Proya(603605)

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珀莱雅:公司信息更新报告:国货美妆龙头表现稳健,“系列品牌化”持续完善
KAIYUAN SECURITIES· 2024-10-26 15:00
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]
珀莱雅:Q3淡季保持稳健增长,美妆国货龙头韧性彰显
CAITONG SECURITIES· 2024-10-26 06:23
| --- | --- | |------------------------|------------| | | | | | | | 投资评级 : 买入 | ( 维持 ) | | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 95.27 | | 流通股本 ( 亿股 ) | 3.95 | | 每股净资产 ( 元 ) | 12.08 | | 总股本 ( 亿股 ) | 3.96 | | 最近 12 月市场表现 | | -19% -10% -1% 8% 17% 26% 珀莱雅 沪深300 分析师 刘洋 SAC 证书编号:S0160521120001 liuyang01@ctsec.com 相关报告 1. 《大单品势头强劲,多品牌高增,龙 头优势显著》 2024-08-28 2. 《业绩高增超预期,大单品矩阵持续 迭代》 2024-04-19 3. 《源力面霜 2.0 进军胶原赛道,长期 发展持续向好》 2024-02-19 珀莱雅(603605) / 化妆品 / 公司点评 / 2024.10.26 Q3 淡季保持稳健增长,美妆国货龙头韧性彰显 证券研究报告 ❖ 事件:公司发布 2024 年三季 ...
珀莱雅:24Q3点评:业绩持续较快增长,费用投放效率改善
Xinda Securities· 2024-10-25 10:30
Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company has shown continuous growth with a revenue of 1.965 billion yuan in Q3 2024, representing a year-on-year increase of 21.15%. The net profit attributable to the parent company reached 298 million yuan, up 20.72% year-on-year [1]. - For the first three quarters of 2024, the company achieved a 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 [1]. - The gross profit margin in Q3 2024 was 70.71%, showing a slight decrease of 1.95 percentage points year-on-year but an increase of 1.12 percentage points quarter-on-quarter [1]. - The skincare segment continues to perform well, contributing 84% of total revenue, with skincare revenue in Q3 2024 reaching 1.653 billion yuan [1]. Financial Summary - The company is projected to achieve net profits of 1.542 billion yuan, 1.925 billion yuan, and 2.349 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 29%, 25%, and 22% [2]. - The expected revenue for the years 2024, 2025, and 2026 is 11.310 billion yuan, 14.000 billion yuan, and 16.800 billion yuan, respectively, with growth rates of 27.0%, 23.8%, and 20.0% [2]. - The company's gross margin is expected to improve slightly from 69.9% in 2023 to 70.5% in 2026 [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.89 yuan, 4.86 yuan, and 5.93 yuan, respectively [2]. Management Changes - The company completed a management reshuffle in Q3 2024, with a new board of directors appointed. The former co-founder and general manager, Fang Yuyou, will continue as a consultant, while Hou Yameng, who has been with the company since 2014, has been appointed as the new general manager [1].
珀莱雅:2024年三季报点评:Q3业绩保持较快增长,期待“双十一”大促继续发力
EBSCN· 2024-10-25 10:11
Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 6.97 billion yuan and a net profit of 1.00 billion yuan in the first three quarters of 2024, reflecting year-on-year growth of 32.7% and 33.9% respectively [2][3] - The company is expected to benefit from the upcoming "Double Eleven" shopping festival, with strong performance anticipated across its multiple brands [5] Financial Performance - For Q3 2024, the company reported a revenue of 1.96 billion yuan, a year-on-year increase of 21.2%, and a net profit of 300 million yuan, up 20.7% year-on-year [2][3] - The gross profit margin for the first three quarters decreased by 1.1 percentage points to 70.1%, while the net profit margin slightly increased to 14.3% due to higher other income and reduced asset impairment losses [3][4] Revenue Breakdown - Online sales accounted for 93.9% of total revenue, with a year-on-year growth of 38.5%, while offline sales declined by 18.1% [3] - The main brand, Proya, and the makeup brand, Caitang, both saw revenue growth of approximately 30% [3][5] Future Outlook - The company is focusing on enhancing its core products and expanding its product line, with new launches expected to strengthen its market position [4][5] - The earnings forecast for 2024, 2025, and 2026 is maintained at 3.89 yuan, 4.79 yuan, and 5.66 yuan per share respectively, with corresponding price-to-earnings ratios of 25, 21, and 17 [5][6]
珀莱雅:Q3收入业绩稳健增长,洗护靓丽
China Post Securities· 2024-10-25 09:31
Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company reported a robust revenue growth of 32.7% year-on-year (YoY) for the first three quarters of 2024, achieving a total revenue of 6.97 billion yuan and a net profit of 1.00 billion yuan, which is a 33.9% YoY increase [1][2] - In Q3 2024, the company generated revenue of 1.96 billion yuan, reflecting a 21.2% YoY growth, with a net profit of 300 million yuan, up 20.7% YoY [1][2] - The skincare, makeup, and hair care segments reported revenues of 1.65 billion yuan, 230 million yuan, and 80 million yuan respectively in Q3 2024, with growth rates of 20.7%, 18.7%, and 47.2% YoY [2] - Online sales maintained a high growth rate of over 30%, significantly outperforming the industry average, while offline sales faced challenges due to the retail environment [2] Financial Performance Summary - The company's gross profit margin for the first three quarters of 2024 was 70.1%, with a slight decline of 1.1 percentage points YoY, and for Q3 it was 70.7%, down 2.0 percentage points YoY [2] - The net profit margin for the first three quarters and Q3 2024 was 14.3% and 15.2% respectively, remaining stable despite pressures on gross margins [2] - The company adjusted its profit forecasts, expecting net profits of 1.57 billion yuan, 1.95 billion yuan, and 2.39 billion yuan for 2024 to 2026, corresponding to price-to-earnings (PE) ratios of 25x, 20x, and 16x [2][3] Financial Projections - Projected revenues for 2024, 2025, and 2026 are 11.52 billion yuan, 14.15 billion yuan, and 17.29 billion yuan, with growth rates of 29.35%, 22.84%, and 22.17% respectively [3][5] - The projected net profit for the same years is 1.57 billion yuan, 1.95 billion yuan, and 2.39 billion yuan, with growth rates of 31.79%, 23.99%, and 22.70% respectively [3][5] - The earnings per share (EPS) are expected to be 3.97 yuan, 4.92 yuan, and 6.04 yuan for 2024, 2025, and 2026 respectively [3][5]
珀莱雅:3Q淡季表现稳健,大促表现值得期待
CSC SECURITIES (HK) LTD· 2024-10-25 08:38
阿 2024 年 10 月 25 日 顾向君 H70420@capitalcom.tw 目标价(元) 110 | --- | --- | --- | --- | |-----------------------|----------|--------|--------------| | | | | | | 產業別 | | | 化工 | | A 股价 (2024/10/25) | | | 95.27 | | 上证指数 (2024/10/25) | | | 3299.70 | | 股價 12 個月高/低 | | | 121.1/74.41 | | 總發行股數(百萬 ) | | | 396.25 | | A 股數(百萬 ) | | | 394.80 | | A 市值(億元 ) | | | 376.13 | | 主要股東 | | 侯军呈 | (34.46%) | | 每股淨值(元 ) | | | 12.09 | | 股價/賬面淨值 | | | 7.88 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 (%) | | | 12.1 6.1 3.3 | | 近期评等 | | | | | 出刊日期 | 前日收盘 ...
珀莱雅:2024年三季报点评:行业淡季业绩增长依然稳健,大促排名亮眼
Guoyuan Securities· 2024-10-25 05:03
Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5]. Core Insights - The company reported steady growth in performance during the off-season, with a significant increase in gross margin and net profit margin quarter-on-quarter [3]. - The management transition has been smooth, and the company achieved impressive sales rankings during the Double Eleven shopping festival [4]. - The main brand continues to experience strong growth driven by a big product strategy, and the company is well-positioned to build a comprehensive domestic beauty ecosystem [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 6.966 billion yuan, a year-on-year increase of 32.72%, and a net profit attributable to shareholders of 999 million yuan, up 33.95% year-on-year [3]. - In Q3 alone, the company reported operating 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 [3]. - The gross margin for Q3 was 70.71%, an increase of 1.12 percentage points from Q2, with a net profit margin of 15.15%, up 1 percentage point quarter-on-quarter [3]. Product and Management Developments - The company has been continuously iterating on existing products and launching new ones, enhancing its product matrix in preparation for the Double Eleven sales event [4]. - The management team underwent a successful transition, with the new general manager taking over smoothly from the previous one [4]. Future Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 3.92 yuan, 4.83 yuan, and 5.88 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 25, 21, and 17 times [5].
