Investment Rating - The report maintains a "Buy" rating for Proya (603605 SH) [1] Core Views - Proya is a leading domestic cosmetics company with over 20 years of industry experience, focusing on building a new domestic cosmetics industry platform [1] - The company has formed a multi-brand matrix covering skincare, makeup, haircare, and high-efficacy skincare, with brands like Proya, Yuefuti, Caitang, Off&Relax, CORRECTORS, INSBAHA, Youzilai, and Hanya [1] - Proya's revenue in 2023 reached 8 89 billion yuan, a year-on-year increase of 39 74%, and Q1 2024 revenue was 2 181 billion yuan, up 34 55% year-on-year [1] Financial Performance - Revenue is expected to grow from 6 385 billion yuan in 2022 to 17 015 billion yuan in 2026, with a CAGR of 26 3% from 2024 to 2026 [1] - Net profit attributable to shareholders is projected to increase from 817 million yuan in 2022 to 2 32 billion yuan in 2026, with a CAGR of 27 9% from 2024 to 2026 [1] - ROE is expected to remain above 25% from 2024 to 2026, indicating strong profitability [1] Industry Analysis - Domestic cosmetics consumption per capita increased from 181 yuan in 2017 to 407 yuan in 2022, and is expected to reach 600 yuan by 2025 [2] - Live streaming e-commerce shows significant growth potential, with Douyin's cosmetics sales during 618 in 2024 increasing by 107% year-on-year [2] - Male skincare market is growing rapidly, with sales on Douyin increasing by 147% during 618 in 2024 [25] Company Strategy - Proya's core strategy focuses on developing star products, with the "Double Anti" and "Ruby" series being the most successful [2] - The company has formed a multi-brand matrix, with Caitang, OR, and Yuefuti contributing significantly to revenue growth [5] - Proya has strengthened its online channels, with online revenue accounting for 93 07% of total revenue in 2023 [13] Product Development - Proya has developed four major product series: Double Anti, Ruby, Source Power, and Energy [2] - The company launched the Energy series in 2023, targeting the anti-aging market with products priced between 450-550 yuan [27] - Caitang focuses on Chinese-style makeup, with products like the Master Multi-Effect Primer and Porcelain Foundation [29] R&D Capabilities - Proya invested 174 million yuan in R&D in 2023, a year-on-year increase of 35 59% [31] - The company has 322 R&D personnel, with 88 82% holding bachelor's degrees or higher [32] - Proya holds 348 patents, including key patents for its core products [33] Marketing Strategy - Proya pioneered the "Early C, Late A" skincare concept in China, which has become deeply associated with the brand [37] - The company uses short dramas on Douyin to engage with female consumers, with some series reaching over 700 million views [36] - Caitang emphasizes Chinese aesthetics in its marketing, with products inspired by traditional Chinese culture [37] Valuation and Forecast - Proya's 2024-2026 EPS is forecasted at 3 85 yuan, 4 81 yuan, and 5 85 yuan, respectively [47] - The company's 2024-2026 PE ratios are 21 7X, 17 4X, and 14 3X, respectively [47] - Proya's revenue growth is expected to outpace industry peers, with a projected CAGR of 24 10% from 2024 to 2026 [40]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][3] Core Views - The company continues to show impressive growth, with a 40.48% year-on-year increase in net profit attributable to shareholders for the first half of 2024. Revenue reached 5.001 billion yuan, up 37.90% year-on-year, while net profit was 702 million yuan, reflecting a 40.48% increase. The company’s cash flow from operating activities decreased by 43.95% year-on-year due to increased sales expenses and changes in payment cycles [3][11]. Summary by Sections Performance Overview - In H1 2024, the company achieved revenue of 5.001 billion yuan, a 37.90% increase year-on-year, and a net profit of 702 million yuan, up 40.48% year-on-year. The quarterly breakdown shows Q1 revenue growth of 34.56% and Q2 growth of 40.59%. The net profit for Q1 increased by 45.58%, while Q2 saw a 36.84% increase [3]. Brand Strategy - The main brand, Proya, continues to upgrade its core products, focusing on the "big product strategy." The "Ruby Series" and "Source Power Series" have been enhanced, with new products targeting specific skin types. In H1 2024, Proya's revenue was 3.981 billion yuan, accounting for 79.71% of total revenue [4][11]. Sub-brands Performance - The sub-brand Caitang achieved revenue of 582 million yuan, a 40.57% increase, while OR generated 138 million yuan, up 41.91%. The brand Yuefuti also saw revenue growth of 22.35%, reaching 161 million yuan [4][11]. Market Position - Proya's flagship store on Tmall ranked first in the beauty category, with significant sales performance on other platforms like Douyin and JD. The company is optimizing its offline store structure and enhancing customer experience, with offline revenue growing by 8.85% to 314 million yuan [11]. Profitability and Forecast - The company maintains a strong profitability outlook, with projected net profits of 1.599 billion yuan, 1.970 billion yuan, and 2.407 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 21, 17, and 14 times [11][12].

