Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][3] Core Views - The company continues to show impressive growth, with a 40.48% year-on-year increase in net profit attributable to shareholders for the first half of 2024. Revenue reached 5.001 billion yuan, up 37.90% year-on-year, while net profit was 702 million yuan, reflecting a 40.48% increase. The company’s cash flow from operating activities decreased by 43.95% year-on-year due to increased sales expenses and changes in payment cycles [3][11]. Summary by Sections Performance Overview - In H1 2024, the company achieved revenue of 5.001 billion yuan, a 37.90% increase year-on-year, and a net profit of 702 million yuan, up 40.48% year-on-year. The quarterly breakdown shows Q1 revenue growth of 34.56% and Q2 growth of 40.59%. The net profit for Q1 increased by 45.58%, while Q2 saw a 36.84% increase [3]. Brand Strategy - The main brand, Proya, continues to upgrade its core products, focusing on the "big product strategy." The "Ruby Series" and "Source Power Series" have been enhanced, with new products targeting specific skin types. In H1 2024, Proya's revenue was 3.981 billion yuan, accounting for 79.71% of total revenue [4][11]. Sub-brands Performance - The sub-brand Caitang achieved revenue of 582 million yuan, a 40.57% increase, while OR generated 138 million yuan, up 41.91%. The brand Yuefuti also saw revenue growth of 22.35%, reaching 161 million yuan [4][11]. Market Position - Proya's flagship store on Tmall ranked first in the beauty category, with significant sales performance on other platforms like Douyin and JD. The company is optimizing its offline store structure and enhancing customer experience, with offline revenue growing by 8.85% to 314 million yuan [11]. Profitability and Forecast - The company maintains a strong profitability outlook, with projected net profits of 1.599 billion yuan, 1.970 billion yuan, and 2.407 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 21, 17, and 14 times [11][12].

2024 年 08 月 28 日 珀莱雅(603605.SH) Q2 保持高速增长，多品牌健康发展 公司发布 2024 年半年度报告： 毛利率略微下滑，费用整体管控良好： 品牌增长多点开花，新品丰富大单品矩阵： 1）珀莱雅：2024H1 营收 39.81 亿元/+37.67%，占比 79.71%，升级 "红宝石系列"和"源力系列"核心大单品，添加独家成分，新推出 针对油皮问题的"净源系列"、具备提亮功效的"光学系列"以及防 晒新品盾护防晒。 2）彩棠：2024H1 营收 5.82 亿元/+40.57%，占比 11.66%，深耕底妆 赛道，"小圆管粉底液"逐渐起量，618 活动期间位列天猫粉底液类 目国货首位。 3）OR：2024H1 营收 1.38 亿元/+41.91%，占比 2.76%，持续攻占消费 者心智，夯实控油修护洗发产品，发力新品护发精油。 4）悦芙媞：2024H1 营收 1.61 亿元/+22.35%，占比 3.22%，迎合核心 年轻群体，与 IP Loopy 联名，市场反响热烈。 998345865 线上渠道高速增长，线下渠道形象升级： 1）2024H1 线上渠道整体营收 46.80 亿元/+4 ...

股票投资评级 珀莱雅(603605) 买入|维持 个股表现 珀莱雅 美容护理 -39% -33% -27% -21% -15% -9% -3% 3% 9% 15% 2023-08 2023-11 2024-01 2024-04 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 84.65 总 股 本/流 通 股 本 （ 亿 股） 3.97 / 3.95 总 市 值/流 通 市 值 （ 亿 元） 336 / 334 52 周内最高/最低价 115.60 / 78.24 资产负债率(%) 39.9% 市盈率 28.12 第一大股东 侯军呈 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 主品牌保持高增长，收入业绩超预期 ⚫ 事件回顾 公司公布 2024 年半年报，24H1 公司实现营收 50.01 亿元， yoy+37.90%；归母净利润 7.02 亿元，yoy+40.48%；扣非归母净利 6.79 亿元，yoy+41.78%。其中 24Q2，公司实现营收 28.20 亿元， yoy+40 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong revenue growth, with a 37.9% year-on-year increase in revenue and a 40.5% increase in net profit attributable to shareholders for the first half of 2024 [1][2] - The main brand, Proya, continues to implement a big product strategy, with over 57% of its revenue coming from core products [2] - The company is expected to maintain its growth trajectory, with a slight upward adjustment in profit forecasts for 2024-2026 [2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 5.0 billion yuan, a year-on-year increase of 37.9%, and a net profit of 700 million yuan, up 40.5% [1] - The net profit margin increased by 0.3 percentage points to 14.0% despite a decline in gross margin and an increase in expense ratio [1] - Quarterly performance showed revenue growth of 34.6% in Q1 and 40.6% in Q2, with net profit growth of 45.6% and 36.8% respectively [1] Revenue Breakdown - Online and offline revenue grew by 40.5% and 8.9% respectively, with online sales accounting for 93.7% of total revenue [1] - The main brand Proya generated 3.98 billion yuan in revenue, representing 79.7% of total revenue, while the makeup brand Caitang achieved 580 million yuan, accounting for 11.7% [1][2] Brand and Product Strategy - Proya is focusing on upgrading its core products and expanding its product lines, including new series targeting specific skin types [2] - The sub-brand Caitang is enhancing its product matrix in the face makeup category, while the hair care brand OR is increasing its market share with new products [2] Future Outlook - The company is expected to continue its multi-brand strategy and improve its market share while controlling costs [2] - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are adjusted to 3.89 yuan, 4.78 yuan, and 5.66 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 22, 18, and 15 [2][3]