珀莱雅:2024年三季报点评,Q3业绩稳定增长,国货美妆龙头地位稳固
Soochow Securities· 2024-10-25 03:30
Investment Rating - Buy (Maintained) [1] Core Views - The company reported stable growth in Q3 2024, with revenue of 6.97 billion yuan (+32.7% YoY) and net profit attributable to the parent company of 1.0 billion yuan (+34.0% YoY) [2] - The main brand continued to grow, with online sales maintaining high growth [2] - The company's profitability remained stable, with a gross margin of 70.1% in Q1-Q3 2024, and a net profit margin of 14.3% (+0.1 pct YoY) [2] - The company ranked first in the 2024 Double 11 shopping festival on Tmall and Douyin, solidifying its position as a leading domestic beauty brand [2] Financial Performance - Revenue for 2024 is expected to reach 11.35 billion yuan (+27.45% YoY), with net profit attributable to the parent company of 1.54 billion yuan (+28.61% YoY) [1] - EPS for 2024 is forecasted at 3.88 yuan per share, with a P/E ratio of 25.55 [1] - The company's gross margin is expected to remain stable at around 70% from 2024 to 2026 [8] - Net profit attributable to the parent company is projected to grow at a CAGR of 23% from 2024 to 2026, reaching 2.36 billion yuan by 2026 [3] Brand and Product Strategy - The main brand, Proya, continued to grow, with the launch of upgraded products such as the Yuanli Essence 3.0 and the Optical Bottle, which received a whitening certification in October 2024 [2] - The brand Caitang is focusing on the foundation makeup segment, with the Small Round Tube series performing well [2] - The company's multi-brand strategy is progressing smoothly, with a well-established product matrix [3] Market Position - The company maintained its leading position in the domestic beauty market, ranking first in the 2024 Double 11 shopping festival on Tmall and Douyin [2] - The company's market share and brand strength are expected to continue to grow, supported by its strong product portfolio and efficient operations [3] Financial Projections - Revenue is expected to grow from 11.35 billion yuan in 2024 to 16.93 billion yuan in 2026, with a CAGR of 22% [1] - Net profit attributable to the parent company is projected to increase from 1.54 billion yuan in 2024 to 2.36 billion yuan in 2026, with a CAGR of 23% [3] - The company's P/E ratio is expected to decline from 25.55 in 2024 to 16.65 in 2026, reflecting strong earnings growth [1]
珀莱雅:三季度归母净利同比增长21%,美妆集团化之路稳步推进
Guoxin Securities· 2024-10-25 03:01
Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][9] Core Views - The company achieved steady growth in Q3, with a revenue of 6.966 billion and a year-on-year increase of 32.7%, while net profit reached 999 million, up 34.0% year-on-year [1][4] - The main brand, Proya, ranks first on both Tmall and Douyin platforms during the Double 11 shopping festival, indicating strong market presence [1][4] - The company is focusing on a big product strategy and diversified channel layout, which has helped maintain growth despite industry pressures [9] Financial Performance - For the first three quarters, the company reported a revenue of 69.66 billion, with a net profit of 9.99 billion, reflecting a year-on-year growth of 32.7% and 34.0% respectively [1][4] - In Q3 alone, revenue was 19.65 billion, showing a year-on-year increase of 21.2%, while net profit was 2.98 billion, up 20.7% year-on-year [1][4] - The gross margin for Q3 was 70.71%, with a net margin of 15.19%, slightly down from the previous year due to increased promotional activities [5][9] Brand Performance - The main brand Proya accounted for approximately 79% of total revenue, with a year-on-year growth of over 30% [1][4] - The sub-brand Caitang also saw a revenue increase of over 30%, contributing about 11% to total revenue [1][4] - The OR brand achieved a revenue growth of around 40%, while the YF brand grew by approximately 15% [1][4] Channel Performance - Online sales reached 65.28 billion, up 38.48% year-on-year, accounting for 93.85% of total revenue, while offline sales decreased by 18.08% to 4.29 billion [1][4] - In Q3, online revenue growth was 33.5%, while offline revenue saw a significant decline of 50.9% [1][4] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 15.79 billion, 19.78 billion, and 23.64 billion for 2024, 2025, and 2026 respectively [9][10] - The report anticipates a PE ratio of 25, 20, and 17 for the respective years, indicating a favorable valuation outlook [9][10]
珀莱雅:Q3业绩稳健增长,护肤创新引领发展
Guotou Securities· 2024-10-25 02:23
Investment Rating - The investment rating for the company is "Buy - A" with a target price of 116.53 CNY [5][11]. Core Insights - The company reported a robust revenue growth of 32.72% year-on-year, reaching 6.966 billion CNY in the first three quarters of 2024, driven by online channel revenue and steady growth of smaller brands [2]. - The net profit attributable to shareholders for the same period was 999 million CNY, reflecting a growth of 33.95% [2]. - The company continues to focus on skincare innovation and research, leading to significant sales performance during promotional events like Double Eleven [5][8]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.965 billion CNY, up 21.25% year-on-year, with a net profit of 298 million CNY, an increase of 20.72% [2]. - The gross profit margin slightly decreased to 70.07% in the first three quarters, down 1.11 percentage points, while the net profit margin improved to 14.34% [3]. - The average selling price of skincare products increased by 24.64% to 80.22 CNY per unit, while the average selling prices for beauty makeup and hair care products decreased [4]. Product Segment Performance - Skincare products dominated Q3 revenue with 1.654 billion CNY, growing 20.73%, while hair care products saw a significant growth of 47.06% [4]. - The company is advancing product innovation, focusing on soothing and repairing functions, with new product launches showing promising results [5][8]. Future Growth Projections - The company is expected to maintain a revenue growth rate of 23.3%, 22.3%, and 21.6% for 2024, 2025, and 2026 respectively, with net profit growth rates of 29.1%, 26.4%, and 23.7% [9][10].