Investment Rating - The report gives a "Buy" rating for the company, with a target price of 119.14 CNY per share based on a 30x PE valuation for 2024 [5][7][49]. Core Insights - The company has shown continuous outperformance with double-digit growth in both revenue and net profit, driven by significant expansion in online sales channels [3][17]. - The brand matrix is diverse, catering to various consumer needs, and includes multiple brands such as "Polaire," "Caitang," and "Off&Relax" [2][13]. - The company has successfully implemented a big product strategy, with notable sales growth from its major products [4][25]. Summary by Sections Company Overview - Established in 2003 and listed in 2017, the company has become a leading domestic beauty brand in China, with a wide range of products across skincare, makeup, and hair care [2][13]. Business Diversification - The company has a rich product matrix that meets different consumer demands, with significant growth in its major brands, particularly "Caitang," which achieved over 1 billion CNY in revenue in 2023 [4][30]. - The "Polaire" brand focuses on technology-driven skincare, while "Caitang" emphasizes makeup tailored for Chinese consumers [25][30]. Sales Model - The company primarily operates through online sales, with a significant portion of revenue coming from platforms like Tmall and Douyin, accounting for 93.07% of total revenue in 2023 [39][41]. Profitability Forecast - Revenue projections for 2024-2026 are 112.61 billion CNY, 137.45 billion CNY, and 161.91 billion CNY, with growth rates of 26.47%, 22.06%, and 17.79% respectively [5][49]. - Net profit forecasts for the same period are 15.79 billion CNY, 18.22 billion CNY, and 20.79 billion CNY, with growth rates of 32.30%, 19.13%, and 14.53% respectively [5][49].

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-031 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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： 累计转股情况：珀莱转债自 2022 年 6 月 14 日开始转股，截至 2024 年 6 月 30 日,累计共有人民币 947,000 元珀莱转债转换为珀莱雅化妆品股份有限公司 （以下简称"公司"）A 股股票，因转股形成的股份数量为 6,869 股，占可转债 转股前公司已发行股份总额的 0.0024%。 未转股可转债情况：截至 2024 年 6 月 30 日，尚未转股的珀莱转债金额为人 民币 750,766,000 元，占珀莱转债发行总量的 99.8740%。 本季度转股情况：自 2024 年 4 月 1 日至 2024 年 6 月 30 日期间，珀莱转债 转股的金额为人民币 11,000 元，因转股形成的股份数量为 110 ...

Investment Rating - The report maintains a "BUY" rating for Proya Cosmetics with a target price revised to RMB135.57, reflecting a 35x 2024E P/E ratio [2][4]. Core Insights - Proya achieved impressive results during the 618 promotion event, ranking top on Tmall and second on Douyin in the cosmetic sector, with GMV growth of +70% on Tmall and +110% on Douyin year-over-year [2][3]. - The company's hero product strategy and increased discounts contributed significantly to its success, with the main skincare brand ranking first and second on Tmall and Douyin, respectively [2][3]. - The report raises 2024E and 2025E earnings estimates by approximately 20% due to the success in the 618 event and solid earnings in 4Q23 and 1Q24 [2][3]. Financial Summary - Revenue is projected to grow from RMB8,905 million in FY23A to RMB11,689 million in FY24E, representing a year-over-year growth of 31.3% [3][16]. - Net profit is expected to increase from RMB1,193.9 million in FY23A to RMB1,537.5 million in FY24E, reflecting a growth of 28.8% [3][16]. - The gross profit margin is anticipated to remain stable around 70.2% in FY24E, with a slight increase to 70.4% in FY25E [10][19]. Market Position - Proya's makeup brand made its debut in the top rankings on Tmall, achieving 80% YoY growth, while the hair care brand Off&Relax entered the top 10 with a 70% YoY increase in GMV [2][3]. - The company's market capitalization is reported at RMB31,853.5 million, with a current share price of RMB113.99, indicating an upside potential of 18.9% to the target price [4][5]. Earnings Estimates - The report revises the earnings estimates for FY24E and FY25E, with revenue estimates increased by approximately 20% to RMB11,689 million and RMB14,567 million, respectively [10][11]. - Net profit estimates for FY24E and FY25E are also raised to RMB1,537 million and RMB1,913 million, respectively, reflecting a growth of 28.8% and 24.4% [10][11].

