公司报告 | 半年报点评 24Q2 归母净利 yoy+37%，继续超预期 事件：公司发布 24 年半年报。24H1 营收 50.01 亿，yoy+37.90%；归母净 利 7.02 亿元，yoy+40.48%，扣非归母净利 6.79 亿，yoy+41.78%。24Q2 公 司实现营收 28.20 亿，yoy+40.59%，归母净利 3.99 亿，yoy+36.84%，扣非 归母净利 3.87 亿，yoy+37.76%。 珀莱雅（603605） 证券研究报告 2024 年 09 月 06 日 投资评级 行业 美容护理/化妆品 6 个月评级 买入（维持评级） 当前价格 89.72 元 目标价格 元 财报亮点： ■分品牌看，2024H1 年主品牌珀莱雅营收 39.81 亿元，yoy+37.67%，占比 79.71%；彩棠营收 5.82 亿元，yoy+40.57%，占比 11.66%；OR 营收 1.38 亿 元，yoy+41.91%；悦芙媞营收 1.61 亿元，yoy+22.35%。 ■分渠道看，24H1:①线上营收 46.80 亿元，yoy+40.52%，占比 93.69%，其 中直营营收 37.24 亿元，yo ...

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 珀莱雅（603605）公司半年报点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |----------------------------------------------------------| | 股票数据 | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《 1Q24 收入增 35% 净利增 46% | | 力赋能品牌周期》 2024.04.23 | | 《 3Q 收入增 21% 净利增 24% | | 稳定》 2023.10.26 | | 《 1H23 业绩超预期，提质提效扩大优势》 | | 2023.09.12 市场表现 | -30.61% -23.61% -16.61% -9.61% -2.61% | --- | --- | --- | - ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 5.001 billion yuan, a year-on-year growth of 37.90%, and net profit attributable to shareholders of 702 million yuan, up 40.48% [4] - The company continues to focus on its "big single product strategy" and is expanding its product matrix with new series [4] Financial Performance - Revenue for the first half of 2024 was 5.001 billion yuan, with a year-on-year growth of 37.90% - Net profit attributable to shareholders was 702 million yuan, reflecting a growth of 40.48% - The company’s gross margin for Q2 2024 was 69.60%, a decrease of 1.30 percentage points, while the net margin was 14.50%, down 0.76 percentage points [4][5] Brand Performance - The main brand, Proya, achieved a revenue growth of 37.67%, while the sub-brands, Caitang and OR, grew by 40.57% and 41.91% respectively [4] - The revenue share of the Proya brand slightly decreased to 79.71%, while Caitang and OR's shares increased to 11.66% and 2.76% [4] Future Projections - Revenue projections for 2024-2026 are 11.441 billion yuan, 14.153 billion yuan, and 17.026 billion yuan, with growth rates of 28.49%, 23.70%, and 20.30% respectively - Net profit projections for the same period are 1.511 billion yuan, 1.818 billion yuan, and 2.222 billion yuan, with growth rates of 20.37% for 2024 and 22.23% for 2025 and 2026 [4][5]

公 司 研 究 半 年 报 点 评 报 告 申 港 证 券 股 份 有 限 公 司 证 券 研 究 报 告 24H1 国货美妆龙头业绩保持高增长 ——珀莱雅（603605.SH） 美容护理/化妆品 投资摘要： 近期，公司发布 2024 年半年度报告。公司 2024 年 H1 实现营业收入、归母 净利润、扣非归母净利润分别同比增长 37.9%/40.48%/41.78%。公司 2024Q2 营收、归母净利润、扣非归母净利润分别同比增长 40.59%/36.84%/37.76%。 珀莱雅稳定增长，彩棠 OR 收入占比提升。公司主品牌珀莱雅 24H1 营收同比 增长 37.67%，占比 79.71%；彩棠上半年营收同比增长 40.57%，占比 11.66%， 该品牌营收占比从 21年的 5.33%持续提升；OR上半年营收同比增长 41.91%， 占比 2.76%，该品牌营收占比从 22 年的 1.98%持续提升。 公司销售净利率持续增长。公司上半年净利率为 14.47%，较 23 年净利率上 涨 0.65 个百分点，主要系营业收入增加，管理费用率下降，且公司净利率近 几年持续增长；公司上半年销售毛利率为 69.82 ...

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 珀莱雅（603605.SH） 上半年收入、利润均大幅增长，国货龙头地位不断巩固 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|--------|--------|--------|-----------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 6,385 | 8,905 | 11,249 | 13,904 | 17,015 | | | | 增长率 yoy （ % ） | 37.8 | 39.5 | 26.3 | 23.6 | 22.4 | 股票信息 | | | 归母净利润（百万元） | 817 | 1,1 ...

珀莱雅化妆品股份有限公司 2024年第一次临时股东大会 会议资料 2024年9月 珀莱雅化妆品股份有限公司 2024 年第一次临时股东大会会议资料 珀莱雅化妆品股份有限公司 2024 年第一次临时股东大会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保珀莱雅化妆品股份有限公司（以下简称"公 司"）2024 年第一次临时股东大会的顺利召开，依据中国证券监督管理委员会《上 市公司股东大会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》、《证券法》、《上市公司股东大会规则》和《公司章 程》的规定，认真做好召开股东大会的各项工作。 六、股东发言由会议主持人指名后进行，每位股东发言应先报告所持股份数 和持股人名称，简明扼要地阐述观点和建议，发言时间一般不超过 5 分钟，主持 人可安排公司董事、监事或高级管理人员等回答股东提问。 七、股东发言应围绕本次会议议题进行，股东提问内容与本次股东大会议题 无关或涉及公司商业秘密的，公司有权不予回应。 八、为提高会议议事效率，在就股东的问题回答结束后，即进行表决。现场 会议表决采用记名投票表决方式，请股东按表决票要求填写意见，由股东大会工 作人员统一收票。 ...

