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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown a continued growth of 20% during the off-season, with expectations for strong performance during major promotional events [4] - The company reported a revenue of 6.966 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 32.7%, and a net profit of 999 million yuan, up 33.9% year-on-year [6] - The company has implemented a large product strategy, focusing on core products from the "Ruby Series" and "Source Series," and has launched new products to address various skin issues [7][8] Financial Performance - For Q3 2024, the company reported a revenue of 1.965 billion yuan, a year-on-year increase of 21.2%, and a net profit of 298 million yuan, up 20.7% year-on-year [6] - The gross profit margin increased by 1.1 percentage points quarter-on-quarter, while the sales expense ratio decreased by 1.3 percentage points [7] - The company expects revenues of 11.583 billion yuan, 14.286 billion yuan, and 17.309 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 30.1%, 23.3%, and 21.2% [9] Strategic Initiatives - The company is advancing its 6*N strategy, focusing on multi-brand, multi-channel, and multi-category development, while exploring overseas opportunities [8] - The company is enhancing its core product matrix and building a self-driven agile organization to support its brand development [8] - The company has introduced new product lines, including the "Net Source Series" and "Optical Series," to expand its product offerings in the skincare and makeup sectors [7]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term growth potential [5]. Core Insights - The company reported a steady growth in Q3 2024, with revenue reaching 6.966 billion yuan, a year-on-year increase of 32.7%, and a net profit of 999 million yuan, up 33.95% year-on-year [1]. - The main brand, Proya, showed resilience with over 30% revenue growth in Q3, accounting for 79% of total revenue, while sub-brands also demonstrated positive growth [2]. - Online sales channels generated 6.528 billion yuan in revenue for the first three quarters of 2024, marking a 38.48% increase year-on-year, while offline channels saw a decline of 18.08% [2]. - The company's gross profit margin for the first three quarters of 2024 was 70.07%, reflecting a slight decrease, but the gross sales margin improved in Q3 compared to previous quarters [3]. - Despite increased competition from international beauty brands, the company maintained a strong market position, ranking top in various e-commerce platforms [4]. - The company is expected to exceed its stock incentive targets for the year, with a focus on brand expansion and international market penetration [4]. Financial Summary - Revenue projections for 2024-2026 are estimated at 15.68 billion yuan, 19.37 billion yuan, and 22.9 billion yuan, respectively, with corresponding EPS of 3.97 yuan, 4.91 yuan, and 5.8 yuan [5]. - The company's PE ratios for 2024-2026 are projected to be 25, 20, and 17 times, respectively, indicating a favorable valuation compared to its growth prospects [5]. - The company’s net profit margin for the first three quarters of 2024 was 14.68%, showing stable profitability despite market challenges [3].

浦银国际研究 浦银国际 公司研究 珀莱雅 （603605.CH） 公司研究 | 消费行业 珀莱雅（603605.CH）：3Q24 业绩符合预期， 淡季稳健增长，多措并举有望改善利润率 在化妆品销售的淡季，珀莱雅 3Q24 收入和归母净利润依然保持相对 快速的增长，分别增长 21.2%和 20.7%，基本符合预期。公司能够维持 收入的快速增长得益于公司主品牌以及子品牌的均衡增长。尽管面临 毛销差缩窄的压力，但公司已落实多种举措，推动利润率的环比改善。 我们根据业绩情况小幅下调珀莱雅 2024-2026E 盈利预测。由于化妆品 行业估值中枢的上移，我们上调目标价至人民币 115 元（23x 2025E PE）， 维持珀莱雅"买入"评级。 多品牌均衡发展助力收入增长：尽管三季度是化妆品销售的淡季，叠 加疲软的消费大环境，珀莱雅仍在 3Q24 录得 21.2%的收入同比增长。 根据我们的估算，珀莱雅以及彩棠两大品牌 3Q24 均录得 20%左右的 收入增长，洗护品牌 OR 的收入增长超过 40%。我们认为，在公司多品 牌策略下，主力品牌收入稳定增长作为公司的基本盘，以及第二梯队 品牌的品牌力逐步提升，都将助力公司收入 ...

