[Table_Page] 年报点评|美容护理 证券研究报告 [珀Table_莱Title] 雅（603605.SH） [公Tab司le_I评nves级t] 买入 当前价格 103.46元 业绩超预期，利润增长提速 合理价值 133.78元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-19 ⚫ 事件：公司发布2023年报和2024一季报，2023年实现营收89.05亿 [相Tab对le_P市icQ场uote表] 现 元，同比+39.45%；归母净利润11.94亿元，同比+46.06%；扣非后同 比+48.91%。24Q1实现营收21.82亿元，同比+34.56%；归母净利润 2% -6%04/23 06/23 08/23 10/23 12/23 02/24 04/24 3.03亿元，同比+45.58%，扣非后同比+47.50%，业绩超预期。 -15% ⚫ 分渠道看，23年公司线上营收占比93.07%，同比+42.96%，其中线上 -23% 直营占比 75.91%，同比+50.70%；线下营收占比 6.93%，同比 - 32 % +7.35%。分品牌看，23 年主 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has exceeded expectations in its Q1 2023 and Q1 2024 performance, with revenue reaching 8.905 billion yuan in 2023, a year-on-year increase of 39.45%, and a net profit of 1.194 billion yuan, up 46.06% year-on-year [4][6] - The gross margin for 2023 was 69.93%, reflecting an increase due to a higher proportion of high-margin online direct sales [4] - The company is expected to achieve revenues of 11.061 billion yuan, 13.463 billion yuan, and 15.921 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.510 billion yuan, 1.883 billion yuan, and 2.274 billion yuan [4][7] Financial Performance - In Q4 2023, the company reported revenue of 3.656 billion yuan, a 50.86% increase, with a net profit of 448 million yuan, reflecting a 39.06% increase [4] - The company's main brand revenue for 2023 was 7.177 billion yuan, a 36.36% increase, with significant sales during the Double Eleven shopping festival [4] - The company has a projected P/E ratio of 27X, 22X, and 18X for 2024, 2025, and 2026 respectively, indicating strong future earnings potential [4][7] Product and Brand Strategy - The company has successfully launched new products and upgraded existing lines, including the "Red Ruby Cream 3.0" and new sunscreen products, maintaining a "big product strategy" [4] - The company has diversified its brand portfolio, with sub-brands like "Caitang" achieving revenue of 1.001 billion yuan in 2023, a 75.06% increase, and "Yuefuti" generating 303 million yuan, up 61.82% [5] - The company is focusing on channel expansion, optimizing its store structure, and enhancing its presence in both online and offline markets [4][5]

