Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company's performance in H1 2024 exceeded expectations, achieving revenue of 5.001 billion yuan, a year-on-year increase of 37.90%, and a net profit attributable to shareholders of 0.702 billion yuan, up 40.48% [1]. - The core brands continue to show excellent growth, with a rich reserve of new products and upgrades [1]. - The company is expected to maintain strong growth in the coming years, with projected net profits of 1.542 billion yuan, 1.925 billion yuan, and 2.349 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 29%, 25%, and 22% [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 69.82%, a period expense ratio of 51.72%, and a net profit margin of 14.47%, with year-on-year changes of +0.11, +1.17, and +0.65 percentage points, respectively [2]. - Revenue from skincare and cleansing products contributed significantly, with skincare revenue at 4.191 billion yuan, accounting for 83.91% of total revenue [2]. Brand Performance - The core brand, Proya, generated revenue of 3.981 billion yuan in H1 2024, a year-on-year increase of 37.67% [1]. - The brand's major products, such as the "Source Cream 2.0" and "Ruby Essence 3.0," have been upgraded with innovative ingredients, enhancing consumer acceptance and loyalty [1]. Market Position - Proya ranked first in the Tmall platform for essence and cream categories, maintaining a leading position in the market [1]. - The company has also seen significant online sales growth, with online revenue reaching 4.68 billion yuan in H1 2024, a year-on-year increase of 40.52%, accounting for 93.69% of total revenue [1]. Future Projections - The company is projected to achieve total revenue of 11.310 billion yuan in 2024, with a growth rate of 27.0% [3]. - The expected earnings per share (EPS) for 2024 is 3.89 yuan, with a price-to-earnings (P/E) ratio of 23.34 [3].

Proya 化妆品 (603605 CH) 同行中的最佳收益 ， 强劲势头持续 普雅（Proya）在2024年第二季度的业绩超出市场预期，收入和净利润分别同比增 长41%和37%，上半年整体收入和净利润分别同比增长37.9%和40.5%，主要得益于 核心品牌的销售加速增长，达到37.7%的年同比增速。其盈利排名同行业之首。202 4年上半年的毛利率下降了0.7个百分点，稳定在69.8%，同时销售费用比率增加了3 个百分点至47%，这是由于618促销周期的延长、单个直播营销成本持续上升以及高 电子商务退货率等因素的影响。全年指引方面，公司计划维持毛利率在约70%的水 平，并保持净利润率略为上升的趋势。维持"买入"评级，目标价调整至人民币133.86 元，基于2024年预测市盈率为35倍。 英雄 SKU 的表现优于持续受益的收益。 Proya 继续 目标价格 RMB133.86 (上一个 TP RMB135.57) 上 / 下 55.8% 当前价格 RMB85 .90 中国消费必需品 张苗族 (852) 3761 8910 张庙 @ cmbi. com. hk Bella LI (852) 3757 6202 b ...

证券研究报告 非金融公司|公司点评|珀莱雅（603605） 大单品战略持续深耕，高成长高盈利延 续 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月29日 证券研究报告 |报告要点 产品端大单品战略持续：珀莱雅品牌针对"红宝石系列"与"源力系列"核心大单品进行升 级，推出"源力面霜 2.0"与"红宝石精华 3.0"；同时推出"净源系列"全新产品线，针对油 皮各类肌肤问题提供科学高效的解决方案；上新"光学系列"和盾护防晒，进一步拓展提亮与 防晒领域的产品布局。彩棠持续夯实面部彩妆品类大单品矩阵，进一步发力底妆赛道，新推透 明蜜粉饼、 匀衡柔光气垫（混合肌）、干皮粉霜、争青唇冻等单品。 |分析师及联系人 邓文慧 李英 SAC：S0590522060001 SAC：S0590522110002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月29日 珀莱雅(603605) 大单品战略持续深耕，高成长高盈利延续 | --- | --- | --- | |----------|--------------------|-------- ...

MN Proya Cosmetics (603605 CH) Best earnings among peers, strong momentum sustained Proya's 2Q24 results beat consensus with revenue/net profit +41%/37% YoY (1H24 revenue/net profit +37.9/40.5% YoY), mostly contributed by the accelerated sales growth of main brand to 37.7% YoY. The earnings ranked the top among peers. 1H24 GPM dropped by 0.7 ppt. and steadied at 69.8%, accompanied by the 3 ppt. increase in selling expense ratio to 47%, due to the prolonged 618 promotion cycle, continuous rise in unit cost o ...