2024 年 08 月 28 日 珀莱雅(603605.SH) Q2 保持高速增长，多品牌健康发展 公司发布 2024 年半年度报告： 毛利率略微下滑，费用整体管控良好： 品牌增长多点开花，新品丰富大单品矩阵： 1）珀莱雅：2024H1 营收 39.81 亿元/+37.67%，占比 79.71%，升级 "红宝石系列"和"源力系列"核心大单品，添加独家成分，新推出 针对油皮问题的"净源系列"、具备提亮功效的"光学系列"以及防 晒新品盾护防晒。 2）彩棠：2024H1 营收 5.82 亿元/+40.57%，占比 11.66%，深耕底妆 赛道，"小圆管粉底液"逐渐起量，618 活动期间位列天猫粉底液类 目国货首位。 3）OR：2024H1 营收 1.38 亿元/+41.91%，占比 2.76%，持续攻占消费 者心智，夯实控油修护洗发产品，发力新品护发精油。 4）悦芙媞：2024H1 营收 1.61 亿元/+22.35%，占比 3.22%，迎合核心 年轻群体，与 IP Loopy 联名，市场反响热烈。 998345865 线上渠道高速增长，线下渠道形象升级： 1）2024H1 线上渠道整体营收 46.80 亿元/+4 ...

股票投资评级 珀莱雅(603605) 买入|维持 个股表现 珀莱雅 美容护理 -39% -33% -27% -21% -15% -9% -3% 3% 9% 15% 2023-08 2023-11 2024-01 2024-04 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 84.65 总 股 本/流 通 股 本 （ 亿 股） 3.97 / 3.95 总 市 值/流 通 市 值 （ 亿 元） 336 / 334 52 周内最高/最低价 115.60 / 78.24 资产负债率(%) 39.9% 市盈率 28.12 第一大股东 侯军呈 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 主品牌保持高增长，收入业绩超预期 ⚫ 事件回顾 公司公布 2024 年半年报，24H1 公司实现营收 50.01 亿元， yoy+37.90%；归母净利润 7.02 亿元，yoy+40.48%；扣非归母净利 6.79 亿元，yoy+41.78%。其中 24Q2，公司实现营收 28.20 亿元， yoy+40 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong revenue growth, with a 37.9% year-on-year increase in revenue and a 40.5% increase in net profit attributable to shareholders for the first half of 2024 [1][2] - The main brand, Proya, continues to implement a big product strategy, with over 57% of its revenue coming from core products [2] - The company is expected to maintain its growth trajectory, with a slight upward adjustment in profit forecasts for 2024-2026 [2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 5.0 billion yuan, a year-on-year increase of 37.9%, and a net profit of 700 million yuan, up 40.5% [1] - The net profit margin increased by 0.3 percentage points to 14.0% despite a decline in gross margin and an increase in expense ratio [1] - Quarterly performance showed revenue growth of 34.6% in Q1 and 40.6% in Q2, with net profit growth of 45.6% and 36.8% respectively [1] Revenue Breakdown - Online and offline revenue grew by 40.5% and 8.9% respectively, with online sales accounting for 93.7% of total revenue [1] - The main brand Proya generated 3.98 billion yuan in revenue, representing 79.7% of total revenue, while the makeup brand Caitang achieved 580 million yuan, accounting for 11.7% [1][2] Brand and Product Strategy - Proya is focusing on upgrading its core products and expanding its product lines, including new series targeting specific skin types [2] - The sub-brand Caitang is enhancing its product matrix in the face makeup category, while the hair care brand OR is increasing its market share with new products [2] Future Outlook - The company is expected to continue its multi-brand strategy and improve its market share while controlling costs [2] - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are adjusted to 3.89 yuan, 4.78 yuan, and 5.66 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 22, 18, and 15 [2][3]