Investment Rating - The investment rating for the company is "Buy" with a target price of 154.60 CNY, maintaining the previous rating of "Buy" [1][12]. Core Views - The company has exceeded expectations in Q1 2024, driven by high growth from its multi-brand strategy. The revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for Q1 2024 were 21.82 billion CNY, 3.03 billion CNY, and 2.92 billion CNY, respectively, representing year-on-year increases of 34.6%, 45.6%, and 47.5% [3][12]. - The company plans to distribute a cash dividend of 0.91 CNY per share, which is a significant increase from the previous year's payout ratio of around 30% to 45.98% in 2023 [3][12]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 21.82 billion CNY, with a net profit margin of 14.4%, an increase of 0.7 percentage points year-on-year [3][8]. - The company's gross margin improved to 69.9% in 2023, primarily due to an increase in direct online sales and the proportion of major products [8][12]. Revenue Breakdown - The company reported online and offline revenues of 82.74 billion CNY and 6.16 billion CNY in 2023, with year-on-year growth rates of 42.96% and 7.35%, respectively. Online sales accounted for over 93% of total revenue [4][12]. - The main brand, Proya, and its sub-brands achieved significant revenue growth, with Proya's revenue reaching 71.8 billion CNY, a year-on-year increase of 36% [6][12]. Future Outlook - The company has raised its EPS forecasts for 2024 and 2025 to 3.79 CNY (+0.27) and 4.68 CNY (+0.43), respectively, and introduced a new forecast for 2026 at 5.61 CNY [12][19]. - The company is expected to continue expanding its brand matrix and product offerings, with plans to launch a new hair care brand in 2024 [6][12].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company reported strong performance in 4Q23 and 1Q24, with revenue and net profit growth of 51% and 39% in 4Q23, and 35% and 46% in 1Q24, respectively, exceeding expectations [2] - The growth is attributed to the deepening of the big product strategy and the successful performance of sub-brands [2] - The company is expected to continue its growth trajectory with projected net profits of 14.77 billion, 17.95 billion, and 21.38 billion RMB for 2024-2026, reflecting year-on-year growth rates of 24%, 22%, and 19% [3] Performance Analysis - The company's net profit margin has shown a steady increase, with net profit margins of 13.41% and 13.88% for 2023 and 1Q24, respectively [2] - Gross margin remained stable at 69.93% in 2023 and is projected to be 70.11% in 2024 [2] - Online direct sales continue to grow significantly, accounting for 93.07% of total sales in 2023, with a year-on-year increase of 42.96% [2] Revenue Forecast - The company’s revenue is projected to reach 10.94 billion, 13.23 billion, and 15.68 billion RMB for 2024-2026, with growth rates of 22.9%, 20.88%, and 18.5% respectively [6][7] - The main brand is focusing on product upgrades and expanding its product lines, which is expected to drive sales growth [2] Brand Performance - The main brand, Proya, continues to grow rapidly despite a high base, while sub-brands like Caitang and OR are also performing well [2] - Revenue for Proya, Caitang, OR, and Yuefumi in 2023 was 7.2 billion, 1 billion, 200 million, and 300 million RMB, respectively, with year-on-year growth rates of 36%, 75%, 71%, and 62% [2] Market Position - The company is recognized as a leading local beauty group with strong growth potential and performance delivery capabilities [3]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 19 日 珀 莱雅(603605.SH) 证券研究报告 2023&24Q1 业绩高增，多品牌战略成效 日用化学品 投资评级 买入-A 显著 维持评级 6个月目标价 135.95元 珀莱雅发布 2023 年年度报告及2024 年第一季度报告： 股价 (2024-04-18) 103.46元 （1）2023 全年，公司实现营业收入 89.05亿元/+39.45%，归母净利 润 11.94 亿元/+46.06%，扣非归母净利润 11.74亿元/+48.91%。 交易数据 （2）2023 第四季度，公司实现营业收入 36.56亿元/+50.86%，归母 总市值(百万元) 41,048.52 净利润 4.48亿元/+39.06%，扣非归母净利润 4.48亿元/+43.90%。 流通市值(百万元) 40,846.04 （3）2024 年第一季度，公司实现营业收入 21.82亿元/+34.56%，归 总股本(百万股) 396.76 母净利润 3.03亿元/+45.58%，扣非归母净利润 2.92亿元/+47.50%。 流通股本(百万股) ...

证券研究报告·公司点评报告·化妆品 珀莱雅（603605） 2023 年报及 2024Q1 业绩点评：业绩超预期， 2024年 04月 19日 多品牌增长势能强劲 证券分析师 吴劲草 买入（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 张家璇 营业总收入（百万元） 6,385 8,905 11,146 13,685 16,655 执业证书：S0600520120002 zhangjx@dwzq.com.cn 同比（%） 37.82 39.45 25.18 22.77 21.70 归母净利润（百万元） 817.40 1,193.87 1,508.44 1,867.90 2,294.92 股价走势 同比（%） 41.88 46.06 26.35 23.83 22.86 珀莱雅 沪深300 EPS-最新摊薄（元/股） 2.06 3.01 3.80 4.71 5.78 0% P/E（现价&最新摊薄） 50.22 34.38 27.21 21.98 17.89 - ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Insights - The company reported strong financial performance in 2023 and Q1 2024, with revenue of 8.91 billion yuan in 2023, a year-on-year increase of 39.45%, and a net profit of 1.20 billion yuan, up 46.06% [3][4]. - The company's main brand, Proya, achieved revenue of 7.18 billion yuan in 2023, growing by 36.36%, driven by high growth in its dual-antibody and ruby series [4]. - The online sales channel saw significant growth, with revenue reaching 8.27 billion yuan in 2023, an increase of 42.96%, while offline sales also showed signs of recovery [4]. Financial Performance Summary - In 2023, the company achieved a gross margin of 69.93%, which improved slightly from the previous year, and the net profit margin increased to 13.41% [5][6]. - The company forecasts net profits of 1.50 billion yuan in 2024, 1.84 billion yuan in 2025, and 2.25 billion yuan in 2026, with corresponding P/E ratios of 27x, 22x, and 18x respectively [6][7]. - The company plans to distribute a cash dividend of 9.10 yuan per 10 shares to all shareholders [3].