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Insights - The company reported a strong performance in H1 2024, with revenue reaching 5.001 billion yuan, a year-on-year increase of 37.9%, and a net profit of 702 million yuan, up 40.48% [2][3]. - The main brand continues to innovate and strengthen its product lineup, contributing to robust sales growth, particularly during promotional events [3][4]. - The online sales channel saw a significant increase of 40.52%, accounting for 93.69% of total sales, indicating a strong digital presence [3]. Financial Performance - In H1 2024, the gross margin was 69.82%, slightly down by 0.69 percentage points year-on-year, while the net profit margin was 14.47%, down by 0.09 percentage points [2]. - The company’s sales expense ratio increased to 46.78%, up 3.22 percentage points, primarily due to higher promotional expenses [2]. - The forecast for EPS is 3.92 yuan for 2024, 4.83 yuan for 2025, and 5.88 yuan for 2026, with corresponding P/E ratios of 22, 18, and 15 times [4]. Brand and Product Strategy - The main brand achieved sales of 3.981 billion yuan in H1 2024, a growth of 37.67%, and launched several new product lines to enhance its market position [3]. - The 彩棠 brand also performed well, with sales increasing by 40.57% to 582 million yuan, indicating strong demand in the color cosmetics segment [3]. - The company is focusing on enhancing its big product strategy, particularly in the foundation and sunscreen categories, to solidify its market presence [3].

公 司 研 究 珀莱雅（603605.SH） 2024 年 08 月 29 日 国货美妆龙头业绩增长亮眼，多品牌势能持续提升 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|--------------| | 日期 | 2024/8/28 | | 当前股价(元) | 85.90 | | 一年最高最低(元) | 117.50/75.01 | | 总市值(亿元) | 340.81 | | 流通市值(亿元) | 339.13 | | 总股本(亿股) | 3.97 | | 流通股本(亿股) | 3.95 | | 近 3 个月换手率(%) | 34.37 | 股价走势图 珀莱雅 沪深300 -30% -20% -10% 0% 10% 20% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《经营持续高增长超预期，产品+品牌 +渠道全面发力—公司信息更新报告》 -2024.4.19 《2023Q3 归母净利润+24%，国货龙 头双十一放量可期—公司信息更新报 告》-2023.10.24 《上半年营收、利润均超预期，国货 美 ...

Investment Rating - The report maintains a "Buy" rating for Proya (603605) [4] Core Views - Proya's 24H1 performance exceeded expectations with revenue of RMB 5,002 million, a YoY increase of 37.9%, and net profit attributable to shareholders of RMB 702 million, a YoY increase of 40.48% [4] - The company's multi-brand and multi-channel strategy is driving strong growth, with the Proya brand contributing 79.71% of total revenue in 24H1 [4] - Online channels accounted for 93.69% of total revenue in 24H1, with a growth rate of 40.52% [5] - The company's gross margin remained stable at 69.82% in 24H1, despite a slight decline due to increased promotional activities [4] - Proya's brand matrix is improving revenue structure and enhancing overall risk resistance, with sub-brands like Caitang and Off&Relax showing significant growth [4] Financial Performance Summary - 24H1 revenue: RMB 5,002 million, up 37.9% YoY [4] - 24H1 net profit attributable to shareholders: RMB 702 million, up 40.48% YoY [4] - 24H1 gross margin: 69.82%, down 0.69 pct YoY [4] - 24H1 net profit margin: 14.47%, down 0.09 pct YoY [4] - 24H1 sales expense ratio: 46.78%, up 3.22 pct YoY [4] - 24H1 management expense ratio: 3.54%, down 1.76 pct YoY [4] - 24H1 R&D expense ratio: 1.89%, down 0.63 pct YoY [4] Brand Performance - Proya brand revenue in 24H1: RMB 3,981 million, up 37.67% YoY, accounting for 79.71% of total revenue [4] - Caitang brand revenue in 24H1: RMB 582 million, up 40.57% YoY, accounting for 11.66% of total revenue [4] - Off&Relax brand revenue in 24H1: RMB 138 million, up 41.91% YoY, accounting for 2.76% of total revenue [4] - Yuefuti brand revenue in 24H1: RMB 161 million, up 22.35% YoY, accounting for 3.22% of total revenue [4] Channel Performance - Online channel revenue in 24H1: RMB 4,680 million, accounting for 93.69% of total revenue, with a growth rate of 40.52% [5] - Proya brand's Tmall average order value: RMB 400+, with a repurchase rate of 40%+ and ROI of 3.2 [5] - Caitang brand's Tmall average order value: RMB 250+, with a repurchase rate of 25%+ and ROI of 2 [5] Future Outlook - The company is expected to achieve net profit attributable to shareholders of RMB 1,696 million, RMB 2,089 million, and RMB 2,512 million in 2024, 2025, and 2026, respectively [5] - The PE ratio is projected to be 20x, 16x, and 13x for 2024, 2025, and 2026, respectively [5] - The company's "6*N" strategy and strong channel operation capabilities are expected to drive continued growth and market share expansion [5]