Investment Rating - The report maintains a "Buy" rating for Proya Cosmetics with a target price of RMB 135.57, reflecting a 35x P/E for 2024E [1][12]. Core Insights - Proya achieved impressive results during the 618 shopping festival, ranking first in GMV on Tmall and second on Douyin in the cosmetics sector, with year-on-year GMV growth of +70% on Tmall and +110% on Douyin, significantly outperforming industry averages [1][6]. - The success is attributed to an effective hero product strategy and potential for increased discounts, with Proya offering a 7% discount during the event [1][5]. - The company has seen its makeup brand Timage reach the top position in Tmall's rankings for the first time, while its hair care brand Off & Relax entered the top ten, indicating successful brand development [1][6]. Financial Summary - Revenue for FY24E is projected at RMB 11,689 million, with a year-on-year growth of 31.3%, and net profit is expected to reach RMB 1,537.5 million, reflecting a growth of 28.8% [2][13]. - The report revises revenue estimates upward by approximately 20% for FY24E and FY25E, reflecting the success of the 618 event and stable earnings in Q4 2023 and Q1 2024 [1][9]. - The company’s gross profit margin is expected to remain stable, with a slight increase in net profit estimates for FY24E and FY25E [9][10]. Market Position - Proya's market capitalization is approximately RMB 31.85 billion, with a current price of RMB 113.99, indicating a strong market presence [2][12]. - The company has shown a significant increase in its market share, with its GMV ranking improving across various platforms, highlighting its competitive edge in the cosmetics industry [1][5]. Shareholder Structure - The major shareholder is Hou Jun Cheng, holding 34.7% of the shares, followed by HKSCC with 23.6% [3].

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-030 | | --- | --- | --- | | 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 高级管理人员集中竞价减持股份结果公告 本公司董事会、全体董事及相关股东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： 高级管理人员持股的基本情况 本次减持股份计划实施前，珀莱雅化妆品股份有限公司（以下简称"公司"） 副总经理、董事会秘书兼财务负责人王莉女士持有公司股份 315,491 股，占公司 总股本比例为 0.0795%；公司副总经理金衍华先生持有公司股份 303,762 股，占 公司总股本比例为 0.0766%。 因公司发行的"珀莱转债"自 2022 年 6 月 14 日起可转换为公司股份，转股 期间为 2022 年 6 月 14 日至 2027 年 12 月 7 日。本公告所述总股本为截至 2024 年 6 月 25 日的公司总股本 396,757,415 股，本次减持主体减持前持有的股份数、 当前持有股份数、拟减持 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 149.72 [2][8]. Core Insights - The company has demonstrated strong performance during the 618 sales event, surpassing industry averages across multiple channels, brands, and product categories, showcasing its leadership in the domestic beauty market [2][3]. - The main brand, Proya, continues to grow rapidly despite a high revenue base, driven by key products such as the Dual Antibody and Ruby series, with significant contributions from other brands like Off&Relax and YuFuni [2][3][5]. - The report forecasts earnings per share (EPS) of RMB 3.94, RMB 4.78, and RMB 6.01 for the years 2024, 2025, and 2026 respectively, with a projected price-to-earnings (PE) ratio of 38 times for 2024 [2][6]. Summary by Sections Sales Performance - During the 618 event, Proya ranked first in sales across major platforms such as Tmall, Douyin, and JD, with year-on-year growth rates of over 70% on Tmall and 110% on Douyin [3]. - The brand achieved a revenue of RMB 7.177 billion in 2023, reflecting a year-on-year growth of 36.36% [3]. Product Performance - The report highlights the strong performance of key products, including the Ruby cream and Dual Antibody cream, which have shown impressive sales figures [3]. - The color cosmetics brand, CaiTang, also performed well, ranking first in Tmall's color makeup category with over 80% growth in GMV [4]. Financial Projections - The company is expected to achieve revenues of RMB 11.411 billion, RMB 13.952 billion, and RMB 16.640 billion for the years 2024, 2025, and 2026 respectively, with growth rates of 28.15%, 22.26%, and 19.27% [6][11]. - Net profit is projected to reach RMB 1.562 billion, RMB 1.898 billion, and RMB 2.386 billion for the same years, with growth rates of 30.84%, 21.53%, and 25.69% [6][11].

