张曦月 分析师 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 涨跌幅比较 % 1M 3M 12M 珀莱雅 2.11 -8.33 -7.82 化妆品 6.50 -3.55 -1.87 -26% -6% 14% 34% 2024/03 2024/06 2024/09 2024/12 2025/03 珀莱雅 化妆品 1 珀莱雅（603605.SH）2024 年三季报点评：淡 季业绩延续高增，期待双十一大促表现 2024-11- 04 | 2025 年 03 月 11 日 | | | | --- | --- | --- | | 评级 | 买入 | | | | 评级变动 | 维持 | | 交易数据 | | | | 当前价格（元） | 85.48 | | --- | --- | | 52 周价格区间（元） | 79.00-121.10 | | 总市值（百万） | 33871.24 | | 流通市值（百万） | 33799.22 | | 总股本（万股） | 39624.76 | | 流通股（万股） | 39540.50 | 相关报告 2 珀莱雅（603605.SH）2024 ...

Investment Rating - The report maintains a "Recommended" rating for the company, highlighting its strong growth potential as a leading domestic beauty brand [4]. Core Insights - The rise of domestic brands in the fashion consumer goods sector is a significant trend, with expectations for continued market share growth for quality domestic products. The government is promoting the "Chinese manufacturing" image and supporting the innovation of time-honored brands [2][3]. - Proya has solidified its position as the top player in the industry, achieving significant sales during major promotional events and maintaining its market leadership despite increased competition from international brands [3][4]. - The company is expected to benefit from the ongoing trend of domestic cultural integration and policy support, particularly through its sub-brand, Caitang, which aligns with the national trend of promoting Chinese aesthetics [3][4]. Summary by Sections Market Position and Performance - Proya's GMV reached 308 million yuan on the Taobao platform in January 2025, ranking first, while its sales on Douyin were between 200-250 million yuan, placing it second [3]. - The company has shown resilience in maintaining its top market position despite competitive pressures from international brands during promotional events [3]. Growth Strategy - The company is focusing on short-term product development and multi-brand operations to strengthen its market position. Key products are expected to see increased sales, particularly in the energy and sunscreen categories [4]. - Proya is also exploring international markets, particularly in Southeast Asia, and is actively seeking quality international brand acquisitions to enhance growth potential [4]. Financial Projections - The company is projected to achieve net profits of 1.52 billion, 1.88 billion, and 2.27 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 3.85, 4.76, and 5.74 yuan [4]. - The current stock price corresponds to PE ratios of 22, 18, and 15 for the years 2024, 2025, and 2026, indicating a favorable valuation for long-term growth [4].

Industry Overview - The cosmetics industry experienced significant fluctuations in 2024, with intense competition across platforms, brands, and products [1] - Domestic Chinese cosmetics brands continued to expand their market share, reaching 53.51% of the top 1000 brands on major e-commerce platforms from January to November 2024, up from 52.22% in 2023 [1] - Market shares of French, American, Japanese, and Korean brands in China saw slight declines [1] Company Performance - The company's multiple sub-brands demonstrated strong growth momentum, with the main brand consistently ranking first in sales among domestic cosmetics brands on platforms like Tmall and Douyin [1] - The company was recognized as the "Zhejiang Provincial Key Enterprise Research Institute," the only cosmetics company to receive this honor, contributing to the high-quality development of the domestic cosmetics industry [1] Research and Innovation - The company continued to invest in scientific research and innovation, collaborating with prestigious universities such as Beijing Technology and Business University and Shanghai Jiao Tong University to establish joint laboratories [1] - On November 15, 2024, the company partnered with the Systems Biomedicine Research Institute of Shanghai Jiao Tong University to establish the "Scalp Health Joint Laboratory" [1] Digital Transformation - The company fully advanced its digital transformation in 2024, being officially recognized as a "National Green Factory" by the Ministry of Industry and Information Technology [2] - The company's cosmetics future factory was awarded the title of "Future Factory" in Zhejiang Province [2] - The company was selected as a "Leading Case" in the digital transformation of China's light industry and as a "Smart Governance" typical case by the National Medical Products Administration [2] Market Outlook - The company's chairman, Hou Juncheng, expressed optimism about the growth potential of the Chinese cosmetics market, believing that domestic brands have the opportunity to further expand their market share in both existing and new market spaces [2] - Despite increasing competition in segmented markets, the Chinese cosmetics industry is expected to produce more cost-effective and competitive products [2]

