Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - The company achieved a revenue of 6.966 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 32.72%. The net profit attributable to shareholders reached 999 million yuan, up 33.95% year-on-year [2]. - The company is experiencing multi-category growth, with skincare products accounting for 84.27% of revenue in Q3 2024, showing a year-on-year increase of 20.68% [2]. - The company is shifting towards a brand-focused marketing strategy, with significant performance during the Double 11 shopping festival, ranking first in the Tmall beauty category [2]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 11.719 billion yuan, a year-on-year growth of 31.6%, and a net profit of 1.558 billion yuan, reflecting a growth of 30.5% [4]. - The gross margin is expected to remain stable at around 69.7% for the next few years, indicating strong profitability [4]. - The earnings per share (EPS) are forecasted to be 3.93 yuan in 2024, 4.78 yuan in 2025, and 5.72 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 24.7, 20.3, and 17.0 respectively [4].

珀莱雅（603605.SH） 化妆品 证券研究报告/公司点评报告 2024 年 11 月 06 日 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 分析师：张前 执业证书编号：S0740524080002 Email：zhangqian08@zts.com.cn | --- | --- | |-------------------|-----------| | | | | 基本状况 | | | 总股本 (百万股) | 396.25 | | 流通股本(百万股 ) | 395.41 | | 市价(元 ) | 97.24 | | 市值(百万元 ) | 38,531.11 | | 流通市值 (百万元) | 38,449.18 | 相关报告 1、《24H1 业绩超预期，强品牌驱动 持续高增长》2024-09-09 深耕大单品策略，未来增长可期。 ①大单品源力面霜 2.0 首次将 XVII 型重组胶 原蛋白应用其中，进一步巩固了品牌在基底膜修护抗初老领域的专业性；红宝 石精华 3.0 将中国美妆领域首款专利环肽新原料与专研双 A 组合结合，实现进 阶抗皱。②针对油皮上新"净源 ...

好各位尊敬的投资者朋友大家好欢迎大家参加博拉雅华融品股份有限公司2024年三季度的业绩说明会我是公司的副总董秘兼财务总监王丽本次业绩说明会将在计门财新平台同步直播投资者可登陆平台进行观看首先与我来分享公司2024年第三季度的相关财务数据 2024年Q3累计1到9月份营业收入是69.66亿元同比增长32.72%单Q3完成的是19.65亿元同比增长是21.25%规模经历论的话累计是9.99亿元同比增长是33.95%单Q3完成的是2.98亿元同比增长是20.72% 规模扣费净利润累计是9.7亿元同比增长是33.81%单Q3是2.92亿元同比增长是18.33%精英活动产生的现金流量金额累计是4.04亿元同比下降了49.44%单Q3是负的2.58亿元 领域能力的相关指标第一销售经历率2024年秋三累计是14.68%销售毛利率是70.07%销售费用率是46.39%其中形象推广费费率的话是40.66%管理费用率是3.91%研发费用率是2.04% 营运能力的相关指标其中 应收账款周转率2024年Q3累计的话是44.81次应收账款周转签数是8.03天存货周转率的话是2.86次存货周转签数是126.09天注入案渠道拆分的话其中我 ...

Investment Rating - The investment rating for the company is "Buy" [1][7][11] Core Views - The company has demonstrated significant revenue growth, with a 32.72% increase in revenue to 69.66 billion yuan in the first three quarters of 2024, and a 33.95% increase in net profit to 999 million yuan [5][7] - The company maintains a strong market position as a leading domestic beauty brand, with expectations for continued growth driven by promotional events and a diversified product portfolio [7][8] Financial Summary - **Revenue and Profit Forecasts**: - 2024E revenue is projected at 110.65 billion yuan, with net profit expected to reach 15.16 billion yuan [5][9] - EPS is forecasted to be 3.82 yuan in 2024, increasing to 5.56 yuan by 2026 [5][9] - **Valuation Metrics**: - The P/E ratio is expected to decrease from 31.99 in 2023 to 25.20 in 2024, and further to 17.35 by 2026 [5][9] - The P/B ratio is projected to decline from 8.89 in 2023 to 7.21 in 2024, reaching 4.79 by 2026 [5][9] Operational Analysis - **Revenue Breakdown**: - Skincare products accounted for 84.27% of revenue in Q3 2024, with a 20.68% increase in revenue to 16.54 billion yuan [6] - Hair care products saw a 47.19% increase in revenue, while color cosmetics experienced an 18.71% increase [6] - **Profitability**: - The gross margin for the first three quarters of 2024 was 70.07%, with a net margin of 14.68% [6] - Q3 2024 gross margin was 70.71%, indicating stable profitability despite slight declines year-on-year [6] Market Position - The company has maintained its leading position in the beauty market, ranking first in multiple categories during major promotional events such as Double Eleven [7][8] - The management team has completed adjustments, enhancing operational resilience and channel capabilities, which supports future growth prospects [7]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [2][5]. Core Views - The company has demonstrated steady growth, with Q3 2024 revenue reaching 19.65 billion yuan, a year-on-year increase of 21.15%, and net profit of 2.98 billion yuan, up 20.72% year-on-year [1]. - The company is expected to achieve a net profit of 15.5 billion yuan in 2024, with a projected PE ratio of 25 [2]. - The company is well-positioned in the cosmetics market, with strong performance anticipated during the upcoming Double Eleven shopping festival [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 69.66 billion yuan, a year-on-year increase of 32.72%, and a net profit of 9.99 billion yuan, up 33.95% year-on-year [1]. - The company’s main brand, Proya, is expected to see revenue growth of approximately 30% in 2024, with other brands also showing strong growth [1]. - The company’s online revenue for the first three quarters of 2024 increased by 38.48% to 65.28 billion yuan, while offline revenue decreased by 18.08% to 4.29 billion yuan [1]. Earnings Forecast - The projected revenue for the company is expected to grow from 8.905 billion yuan in 2023 to 11.704 billion yuan in 2024, with a growth rate of 31.4% [3]. - The net profit is forecasted to increase from 1.194 billion yuan in 2023 to 1.549 billion yuan in 2024, reflecting a growth rate of 29.8% [3].