Investment Rating - The report maintains a "Recommend" rating for Proya (603605 SH) [1][2] Core Views - Proya achieved strong growth in H1 2024 with revenue of 5 001 billion yuan (+37 90% YoY) and net profit of 702 million yuan (+40 48% YoY) [1] - The main brand Proya maintained robust growth while second-tier brands like Caitang and OR showed promising momentum [1] - The company's profitability remained stable with a net profit margin of 14 03% in H1 2024 (+0 26pct YoY) [1] - Proya is expected to maintain steady growth in its main brand while developing Caitang OR and Yuefuqi as new growth drivers [1] Financial Performance Revenue and Profit - H1 2024 revenue: 5 001 billion yuan (+37 90% YoY) [1] - H1 2024 net profit: 702 million yuan (+40 48% YoY) [1] - Q2 2024 revenue: 2 820 billion yuan (+40 59% YoY) [1] - Q2 2024 net profit: 399 million yuan (+36 84% YoY) [1] Brand Performance - Main brand Proya: 3 981 billion yuan revenue in H1 2024 (+37 67% YoY) [1] - Caitang: 582 million yuan revenue in H1 2024 (+40 57% YoY) [1] - OR: 138 million yuan revenue in H1 2024 (+41 91% YoY) [1] - Yuefuqi: 161 million yuan revenue in H1 2024 (+22 35% YoY) [1] Profitability - H1 2024 gross margin: 69 82% (-0 69pct YoY) [1] - H1 2024 sales expense ratio: 46 78% (+3 22pct YoY) [1] - H1 2024 management expense ratio: 3 54% (-1 76pct YoY) [1] - H1 2024 R&D expense ratio: 1 89% (-0 63pct YoY) [1] Future Projections - 2024E revenue: 11 754 billion yuan (+32 0% YoY) [2] - 2024E net profit: 1 560 billion yuan (+30 7% YoY) [2] - 2025E revenue: 14 396 billion yuan (+22 5% YoY) [2] - 2025E net profit: 1 922 billion yuan (+23 2% YoY) [2] - 2026E revenue: 17 286 billion yuan (+20 1% YoY) [2] - 2026E net profit: 2 362 billion yuan (+22 9% YoY) [2] Valuation - 2024E PE: 22x [2] - 2025E PE: 17x [2] - 2026E PE: 14x [2] - Current price: 84 65 yuan [2]