证券研究报告·公司点评报告·化妆品 珀莱雅（603605） 2024年半年报点评：国货龙头增长势能强劲， 大单品持续迭代升级 2024 年 08 月 28 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） | 6385 | 8905 | 11349 | 13923 | 16925 | | 同比（%） | 37.82 | 39.45 | 27.45 | 22.68 | 21.57 | | 归母净利润（百万元） | 817.40 | 1,193.87 | 1,535.49 | 1,921.43 | 2,355.53 | | 同比（%） | 41.88 | 46.06 | 28.61 | 25.13 | 22.59 | | EPS-最新摊薄（元/股） | ...

日用化学品 珀莱雅（603605.SH） 买入-A(维持) 护肤主营业务稳定，美妆、洗护类收入增速同比突破 40% 1 2024 年 8 月 28 日 公司研究/公司快报 | --- | --- | --- | |------------------------------|--------------|--------------------------------------------------------------------------| | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2024 年中期财报，期内实现营业收入50.01亿元/+37.9%，归 | | | | 母净利润 7.02 亿元/+40.48%，扣非归母净利润6.79 亿元/+41.78%，EPS1.78 | | | | 元。其中2024Q2实现营收28.2亿元/+40.59%，归母净利润3.99亿元/+36.84%， | | | | 扣非归母净利润 3.87 亿元/+37.76%。 | | | | 事件点评 | | | | 珀莱雅收入增速稳定，彩棠、OR 延续高增速。分渠道来看，线上收入 | | 市场数据 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong growth momentum as a leading domestic cosmetics brand, with continuous upgrades of major products [3][4] - The company's revenue for H1 2024 reached 5.0 billion yuan, representing a year-on-year increase of 37.9%, while the net profit attributable to shareholders was 700 million yuan, up 40.5% [3] - The online sales channel continued to show high growth, with online revenue of 4.68 billion yuan in H1 2024, a year-on-year increase of 41% [3] Summary by Sections Financial Performance - H1 2024 revenue was 5.0 billion yuan (+37.9%), with a net profit of 700 million yuan (+40.5%) [3] - Q2 2024 revenue was 2.82 billion yuan (+40.6%), with a net profit of 400 million yuan (+36.8%) [3] - The company’s revenue forecast for 2024-2026 has been adjusted to 15.4 billion yuan, 19.2 billion yuan, and 23.6 billion yuan respectively, with year-on-year growth rates of +29%, +25%, and +23% [4] Product Development - Continuous upgrades of major products and a well-structured sub-brand matrix were highlighted, with main brand revenue showing high growth [3] - New product lines such as "Net Source Series" and "Optical Series" were launched to address specific consumer needs [3] Sales Channels - Online sales accounted for 94% of total revenue, with significant growth in both direct and distribution channels [3] - Offline sales showed slower growth, with traditional channels declining, but new retail channels nearly doubled year-on-year [3] Profitability and Cash Flow - The gross margin for H1 2024 was 69.8%, slightly down from the previous year, attributed to increased promotional activities [4] - Operating cash flow for H1 2024 was 660 million yuan, down 44% year-on-year due to timing issues related to promotional activities [4] Valuation Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 22, 18, and 14 respectively [4] - The current market price is 85.90 yuan, with a market capitalization of approximately 34.08 billion yuan [5][6]