公司报告 | 季报点评 24Q3 归母净利 yoy+21%，毛销差迅速恢复，稳扎稳 打符合预期 公司发布 24 年三季报。24 年 Q1-3 营收 69.66 亿，yoy+32.72%；归母净利 9.99 亿元，yoy+33.95%。24 年 Q3 公司实现营收 19.65 亿，yoy+21.15%， 归母净利 2.98 亿，yoy+20.72%。 ■营收端，2024Q3 单季度护肤类实现营收 16.54 亿元，同比+20.7%，美容 彩妆类实现营收 2.33 亿元，同比+18.7%，洗护类实现营收 0.75 亿元，同比 +47.2%。 ■成本端，2024Q3 累计毛利率 70.07%，同减 1.1pct，2024Q3 毛利率 70.71%， 同减 1.95pct。24Q3 销售费用率为 45.40%，yoy+2.8pct；管理费用率 4.87%， yoy-1pct；研发费用率为 2.43%，yoy+0.1pct 。2024 年 Q3 单季毛销差环 比 Q2 增加 2.44pct，公司 Q3 降本增效，提高费用投放效率。 投资建议：公司持续不断的靓丽表现印证公司完成从产品到品牌再到多品 牌集团化矩阵式的成功跃 ...

Investment Rating - The report maintains a "Recommend" rating for Proya (603605) [1] Core Views - Proya achieved revenue of 6.966 billion yuan in Q1-Q3 2024, a year-on-year increase of 33%, with net profit attributable to the parent company reaching 999 million yuan, up 34% year-on-year [1] - Q3 revenue was 1.965 billion yuan, up 21% year-on-year, with net profit attributable to the parent company at 298 million yuan, also up 21% year-on-year [1] - Gross margin improved to 70.71% in Q3, up 1.11 percentage points quarter-on-quarter and 1.95 percentage points year-on-year [1] - Sales expense ratio was 45.4% in Q3, down 1.33 percentage points quarter-on-quarter but up 2.78 percentage points year-on-year [1] - The gross-to-sales margin difference was 25.31% in Q3, up 2.4 percentage points quarter-on-quarter but down 4.7 percentage points year-on-year [1] Brand Performance - Proya's main brand grew by 34% on Taotian and Douyin platforms in Q3 [1] - The brand ranked first in both the Tmall Fast-Moving Consumer Goods and Beauty categories during the Double 11 pre-sale period [1] - The Red Ruby series, Source Power series, and Double Resistance series continued to grow, with the Source Power 3.0 essence and Optical series launching new products [1] - The makeup brand Caitang grew by 32% on Taobao and Douyin platforms in Q3 [1] - The hair care category is expected to grow by 40-45%, with brands like Off&Relax and Jingshi showing strong potential [1] Financial Projections - Revenue for 2024-2026 is projected to be 11.578 billion yuan, 14.260 billion yuan, and 16.944 billion yuan, respectively [1] - Net profit attributable to the parent company for 2024-2026 is expected to be 1.522 billion yuan, 1.911 billion yuan, and 2.244 billion yuan, respectively [1] - The target market capitalization is 47.8 billion yuan, based on a 1x PEG ratio for 2025 net profit [1] Market Performance - Proya's online sales grew by 38% in Q1-Q3 2024, with direct sales up over 35% and distribution channels up over 45% [1] - Offline sales declined by 18% year-on-year due to base effects and channel adjustments [1] Financial Indicators - Revenue for 2023A was 8.905 billion yuan, with a year-on-year growth rate of 39.5% [2] - Net profit attributable to the parent company for 2023A was 1.194 billion yuan, with a year-on-year growth rate of 46.1% [2] - EPS for 2023A was 3.01 yuan, with a P/E ratio of 32 [2] - Revenue growth rates for 2024E, 2025E, and 2026E are projected at 30.0%, 23.2%, and 18.8%, respectively [2] - Net profit growth rates for 2024E, 2025E, and 2026E are expected to be 27.5%, 25.6%, and 17.4%, respectively [2]