证券代码：603605 证券简称：珀莱雅 可转债代码：113634 可转债简称：珀莱转债 珀莱雅化妆品股份有限公司 公开发行 A 股可转换公司债券 受托管理事务报告 （2023 年度） 债券受托管理人 二〇二四年六月 1 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《珀 莱雅化妆品股份有限公司公开发行 A 股可转换公司债券受托管理协议》（以下简 称"《受托管理协议》"）《珀莱雅化妆品股份有限公司公开发行 A 股可转换公司 债券募集说明书》（以下简称"《募集说明书》"）《珀莱雅化妆品股份有限公司 2023 年年度报告》等相关公开信息披露文件、第三方中介机构出具的专业意见等，由 本期债券受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"）编 制。中信建投证券对本报告中所包含的从上述文件中引述内容和信息未进行独立 验证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承 担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，投资者依据 ...

Investment Rating - The report maintains a "Trading Buy" investment rating, indicating a potential upside of 5% to 15% from the current price [3][4]. Core Insights - The company has shown strong performance during the 618 shopping festival, with its main brand, Proya, and its makeup brand, Caitang, achieving significant sales growth. Proya ranked first in sales on multiple platforms, with GMV growth of over 70% on Tmall and over 110% on Douyin [3]. - The company is expected to continue its successful large product strategy and new product development, enhancing brand competitiveness and revenue contributions [3][4]. - The financial forecasts predict net profits of RMB 1.55 billion, RMB 1.93 billion, and RMB 2.37 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 29.6%, 24.7%, and 22.7% [4][6]. Financial Summary - The company reported a net profit of RMB 1.19 billion in 2023, with a year-on-year increase of 46.06%. The EPS for 2023 was RMB 3.01, with a projected EPS of RMB 3.90 for 2024 [6][8]. - Revenue is expected to grow from RMB 8.90 billion in 2023 to RMB 11.31 billion in 2024, reflecting a strong upward trend in sales [8]. - The current P/E ratio is projected to decrease from 27 in 2024 to 18 in 2026, indicating a potentially attractive valuation [4][6].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 [Table_Industry] 家庭及个人用品/必需消费 究 珀 莱雅(603605) [评Tab级le_I：nve st] 增持 618 多品牌、多渠道延续高增，势能持续 上 次评级: 增持 [目Tab标le_T价arg格et] ： 154.60 ——珀莱雅更新报告 上 次预测: 154.60 [当Ta前bl价e_格Cu：rP rice] 107.11 公 [table_A ut訾ho猛rs] ( 分析师) 杨柳(分析师) 闫清徽(分析师) 司 021-38676442 021-38038323 021-38031651 [ Table_Date] 2024.06.23 zimeng@gtjas.com yangliu@gtjas.com yanqinghui@gtjas.com 更 登 记编号 S0880513120002 S0880521120001 S0880522120004 新 本报告导读： 报 [交Ta易ble数_M据ar ket] 公司发布618战报，珀 ...

国浩律师（杭州）事务所 关于 珀莱雅化妆品股份有限公司 差异化分红事项 之 专项法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼邮编：310008 GrandallBuilding,No.2＆No.15,BlockB,BaitaPark,OldFuxingRoad,Hangzhou,Zhejiang310008,China 电话/Tel:(+86)(571)85775888 传真/Fax:(+86)(571)85775643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二四年六月 国浩律师（杭州）事务所 珀莱雅差异化分红专项法律意见书 国浩律师（杭州）事务所 关于 珀莱雅化妆品股份有限公司 差异化分红事项 之 专项法律意见书 致：珀莱雅化妆品股份有限公司 国浩律师（杭州）事务所接受珀莱雅化妆品股份有限公司（以下简称"珀莱 雅"或"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司股 ...