关注公众号: 永木纪要 25 October 2024 | 12:41AM HKT Proya Cosmetics (603605.ss) Earnings review: 3Q24 Sales/NI inline but lower OP on ROI pressure; Lower 4Q outlook reflecting disciplined Double 11 Mof 603605.SS 12m Price Target: Rmb107.50 Price: Rmb99.00 Upside: 8.6% Proya reported 3Q24 revenue/NI growth of 21%/21% yoy, in line, a with market consensus, but same as previous two quarters; OP came in 13% below with a 4.7ppt contraction in GPM-Selling expenses ratio due to elevated ROI pressure including increasing KOL ...

Q3 保持较快增长，毛销差同比收窄 核心观点 ⚫ 公司发布 24Q3 财报，前三季度实现营业收入 69.7 亿，同比增长 37.7%，实现归母 净利润 10 亿，同比增长 31.9%，其中 24Q3 的收入和归母净利润分别同比增加 21.2%和 20.7%，保持较快增长，符合市场预期。 ⚫ 24Q3 毛销差同比收窄。24Q3 公司毛利率同比下滑 1.9pct 至 70.7%，毛销差为 25.3%，同比缩小 4.7pct。环比来看，24Q3 的毛利率和归母净利率相比 24Q2 均有 所改善。 ⚫ 护肤品类量价齐升，呈现健康增长态势。分品类来看，1）护肤品：24Q3 收入为 16.53 亿，同比增长 20.7%，平均单价为 80.22 元，同比增长 24.64%，主要系单价 较高的大单品（精华、面霜类）销售占比变动所致。2）美容彩妆类：24Q3 收入为 2.3 亿，同比增长 18.7%，平均单价为 94.55 元，同比下滑 6.65%，主要系美容彩妆 类品牌 INSBAHA 销售占比增加，其售价低于美容彩妆类产品平均售价；3）洗护 类：24Q3 收入为 0.75 亿，同比增长 47.2%，平均单价为 96.57 ...

证券研究报告 美容护理 | 化妆品 非金融|公司点评报告 hyzqdatemark 2024 年 10 月 27 日 证券分析师 事件：公司公布 2024 年三季报，2024 年前三季度实现营收 69.7 亿元，同增 32.7%， 实现归母净利润 10.0 亿元，同增 34.0%。其中，24Q3 实现营收 19.6 亿元，同比 +21.2%，归母净利润 3.0 亿元，同比+20.7%。 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com 业绩稳步增长，多品类持续释放增长势能。根据公司公告，拆分 24 年第三季度分 品类数据：1）护肤类产品（含洁肤）收入 16.5 亿元，同比增长 20.7%，占总收入 比重为 84.2%，产品均价 80.2 元/支，同比增加 24.6%，主要系单价较高的大单品 （精华、面霜类）销售占比变动所致；2）美容彩妆类产品收入 2.3 亿元，同比增 长 18.7%，占总收入比重为 11.9%，产品均价 94.6 元/支，同比下滑 6.7%，主因系 市场表现： 美容彩妆类品牌 INSBAHA ...