公司报告 | 公司点评 珀莱雅（603605） 证券研究报告 国货美妆龙头地位稳固，看好平台化矩阵化发展 国货美妆龙头地位，高质量发展静待修复 珀莱雅作为国货美妆龙头品牌，双十一期间的靓丽表现表明公司多品牌矩 阵+大单品策略优势凸显，主品牌高质量升级，多平台销量领先，子品牌 在彩妆、高端头皮洗护等细分领域推出多款热门大单品。公司整体维持稳 健增长态势，但考虑到基数较高，且公司于 2024H2 进行管理层换届调整， 仍处于新增长周期的蓄力阶段，我们小幅下调盈利预测，预计 2024-2026 年营收同比增长 22.6%/15.0%/14.0%至 109.16/125.57/143.15 亿元（前值为 116.03/145.27/174.46 亿元），归母净利润同比增长 27.5%/18.5%/16.2%至 15.22/18.03/20.96 亿元（前值为 15.52/19.23/23.16 亿元）,对应 PE 分别为 23X/19X/16X。综合短期销量表现和中长期品牌矩阵规划，我们看好珀莱 雅增长持续性，当前股价对应 2024 年 23XPE，位于历史估值相对低位， 维持"买入"评级。 主品牌多渠道登顶，大品牌 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-001 | | --- | --- | --- | | 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 12 月 31 日,累计共有人民币 960,000 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 7,001 股，占可转债 转股前公司已发行股份总额的 0.0025%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的珀莱转债金额为 人民币 750,753,000 元，占珀莱转债发行总量的 99.8723%。 本季度转股情况：自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间，珀莱转 债转股的金额为人民币 2,000 元，因转股形成的股份数量为 2 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-058 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 成立日期：2006 年 05 月 24 日 统一社会信用代码：91330100789665033F 类型：其他股份有限公司（上市） 法定代表人：侯军呈 注册资本：叁亿玖仟陆佰贰拾肆万陆仟玖佰捌拾壹元 珀莱雅化妆品股份有限公司 关于完成工商变更登记的公告 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。 珀莱雅化妆品股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日、2024 年 9 月 12 日分别召开了第三届董事会第十九次会议、2024 年第一次临时股东大 会，审议通过了《关于变更公司注册资本并修订<公司章程>及办理工商变更登记 的议案》。具体内容详见公司于 2024 年 8 月 28 日在上海证券交易所网站 （www.sse.com.cn）披露的《珀莱雅化妆品股份有限公司关于变更公司注册资本 并修订<公司章程>及办理工商变更登 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-057 | | --- | --- | --- | | 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"珀莱转债"2024 年付息公告 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： 珀莱雅化妆品股份有限公司(以下简称"公司")于 2021 年 12 月 8 日发行的 可转换公司债券（以下简称"珀莱转债"）将于 2024 年 12 月 9 日（因 2024 年 12 月 8 日为非交易日，故顺延至下一交易日）开始支付自 2023 年 12 月 8 日至 2024 年 12 月 7 日期间的利息。根据《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》"）有关条款的规定，现将有 关事项公告如下： 一、可转债发行上市概况 1、债券名称：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 可转债付息债权登记日：2024 年 12 月 6 日 可转债除息日：2 ...

关于参加 2024 年三季报沪市主板美妆行业专场集体 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。 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-056 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 重要内容提示： 珀莱雅化妆品股份有限公司 投资者可于 2024 年 11 月 26 日(星期二)至 12 月 2 日(星期一)16:00 前通过 公司邮箱 proyazq@proya.com 进行提问。公司将在本次说明会上对投资者普遍关 注的问题进行回答。 珀莱雅化妆品股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日 发布公司 2024 年第三季度报告，详见上海证券交易所网站（www.sse.com.cn）。 为便于广大投资者更全面深入地了解公司 2024 年三季度经营成果、财务状况， 公司计划于 2024 年 12 月 3 日参加 2024 年三季报沪市主板美妆行业专场集体业 绩说明会，会议时间下午 1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In Q3 2024, the company achieved revenue of 1.96 billion yuan, representing a year-on-year growth of 21.2%. The net profit attributable to the parent company was 300 million yuan, up 20.7% year-on-year, while the net profit excluding non-recurring items was 290 million yuan, reflecting an 18.3% increase year-on-year [2][4][9]. Revenue Performance - In Q3 2024, the company maintained rapid growth during the industry off-season, with a year-to-date revenue growth of 32.7%. The quarterly revenue growth rates for Q1, Q2, and Q3 were 34.6%, 40.6%, and 21.2%, respectively. The skincare category saw a year-on-year growth of 21%, while the makeup category grew by 19% [8][9]. Profitability Analysis - The gross margin improved quarter-on-quarter, although it decreased by 1.9 percentage points year-on-year in Q3 2024. The net profit margin attributable to the parent company remained stable year-on-year, supported by reduced asset impairment losses and tax savings [9]. Investment Recommendations - The report suggests that the company's main brand is showing strong comparative advantages with a more complete product matrix. The upcoming Double 11 shopping festival is expected to further enhance growth, particularly with the launch of upgraded core products and the expansion of the makeup category [9]. The projected EPS for 2024, 2025, and 2026 are 3.83 yuan, 4.61 yuan, and 5.68 yuan, respectively [9].

公 司 研 究 | --- | --- | |------------------------------|------------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-11-05 | | 收盘价（元） | 97.24 | | 总股本（百万股） | 396.25 | | 流通股本（百万股） | 395.41 | | 净资产（百万元） | 4,843.44 | | 总资产（百万元） | 7,478.06 | | 每股净资产（元） | 12.08 | 公 司 点 评 报 告 投资要点 ＃sum公ma司ry公＃告：2024Q1-Q3 公司实现营收 69.66 亿元，同比+32.72%；归母净利润 9.99 亿元， 同比+33.95%；扣非归母净利润 9.71 亿元，同比+33.81%；毛利率 70.07%，同比-1.11pct； 归母净利率 14.34%，同比+0.13pct；2024Q3 公司实现营收 19.65 亿元，同比+21.15%； 归母净利润 2.98 亿元，同比+20.72%；扣非归母净利润 2.92 亿元，同比+18.33%；毛 利率 70.71%，同 ...