Investment Rating - The report assigns a "BUY" rating for the company Perlay (603605.SH) with a target price of 100 CNY [1]. Core Insights - The company achieved impressive operating results in H1 2024, with revenue of 5 billion CNY, a year-on-year increase of 38%, and a net profit of 700 million CNY, reflecting a year-on-year growth of 40.5% [1]. - The report highlights strong growth across various brands, with the main brand Perlay generating revenue of 3.98 billion CNY, up 37.8% year-on-year, and the makeup brand Caitang achieving revenue of 580 million CNY, up 40.6% year-on-year [1]. - The company is expected to maintain high-quality growth throughout the year, supported by its "6*N" strategy and enhanced brand influence [1]. Financial Summary - For H1 2024, the company reported a gross margin of 69.82%, a slight decrease of 0.69 percentage points year-on-year, primarily due to the impact of promotional activities [1]. - The report projects net profits for 2024, 2025, and 2026 to be 1.55 billion CNY, 1.93 billion CNY, and 2.37 billion CNY, respectively, with year-on-year growth rates of 29.6%, 24.7%, and 22.7% [2]. - The earnings per share (EPS) are forecasted to be 3.90 CNY, 4.86 CNY, and 5.97 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 22x, 17x, and 14x [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company continues to exceed expectations in its performance, driven by a strong single product strategy and brand matrix, leading to high-quality growth [2][3] - In Q2 2024, the company reported revenue of 2.82 billion RMB, a year-on-year increase of 40.6%, and a net profit attributable to shareholders of 399 million RMB, up 36.8% year-on-year [2] - The company's gross margin for Q2 2024 was 69.6%, slightly down from the previous year, primarily due to increased discounting during promotional events [3] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 3.98 billion RMB, a 38% increase year-on-year, with strong performance from its main brand and product lines [4] - The company’s online direct sales and distribution revenue reached 3.7 billion RMB and 960 million RMB respectively, both showing a year-on-year growth of 40% and 43% [4] - The company has adjusted its profit forecast upwards, expecting net profits of 1.56 billion RMB, 1.92 billion RMB, and 2.31 billion RMB for 2024 to 2026, representing growth rates of 31%, 23%, and 21% respectively [5] Valuation Metrics - The company is projected to have a P/E ratio of 22, 18, and 15 for the years 2024, 2025, and 2026 respectively, indicating strong growth potential [5] - The report highlights the company's ability to lead industry changes and its strong performance in terms of growth and profit realization [5]

珀莱雅（603605.SH） 优于大市 上半年归母净利同比增长 40%，进一步夯实国货美妆龙头地位 核心观点 公司研究·财报点评 | --- | --- | |-------------------------------------------------|-----------------------------------------------------------| | 美容护理·化妆品 | | | 证券分析师：张峻豪 | 证券分析师：孙乔容若 | | 021-60933168zhangjh@guosen.com.cnS0980517070001 | 021-60375463 sunqiaorongruo@guosen.com.cn S0980523090004 | | 基础数据投资评级 | 优于大市(维持) | | 合理估值 | | | 收盘价总市值/流通市值 | 84.65元 33586/33420百万元 | | 52 周最高价/最低价近3 个月日均成交额 | 117.50/75.01元 204.83百万元 | | 市场走势 | | 底等重磅新品，带动业绩持续增长。OR 品牌上半年实现收入 1 ...

珀莱雅化妆品股份有限公司 章 程 2024 年 8 月 | 第一章 总 则 3 | | | | --- | --- | --- | | 第二章 经营宗旨和范围 4 | | | | 第三章 股 份 4 | | | | 第一节 股份发行 4 | | | | 第二节 股份增减和回购 6 | | | | 第三节 股份转让 8 | | | | 第四章 股东和股东大会 9 | | | | 第一节 股东 9 | | | | 第二节 股东大会的一般规定 11 | | | | 第三节 股东大会的召集 14 | | | | 第四节 股东大会的提案和通知 16 | | | | 第五节 股东大会的召开 17 | | | | 第六节 股东大会的表决和决议 20 | | | | 第五章 董事会 25 | | | | 第一节 董 事 25 | | | | 第二节 董 会 | 事 | 29 | | 第六章 总经理及其他高级管理人员 34 | | | | 第七章 监 事 会 36 | | | | 第一节 监 事 36 | | | | 第二节 监 事 会 36 | | | | 第八章 财务会计制度、利润分配和审计 38 | | | | 第一节 ...

独立章事提名人声明与承诺 提名人珀莱雅化妆品股份有限公司董事会,现提名马冬明先 生为珀莱雅化妆品股份有限公司第四届董事会独立董事候选人. 并已充分了解被提名人职业、学历、职称、详细的工作经历、全 部兼职、有无重大失信等不良记录等情况。被提名人已同意出任 珀莱雅化妆品股份有限公司第四届董事会独立董事候选人(参见 该独立董事候选人声明)。提名人认为,被提名人具备独立董事 任职资格,与珀莱雅化妆品股份有限公司之间不存在任何影响其 独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、 行政法规、规章及其他规范性文件,具有5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定: (二)《中华人民共和国公务员法》关于公务员兼任职务的 规定(如适用): (三)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定: ( ...