Investment Rating - The report maintains a "Buy" rating for Proya (603605.SH) [1][3] Core Views - The company reported a steady growth in Q3 2024 with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 1.965 billion, 298 million, and 292 million RMB respectively, representing year-on-year increases of 21.25%, 20.72%, and 18.33% [1] - The company is focusing on a multi-brand and multi-category strategy, with the main brand Proya emphasizing a "series branding" approach, indicating significant upward potential [2] - The company is expected to continue its strong growth trajectory, with projected net profits for 2024-2026 estimated at 1.527 billion, 1.895 billion, and 2.279 billion RMB, reflecting year-on-year growth rates of 28%, 24%, and 20% respectively [3] Summary by Sections Performance Analysis - Q3 2024 gross margin was 70.7%, a decrease of 1.9 percentage points year-on-year, but is expected to improve next year due to cost optimization and adjustments in influencer collaboration mechanisms [2] - The sales expense ratio increased by 2.8 percentage points year-on-year to 45.4%, attributed to a decline in the return on investment from Douyin [2] - The company’s online revenue for the first three quarters of 2024 reached 6.528 billion RMB, a year-on-year increase of 38.48%, while offline revenue was 429 million RMB, a decrease of 18.08% [6] Financial Forecasts - Revenue projections for 2024-2026 are 11.429 billion, 14.101 billion, and 16.957 billion RMB, with growth rates of 28.35%, 23.38%, and 20.25% respectively [5] - The projected net profit for 2024-2026 is 1.527 billion, 1.895 billion, and 2.279 billion RMB, with corresponding growth rates of 27.92%, 24.10%, and 20.24% [5] Strategic Initiatives - The company is advancing its "6*N" strategy and focusing on major products, with the main brand Proya aiming for a strong market position in the Asian scalp health segment [2] - The company is also adjusting its product lines and team structures to enhance growth potential in the coming year [2]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 95.27 yuan [4]. Core Insights - 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 the parent company was 999 million yuan, up 33.95% year-on-year [2]. - The skincare line continues to grow significantly, while the hair care line shows potential. In Q3 2024, the company recorded a revenue of 1.965 billion yuan, a year-on-year increase of 21.15% [2]. - The company is focusing on cost reduction and efficiency improvement, with an increase in gross sales margin by 2.44 percentage points quarter-on-quarter [2]. Summary by Sections Revenue and Profitability - For Q1-3 2024, the company reported a gross margin of 70.07% and a net profit margin of 14.34%. The sales expense ratio was 46.39% [2]. - The company expects net profits for 2024-2026 to be 1.560 billion, 1.921 billion, and 2.361 billion yuan, with year-on-year growth rates of 30.7%, 23.1%, and 22.9% respectively [3][5]. Business Segments - Skincare (including cleansing) generated 5.844 billion yuan in revenue for Q1-3 2024, accounting for 84.01% of total revenue, with a year-on-year growth of 32.03% [2]. - The beauty makeup segment achieved 899 million yuan in revenue for Q1-3 2024, with a year-on-year growth of 35.67% [2]. - The hair care segment reported 214 million yuan in revenue for Q1-3 2024, reflecting a year-on-year increase of 43.96% [2]. Market Position and Strategy - The company is positioned as a leading player in the domestic cosmetics market, with a focus on the "6*N strategy" and the development of major product lines [2]. - The brand is expected to maintain steady growth, with new product launches and upgrades enhancing its competitive product matrix [2]. Future Outlook - The company is anticipated to benefit from the upcoming "Double 11" shopping festival, which is expected to boost sales growth [2]. - The current price corresponds to a PE ratio of 24x for 2024, 20x for 2025, and 16x for 2026, indicating a favorable valuation [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company, Proya (珀莱雅), is a leading player in the domestic beauty and cosmetics sector, demonstrating stable performance with a continuous improvement in its "series branding" strategy [1][4] - For Q3 2024, the company reported a year-on-year increase of 20.7% in net profit attributable to shareholders, with total revenue reaching 69.66 billion yuan for the first three quarters, reflecting a growth of 32.7% [4][5] - The main brand, Proya, is expected to perform steadily, while its second-tier brands, Caitang and OR, are showing strong growth [5][6] Financial Performance Summary - For Q3 2024, revenue from skincare, beauty makeup, and hair care segments reached 16.54 billion yuan (+20.7%), 2.33 billion yuan (+18.7%), and 0.75 billion yuan (+47.2%) respectively [5] - The average selling price for skincare increased by 24.6%, while beauty makeup and hair care saw decreases of 6.6% and 6.8% respectively due to a higher proportion of lower-priced products [5] - The gross margin and net margin for Q3 2024 were 70.7% (-1.9 percentage points) and 15.2% (unchanged) respectively [5] Earnings Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 15.64 billion yuan, 19.57 billion yuan, and 23.71 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.95 yuan, 4.94 yuan, and 5.98 yuan [4][7] - The current stock price corresponds to P/E ratios of 24.1, 19.3, and 15.9 for the years 2024, 2025, and 2026 respectively [4][7] Brand and Product Strategy - Proya continues to enhance its "series branding" layout, with successful product upgrades such as "Source Power Essence 3.0" and "Energy Cream" [6] - The company has also received approval for new products in the sunscreen and whitening categories, which are expected to drive growth in these segments [6] - During the pre-sale period for Double Eleven, Proya ranked first in both beauty and fast-moving consumer goods categories on Tmall, solidifying its position as a leader in the beauty market [6]