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]

暴利行业持续分化洗牌。 作者 | 贝壳XY 编辑 | 小白 正所谓，爱美之心，人皆有之。如今，美容护理已越发融入人们的日常生活中，其市场需求持续扩 大。国家统计局数据显示，我国化妆品类零售总额在过去二十多年里呈现稳步提升，2023年达到4,14 2亿元，较2011年增长接近3倍。 但2024年1-11月的情况却有些不同，化妆品类零售总额罕见出现负增长，同比下滑了1.3%，莫非化妆 品生意不好做了？ （来源：Choice终端，制表：市值风云APP） 这组数据背后，其实意味着两层含义，其一是化妆品需求的小幅减少，其二则是行业内卷越发严重。 消费需求越发向头部品牌集中，质量不佳、规模较小、生产不良的尾部企业正逐渐被淘汰出局，一场 席卷整个行业的大洗牌或许正在进行。 动荡过后，仍能留在牌桌上的企业必定各有各的看家本领，今天我们便从美容护理板块前十大市值公 司来一探究竟。 参考申万行业分类及截至2024年12月31日的市值排名，前十大公司分别为爱美客（300896.SZ）、珀 莱雅（603605.SH）、华熙生物（688363.SH）、稳健医疗（300888.SZ）、锦波生物（832982.BJ）、 贝泰妮（30095 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company, Proya (603605), is recognized as a leading domestic beauty brand in China, demonstrating strong performance during the Double Eleven shopping festival, showcasing the advantages of its multi-brand matrix and big product strategy [1][2]. - The company is expected to maintain steady growth, with revenue projections for 2024-2026 set at 10.916 billion, 12.557 billion, and 14.315 billion yuan, reflecting year-on-year growth rates of 22.6%, 15.0%, and 14.0% respectively [1]. - The net profit attributable to the parent company is forecasted to grow by 27.5%, 18.5%, and 16.2% over the same period, reaching 1.522 billion, 1.803 billion, and 2.096 billion yuan [1]. Summary by Sections Sales Performance - In Q4 2024, Proya's sales across multiple platforms were impressive, with Tmall GMV reaching 2.947 billion yuan, a year-on-year increase of 6.19% [2]. - During the Double Eleven event, Proya ranked first among domestic beauty brands on Tmall, Douyin, and JD, with respective year-on-year growth rates of over 10%, 60%, and 30% [2]. Brand Matrix Development - Proya has expanded its brand portfolio beyond its main brand, including brands like Caitang, Off&Relax, and Yuefuti, covering various segments such as skincare, makeup, and hair care [3]. - Caitang, a makeup brand tailored for Chinese consumers, achieved significant sales during Double Eleven, ranking second in Tmall's makeup category [3]. - Off&Relax, positioned as a scalp health expert, saw its OR volumizing shampoo achieve over 400,000 units sold on Tmall during the same period [3]. - Yuefuti, targeting oily skin, reported substantial sales growth, with GMV on Tmall, JD, and Pinduoduo increasing by over 20%, 80%, and 100% respectively [3]. Financial Projections - Revenue for 2024 is projected at 10.916 billion yuan, with a growth rate of 22.59% [10]. - The net profit for 2024 is expected to be 1.522 billion yuan, reflecting a growth rate of 27.47% [10]. - The company's earnings per share (EPS) is forecasted to increase from 3.01 yuan in 2023 to 3.84 yuan in 2024 [10].

| 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].