Investment Rating - The investment rating for the company is "Add" [5][7]. Core Views - The company, Proya (珀莱雅), has shown steady performance as a leading domestic beauty brand, with Q3 2024 net profit increasing by 21% year-on-year. For the first three quarters of 2024, the company achieved revenue of 6.966 billion yuan, a year-on-year increase of 32.72%, and a net profit of 999 million yuan, up 33.95% year-on-year, indicating robust growth [2][4]. - The company maintained stable net profit margins, with a slight decrease in gross margin year-on-year. In Q3 2024, the gross margin was 70.71%, down 1.95 percentage points year-on-year, while the net margin was 15.19%, up 0.02 percentage points year-on-year. The company has improved cost efficiency in Q3, leading to a sequential increase in gross profit margin [3][4]. - The average selling price of skincare products increased year-on-year, while the average selling prices of color cosmetics and hair care products saw slight declines. Skincare products generated revenue of 1.654 billion yuan in Q3 2024, up 20.68% year-on-year, with a 24.64% increase in average selling price. Color cosmetics revenue was 233 million yuan, up 18.71% year-on-year, but with a 6.65% decrease in average selling price [3][4]. Financial Forecasts - The company is expected to maintain its growth trajectory, with revenue forecasts for 2024-2026 as follows: 2024E at 11.434 billion yuan (growth rate of 28.41%), 2025E at 14.182 billion yuan (growth rate of 24.03%), and 2026E at 17.205 billion yuan (growth rate of 21.31%). Net profit forecasts are 1.598 billion yuan for 2024E, 1.970 billion yuan for 2025E, and 2.406 billion yuan for 2026E, with corresponding growth rates of 33.91%, 23.20%, and 22.17% respectively [4][9].

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][9]. Core Views - The company achieved high-quality and steady growth in Q3 2024, with revenue reaching 6.966 billion yuan, a year-on-year increase of 32.72%, and net profit attributable to shareholders growing by 33.95% to 999 million yuan [5][6]. - Despite a challenging environment for the beauty industry, the company reported a revenue growth of over 20% in Q3, outperforming the overall market trend [5][6]. - The company maintains a strong market position, ranking first in beauty sales on major e-commerce platforms during the Double Eleven shopping festival [6][9]. Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 69.66 billion yuan (+32.72%) - Net profit attributable to shareholders: 9.99 billion yuan (+33.95%) - Basic EPS: 2.53 yuan - Gross margin: 70.07% (-1.11 percentage points) - Net margin: 14.68% (-0.09 percentage points) [5][6]. - Q3 performance: - Revenue: 19.65 billion yuan (+21.15%) - Net profit: 2.98 billion yuan (+20.72%) [5][6]. Future Projections - The company is projected to achieve net profits of 15.52 billion yuan, 19.03 billion yuan, and 23.08 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of approximately 24.7, 20.1, and 16.6 [6][7]. - Revenue projections for 2024 to 2026 are expected to grow at rates of 39.5%, 29.1%, and 20.9% respectively [7][13]. Market Position - The company is positioned as a leading domestic brand in the beauty sector, with a systematic and standardized operational framework that enhances its competitiveness against international beauty groups [9].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company achieved a revenue of 6.966 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 32.72%, and a net profit attributable to the parent company of 999 million yuan, up 33.95% year-on-year [5][6]. - The company is recognized for its effective organizational structure and multi-brand strategy, which enhances its competitive position in a challenging market environment [9]. - The report projects revenue growth for 2024-2026, estimating revenues of 11.602 billion yuan, 14.166 billion yuan, and 16.705 billion yuan, with corresponding net profits of 1.559 billion yuan, 1.896 billion yuan, and 2.230 billion yuan [9][14]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.965 billion yuan, a year-on-year increase of 21.15%, and a net profit of 298 million yuan, up 20.72% year-on-year [6][11]. - The gross profit margin for Q3 2024 was 70.71%, a decrease of 1.95 percentage points compared to the previous quarter [6]. - The overall operating profit for the first three quarters of 2024 grew by 27.47% year-on-year [8]. Revenue Breakdown - Skincare products generated 1.654 billion yuan in revenue, accounting for 84.30% of total revenue, with an average selling price of 80.22 yuan per unit, up 24.64% year-on-year [6]. - Beauty makeup products contributed 233 million yuan, representing 11.88% of total revenue, with an average selling price of 94.55 yuan per unit, down 6.65% year-on-year [6]. - Hair care products generated 75 million yuan, making up 3.82% of total revenue, with an average selling price of 96.57 yuan per unit, down 6.84% year-on-year [6]. Expense Analysis - The selling expense ratio increased by 3.12 percentage points to 46.39% in the first three quarters of 2024, attributed to increased promotional activities [7]. - The overall expense ratio for the first three quarters of 2024 rose by 1.43 percentage points to 51.78% [7]. Future Projections - The report anticipates a continued upward trend in revenue and net profit, with a projected net profit margin of 13.4% for 2024 [14]. - The company is expected to maintain a strong return on equity, projected at 28.8% for 2025 [14].