Investment Rating - The report maintains a "Recommend" rating for Proya (603605 SH) [1][2] Core Views - Proya achieved strong growth in H1 2024 with revenue of 5 001 billion yuan (+37 90% YoY) and net profit of 702 million yuan (+40 48% YoY) [1] - The main brand Proya maintained robust growth while second-tier brands like Caitang and OR showed promising momentum [1] - The company's profitability remained stable with a net profit margin of 14 03% in H1 2024 (+0 26pct YoY) [1] - Proya is expected to maintain steady growth in its main brand while developing Caitang OR and Yuefuqi as new growth drivers [1] Financial Performance Revenue and Profit - H1 2024 revenue: 5 001 billion yuan (+37 90% YoY) [1] - H1 2024 net profit: 702 million yuan (+40 48% YoY) [1] - Q2 2024 revenue: 2 820 billion yuan (+40 59% YoY) [1] - Q2 2024 net profit: 399 million yuan (+36 84% YoY) [1] Brand Performance - Main brand Proya: 3 981 billion yuan revenue in H1 2024 (+37 67% YoY) [1] - Caitang: 582 million yuan revenue in H1 2024 (+40 57% YoY) [1] - OR: 138 million yuan revenue in H1 2024 (+41 91% YoY) [1] - Yuefuqi: 161 million yuan revenue in H1 2024 (+22 35% YoY) [1] Profitability - H1 2024 gross margin: 69 82% (-0 69pct YoY) [1] - H1 2024 sales expense ratio: 46 78% (+3 22pct YoY) [1] - H1 2024 management expense ratio: 3 54% (-1 76pct YoY) [1] - H1 2024 R&D expense ratio: 1 89% (-0 63pct YoY) [1] Future Projections - 2024E revenue: 11 754 billion yuan (+32 0% YoY) [2] - 2024E net profit: 1 560 billion yuan (+30 7% YoY) [2] - 2025E revenue: 14 396 billion yuan (+22 5% YoY) [2] - 2025E net profit: 1 922 billion yuan (+23 2% YoY) [2] - 2026E revenue: 17 286 billion yuan (+20 1% YoY) [2] - 2026E net profit: 2 362 billion yuan (+22 9% YoY) [2] Valuation - 2024E PE: 22x [2] - 2025E PE: 17x [2] - 2026E PE: 14x [2] - Current price: 84 65 yuan [2]

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买入(维持评级) 珀莱雅 (603605.SH) 公司点评 证券研究报告 业绩继续超预期，大单品+品牌矩阵 引领高质增长 业绩简评 公司 8 月 27 日公告 2Q24 营收/归母净利润/扣非净利润 . 28.2/3.99/3.87 亿元、同比+40.6%/+36.8%/+37.8%，收入增 速仍环比提升、利润保持快增。1H24 经营性净现金流同比- 44%,主要系 618活动周期提前致货款+销售费用支付提前。 经营分析 ■ 经营质量保持优异,流量成本上升、行业竞争加剧下 Q2 收 入快速增长的同时盈利能力稳定。2Q24 毛利率 69.6%、同比 -1.3PCT、环比-0.5PCT,主要系 618 折扣力度加大、达播占 比提升；销售费用同比+2.9PCT 至 46.7%（系达播占比提升 且坑位费上升+抖音投入产出比咯下降)、环比-0.1%;管理 费用率同比-2PCT 至 2.8%(系股权激励费用减少);归母净 利率 14.1%、同比-0.4PCT、环比+0.3PCT。 √ 主品牌珀莱雅/彩票/OR 延续靓丽增长,悦芙姆增长稳健。 1H24 珀莱雅营收 39.8 亿、同比+38%,大单品矩阵势能持续 释放,套组 ...

珀莱雅（603605.SH） 优于大市 上半年归母净利同比增长 40%，进一步夯实国货美妆龙头地位 核心观点 公司研究·财报点评 | --- | --- | |-------------------------------------------------|-----------------------------------------------------------| | 美容护理·化妆品 | | | 证券分析师：张峻豪 | 证券分析师：孙乔容若 | | 021-60933168zhangjh@guosen.com.cnS0980517070001 | 021-60375463 sunqiaorongruo@guosen.com.cn S0980523090004 | | 基础数据投资评级 | 优于大市(维持) | | 合理估值 | | | 收盘价总市值/流通市值 | 84.65元 33586/33420百万元 | | 52 周最高价/最低价近3 个月日均成交额 | 117.50/75.01元 204.83百万元 | | 市场走势 | | 底等重磅新品，带动业绩持续增长。OR 品牌上半年实现收入 1 ...

珀莱雅化妆品股份有限公司 章 程 2024 年 8 月 | 第一章 总 则 3 | | | | --- | --- | --- | | 第二章 经营宗旨和范围 4 | | | | 第三章 股 份 4 | | | | 第一节 股份发行 4 | | | | 第二节 股份增减和回购 6 | | | | 第三节 股份转让 8 | | | | 第四章 股东和股东大会 9 | | | | 第一节 股东 9 | | | | 第二节 股东大会的一般规定 11 | | | | 第三节 股东大会的召集 14 | | | | 第四节 股东大会的提案和通知 16 | | | | 第五节 股东大会的召开 17 | | | | 第六节 股东大会的表决和决议 20 | | | | 第五章 董事会 25 | | | | 第一节 董 事 25 | | | | 第二节 董 会 | 事 | 29 | | 第六章 总经理及其他高级管理人员 34 | | | | 第七章 监 事 会 36 | | | | 第一节 监 事 36 | | | | 第二节 监 事 会 36 | | | | 第八章 财务会计制度、利润分配和审计 38 | | | | 第一节 ...