| 连板数 | 晋级率 | | 2025-4-28 | | --- | --- | --- | --- | | 3 #4 | 1/1=100% | 东贝集团 (机器人) | | | 2进3 | 2/5=40% | 华银电力 (业绩+电力) | | | 1讲2 | 10/57=17% | 珀莱雅 (业绩+化妆品) | | | | | 华电能源(电力) | | | | | 绿康生化(实控人变更) | | | | | 中电鑫龙 (业绩+算力+机器人) | | | | | 上海物贸(上海+统一大市场) | | | 其他涨停 | | 天沃科技 11天7板 (摘帽) | | | | | 永安药业6天4板 (化工) | | 4月28日连板股分析：高位股持续退潮 业绩超预期个股受追捧 今日共40股涨停，连板股总数13只，其中三连板及以上个股3只，上一交易日共8只连板股，连板股晋级率37.50%（不含ST股、退市股）。个股方面，全市 场超4100只个股下跌，近百股跌超9%。当前正值2024年报及2025年一季报披露高峰，已有超50家主板公司因触发"净利润为负且营收不到3亿元"的新规条 件，面临退市风险警示。"披星戴帽"风险压制 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][19] Core Views - The company achieved a revenue of 10.778 billion with a year-on-year growth of 21.04% and a net profit of 1.552 billion, reflecting a year-on-year increase of 30% in 2024. The profit growth is attributed to cost reduction and efficiency improvements, solidifying its position as a leading domestic beauty brand [1][7][4] - The company is leveraging its main brand's single product strategy and the rapid rise of emerging brands to build a strong brand matrix, gradually advancing towards becoming a beauty group [4][19] - The company is expected to increase its marketing investments due to the intensified product launches in the second quarter of this year and the continuous incubation of new brands [4][19] Revenue and Profitability - In 2024, the main brand Proya generated revenue of 8.581 billion, growing by 19.55% year-on-year, while the online channel revenue reached 10.234 billion, with a year-on-year increase of 23.68% [2][9] - The gross profit margin for 2024 was 71.39%, an increase of 1.46 percentage points year-on-year, driven by product structure optimization and reduced costs [12][3] - The company plans to distribute a cash dividend of 11.90 per 10 shares, which accounts for 40.07% of the net profit [7][1] Financial Forecasts - The company forecasts revenues of 12.428 billion, 13.993 billion, and 15.449 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.869 billion, 2.144 billion, and 2.388 billion [5][21] - The projected PE ratios for 2025, 2026, and 2027 are 18, 16, and 14 respectively [4][21] Brand and Channel Performance - The emerging brands OR and Original Color Pot achieved revenue growth rates of 71.14% and 138.36% respectively, enhancing the overall brand matrix competitiveness [2][8] - The online direct sales and distribution channels saw revenue increases of 20.35% and 38.40% respectively, while offline channel revenue decreased by 13.63% [9][2]

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company has maintained impressive growth in net profit, achieving a revenue of 10.778 billion yuan in 2024, a year-on-year increase of 21.04%, and a net profit of 1.552 billion yuan, up 30.00% year-on-year [1][12] - The main brand, Proya, has launched new product lines targeting oily skin and whitening, while multiple sub-brands have also seen growth [2] - Online sales channels have continued to grow rapidly, with online revenue reaching 10.234 billion yuan in 2024, a year-on-year increase of 23.68%, accounting for 95.06% of total revenue [10] Summary by Sections Financial Performance - In 2024, the company reported a net profit of 1.552 billion yuan, with a net profit margin of 14.71%, an increase of 0.89 percentage points year-on-year [11] - The company’s gross margin improved to 71.39%, up 1.46 percentage points year-on-year, driven by lower freight rates and higher average transaction values [11] - The company expects net profits of 1.853 billion yuan, 2.171 billion yuan, and 2.516 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 15, and 13 times [12] Product Development - Proya has focused on upgrading its core products, introducing unique ingredients such as "XVII type recombinant collagen" in its new product lines [2] - The new product lines include the "净源系列" for oily skin and the "光学系列" for whitening, contributing to the brand's revenue growth [2] Market Position - Proya's main brand generated 8.581 billion yuan in revenue in 2024, accounting for 79.69% of total revenue, with strong performance on platforms like Tmall [2] - The sub-brand 彩棠 achieved revenue of 1.191 billion yuan, while OR and 悦芙媞 also reported significant growth in their respective markets [2] Sales Channels - Online sales accounted for a significant portion of revenue, with direct and distribution channels contributing 8.122 billion yuan and 2.112 billion yuan respectively [10] - The company is optimizing its offline store structure, although offline revenue decreased by 13.63% to 532 million yuan in 2024 [10]