C o m p a n y U p d a t e 产业别 化工 A 股价(2024/4/18) 103.46 上证指数(2024/4/18) 3074.22 股价 12 个月高/低 124.95/75.01 总发行股数(百万) 396.76 A 股数(百万) 394.80 A 市值(亿元) 408.46 主要股东 侯军呈(34.46%) 每股净值(元) 11.20 股价/账面净值 9.24 一个月 三个月 一年 股价涨跌(%) 7.0 12.0 -15.2 近期评等 出刊日期 2024-03-12 2023-10-24 2023-08-30 2023-07-13 2023-06-26 2023-04-21 前日收盘 99.30 93.00 99.30 105.35 105.93 118.06 评等 买进 买进 买进 买进 买进 买进 产品组合 护肤类 85.04% 美容类 12.54% 洗护类 2.42% 阿 2024 年 04 月 19 日 顾向君 H70420@capitalcom.tw 目标价(元) 119 机构投资者占流通 A 股比例 基金 7.2% 一般法人 21.4% 股价相对大盘走势 C h ...

证券研究报告 | 2024年04月19日 珀莱雅（603605.SH） 买入 一季度归母净利同比增长 46%，全品类多品牌布局日趋成熟 核心观点 公司研究·财报点评 公司业绩持续表现优异。公司2023年实现营收89.05亿/yoy+39.45%，归母 美容护理·化妆品 净利11.94亿/yoy+46.06%；其中2023Q4实现营收36.56亿/yoy+50.86%； 证券分析师：张峻豪 证券分析师：孙乔容若 归母净利4.48亿/yoy+39.06%。公司上市6年稳定实现收入复合增速30%+， 021-60933168 021-60375463 zhangjh@guosen.com.cn sunqiaorongruo@guosen.com.c 利润复合增速35%+；同时，2024Q1公司实现营收21.82亿/yoy+34.56%；归 n 母净利3.03亿/yoy+45.58%。依托大单品持续迭代升级和持续完善的多品牌 S0980517070001 S0980523090004 矩阵，公司逆势保持高增长。此外公司拟向全体股东每10股派利9.10元。 基础数据 投资评级 买入(维持) 分品牌看：主品牌珀莱雅202 ...

证券研究报告 公 2024年04月19日 司 报 告 珀莱雅（603605） │ 行 业： 美容护理/化妆品 公 投资评级： 买入（维持） 司 年 多品牌/多品类/多渠道布局的美妆集团雏形已现 当前价格： 103.46元 目标价格： 127.79元 报 点 评 事件： 基本数据 总股本/流通股本(百万股) 396.76/394.80 公司发布 2023 年年报与 2024 年 1 季报：2023 年营收 89.05 亿元 （同比 +39.5%），归母净利11.94亿元（同比+46.1%），扣非归母净利润11.74亿元 流通A股市值(百万元) 40,846.03 （同比+48.9%）；2024Q1营收21.82亿元 （同比+34.6%），归母净利3.03亿 每股净资产(元) 11.20 元（同比+45.6%），扣非归母净利润2.92亿元（同比+47.5%）。 资产负债率(%) 41.17 ➢ 多品牌/多渠道/多品类矩阵深化，成长延续、盈利走高 一年内最高/最低(元) 175.00/75.01 2023年主品牌珀莱雅突破70亿大关/占比降至80%出头，主品牌在天猫/抖音/ 京东均有高成长与强份额表现，护肤品类占比 ...