公 司 研 究 2024 年 09 月 02 日 公司点评 买入/维持 珀莱雅(603605) 目标价: 昨收盘:95.50 2024H1 财报点评：业绩超预期，多品牌多渠道高质量增长 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 珀莱雅 沪深300 ◼ 股票数据 总股本/流通(亿股) 3.97/3.97 总市值/流通(亿元) 378.9/378.9 12 个月内最高/最低价 (元) 117.5/75.01 相关研究报告 <<23 年及 24Q1 财报点评：23 年业绩 超预期，24Q1 延续高增，多品牌运营 能力持续验证>>--2024-04-23 <<珀莱雅三季报点评：逆势增速亮 眼，强α持续凸显>>--2023-10-25 <<珀莱雅 23H1 业绩预告点评：表现 超预期，6N 战略赋能品牌势能释 放>>--2023-07-14 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 研究助理：龚书慧 E-MAIL：gongsh@tp ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 138.72 CNY [4][7]. Core Insights - The company reported a revenue of 5 billion CNY for H1 2024, representing a year-on-year growth of 38%, and a net profit attributable to shareholders of 700 million CNY, up 40% year-on-year, exceeding market expectations [1]. - All brands within the company showed strong growth, with specific brands like Perleya, Caitang, OR, and Yuefuti achieving revenue growth rates of 37.7%, 40.6%, 41.2%, and 22.4% respectively [1]. - Online and offline revenues grew by 40.5% and 8.9% respectively, with online sales accounting for approximately 94% of total revenue [1]. - The gross margin slightly decreased by 0.7 percentage points to 69.8% due to increased promotional activities, while the net profit margin increased by 0.3 percentage points to 14% [1]. - The company expects to continue delivering strong growth, with a focus on the upcoming Double Eleven shopping festival [1]. Financial Summary - The company’s revenue is projected to grow from 6,385 million CNY in 2022 to 17,604 million CNY by 2026, with year-on-year growth rates of 37.8%, 39.5%, 30.7%, 24.3%, and 21.7% respectively [3]. - The net profit attributable to shareholders is expected to rise from 817 million CNY in 2022 to 2,493 million CNY in 2026, with growth rates of 41.9%, 46.1%, 32.8%, 27.1%, and 23.7% [3]. - The earnings per share are forecasted to increase from 2.06 CNY in 2022 to 6.28 CNY in 2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has demonstrated significant revenue growth, with a 37.9% increase in revenue to 5 billion CNY in the first half of 2024, and a 40.48% increase in net profit to 702 million CNY [4][5] - The company's main brand, Proya, continues to show strong performance, with a revenue of 3.98 billion CNY in H1 2024, reflecting a 37.67% year-on-year growth [5] - The report highlights the effectiveness of the company's diversified brand strategy, which is solidifying its position as a leading domestic beauty brand [4][6] Financial Performance Summary - Revenue projections for the company are as follows: 2024E at 115.82 billion CNY, 2025E at 142.71 billion CNY, and 2026E at 169.29 billion CNY [4][8] - Net profit forecasts are 15.35 billion CNY for 2024E, 18.53 billion CNY for 2025E, and 21.69 billion CNY for 2026E [7][8] - Earnings per share (EPS) are projected to be 3.87 CNY for 2024E, 4.67 CNY for 2025E, and 5.47 CNY for 2026E [7][8] Revenue Breakdown - In H1 2024, online sales accounted for 93.69% of total revenue, generating 46.8 billion CNY, while offline sales contributed 6.31% with 3.14 billion CNY [5] - The skincare category generated 41.91 billion CNY in revenue, representing 83.91% of total sales, with a year-on-year growth of 37.12% [5] Profitability Analysis - The company's gross margin for H1 2024 was 69.82%, slightly down from the previous year, while the net profit margin was 14.47% [5][6] - The increase in sales expenses is attributed to higher promotional costs, with the sales expense ratio rising to 46.78% [5] Future Outlook - The company is focusing on rapid product iteration and diversification, with new product lines launched to address various skin concerns [6][7] - The report anticipates continued growth for the company, supported by its clear strategic planning and diversified business model [7]

珀莱雅化妆品股份有限公司 2024 半年度业绩说明会会议纪要 一、会议召开情况 1、时间：2024 年 8 月 28 日 15:05-16:30 2、地点：杭州市西湖区西溪路 588 号珀莱雅大厦 3、公司参会人员：董事兼 CEO 方玉友，副总、董秘兼财总王莉 4、主要参会机构： 详细参会机构清单请参见"附件：参会机构清单"。 二、会议纪要 （一）副总、董秘兼财总王莉介绍 2024 半年度经营数据 2024 年上半年，公司营业收入 50.01 亿元，同比增长 37.90%；归属于 上市公司股东的净利润 7.02 亿元，同比增长 40.48%；归属于上市公司股东 的扣非净利润 6.79 亿元，同比增长 41.78%。 公司分别按渠道、品牌、品类拆分主营业务收入同比情况以及占比情况， 并对投资者关心的主要问题进行了说明。 （二）董事兼 CEO 方玉友介绍 2024 半年度品牌亮点 1、珀莱雅： 深耕"大单品策略"，升级"红宝石系列"和"源力系列"核心大单品， 推出"净源系列""光学系列"全新产品线，上新盾护防晒，拓展产品布局； 围绕"年轻感""科技力"品牌关键词，秉承发现精神，传递品牌态度；提升 品牌大单品渗透， ...