Caitang, OR, and Yufuti, all achieved over 30% revenue growth year-on-year [10] - The brand OR saw over 300% growth on Douyin, indicating strong performance in multiple product categories [10] - The company is well-positioned with a multi-brand strategy covering skincare, makeup, and hair care, enhancing its competitive edge [10]

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-054 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 珀莱雅化妆品股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 问题征集方式：投资者可于 2024 年 10 月 25 日(星期五)至 10 月 31 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过珀莱雅 化妆品股份有限公司（以下简称"公司"）投资者关系邮箱（proyazq@proya.com） 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 公司于 2024 年 10 月 25 日在上海证券交易所网站（www.sse.com.cn）披露 公司《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年第三季度的经营成果、财务状况，公司计划于 2024 年 11 月 1 日(星期五) 13:00-14:00 ...

珀莱雅：前三季度净利润同比增长33.95% 财联社10月24日电，珀莱雅公告，前三季度实现营业收入 69.66亿元，同比增长32.72%；净利润9.99亿元，同比增长33.95%。 公司表示，业绩增长主要系线上渠道营收增长以及小品牌稳步增长。 查看公告原文 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-053 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 珀莱雅化妆品股份有限公司 关于 2024 年第三季度主要经营数据的公告 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法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将珀莱雅化妆品股份有限公司（以下简 称"公司"）2024 年第三季度主要经营数据披露如下： 二、2024 年第三季度公司主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 2024 年第三季度，公司主要产品的价格详见下表： | 主要产品 | 2023 年第三季 | | 2024 年第二季 | | 2024 年第三季 | | 同比变 | 环比变 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 度平均售价 （元/支） | | 度平均售价 （元 ...

（一）审议通过《公司 2024 年第三季度报告》 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《公 司 2024 年第三季度报告》。 表决结果：同意 5 票、反对 0 票、弃权 0 票。 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-050 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 珀莱雅化妆品股份有限公司 关于第四届董事会第二次会议决议的公告 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法律责任。 一、董事会会议召开情况 珀莱雅化妆品股份有限公司（以下简称"公司"）第四届董事会第二次会议 通知于 2024 年 10 月 18 日以电子邮件方式送达全体董事，本次会议于 2024 年 10 月 24 日在公司会议室以现场及通讯方式召开。本次会议由董事长侯军呈先生 主持，会议应出席董事 5 人，实际出席董事 5 人，公司监事、高级管理人员列席 本次会议。 ...