Core Viewpoint - Proya has reported strong financial performance with 2024 revenue exceeding 10 billion yuan for the first time, reaching 10.778 billion yuan, and a net profit growth of 30% year-on-year [1][2] Financial Performance - In Q1 2025, Proya achieved revenue of 2.36 billion yuan, representing an 8.1% year-on-year increase, with a net profit of 390 million yuan [1] - The 2024 revenue of Proya was 8.581 billion yuan, showing a year-on-year growth of 19.55% [2] - The main brand Proya generated 8.58 billion yuan in revenue, accounting for 79.7% of total revenue, with a year-on-year growth of 19.6% [3] Management Changes - The management transition marked a strategic shift for the company, with co-founder Fang Yu-you stepping down as general manager, succeeded by his nephew Hou Ya-meng [2] - Despite the leadership change, Proya aims to establish itself among the top ten global cosmetics companies in the next decade [2] Brand and Product Development - Proya has diversified its brand portfolio, including popular skincare and makeup brands, with significant growth in sub-brands like Off&Relax and Cai Tang [3] - The company has accelerated product launches in 2025, introducing several new products within five months [5] Sales and Marketing Strategy - Proya's online sales reached 10.234 billion yuan, accounting for 95.06% of total revenue, while offline sales decreased by 13.63% to 532 million yuan [3] - The company has invested heavily in marketing, with sales expenses amounting to 5.161 billion yuan, representing 47.88% of revenue, and an increase of 29.93% year-on-year [4] Research and Development - Proya has established R&D centers in multiple locations and formed a joint venture for core anti-aging ingredients, although R&D expenses remain below 2% of revenue [5]

Market Overview - The Shanghai Composite Index closed at 3294.02 points, slightly below the half-year line, with a change of -0.03% [1] - The total trading volume of A-shares reached 7286.82 billion yuan [1] Stocks Breaking Half-Year Line - A total of 73 A-shares have surpassed the half-year line today, with notable stocks including: - Langfang Development with a deviation rate of 8.35% - Proya Cosmetics at 6.68% - Tianyu Digital Science at 6.08% [1] Top Stocks by Deviation Rate - The following stocks have the highest deviation rates from the half-year line: - Langfang Development: 9.95% increase, latest price 4.86 yuan, half-year line 4.49 yuan [1] - Proya Cosmetics: 9.11% increase, latest price 92.43 yuan, half-year line 86.64 yuan [1] - Tianyu Digital Science: 10.07% increase, latest price 6.56 yuan, half-year line 6.18 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Yintu Network: 13.08% increase, latest price 35.71 yuan, half-year line 33.78 yuan [1] - Jinneng Technology: 9.93% increase, latest price 6.09 yuan, half-year line 5.76 yuan [1] - Tianzhou Culture: 6.00% increase, latest price 4.59 yuan, half-year line 4.35 yuan [1]

Core Insights - Proya has become the first Chinese beauty brand to achieve over 10 billion RMB in revenue, with 2024 revenue reaching 10.778 billion RMB, a year-on-year increase of 21.04% [1][4][5] - The net profit for 2024 was 1.552 billion RMB, reflecting a 30% year-on-year growth [1][4] - Proya's main brand revenue reached 8.581 billion RMB, marking a 19.55% increase, making it the first domestic beauty brand to surpass 8.5 billion RMB [5][7] Revenue Breakdown - Proya's revenue from the "Cai Tang" brand reached 1.191 billion RMB in 2024, up 19.04%, contributing to the company's second growth curve [7] - Online sales accounted for 10.234 billion RMB, a 23.68% increase, representing 95.06% of total revenue, while offline sales decreased to 532 million RMB, down 13.63% [5][8] Financial Performance - The gross margin for Proya's main business increased to 71.41%, up 1.41 percentage points year-on-year, with online gross margin at 72.01% and offline at 59.89% [8] - Sales expense ratio rose to 47.88%, an increase of 3.27 percentage points, attributed to higher promotional expenses [8] R&D and Management Changes - R&D expenses for 2024 were 210 million RMB, a 21.21% increase, accounting for 1.95% of total revenue [9] - The company underwent a management change with Hou Yamen taking over as General Manager from co-founder Fang Yuyou, who remains as a consultant [10] Shareholder Returns - Proya plans to distribute a cash dividend of 11.90 RMB per 10 shares, totaling approximately 469 million RMB, which represents 40.07% of the net profit for the year [11][12]

Core Insights - The luxury and fashion industry is undergoing significant transformation driven by rational consumption trends and the need for industry transition, with key signals emerging in cross-industry innovation, strategic adjustments, sustainable transformation, and market dynamics [1] Cross-Industry Innovation - Ferrari has announced its entry into the sailing sector, led by sailor Giovanni Soldini, aiming to enhance its technical capabilities and innovate its racing and car designs [4] - Estée Lauder has appointed Brian Franz as its first Chief Technology, Data, and Analytics Officer to drive digital transformation and improve consumer experience [3] Strategic Adjustments - Kering Group is facing challenges, with Gucci's revenue down 25% year-on-year in Q1 2025, leading to cost-cutting measures and hiring freezes [7] - Adidas reported an 82% increase in operating profit to €610 million in Q1 2025, driven by the popularity of retro shoes, although it remains cautious about full-year forecasts [11][12] - Nike has restructured its strategic decision-making by appointing Jennifer Hartley as Chief Strategy Officer, consolidating strategic roles to enhance efficiency [8] - BasicNet has appointed the Boglione brothers as co-CEOs to accelerate digital and youth-oriented transformation in response to market changes [9] - Hermès is expanding its production capacity in France to meet growing demand for its luxury handbags, reinforcing its commitment to 100% French manufacturing [10] Sustainable Transformation - Anta has released its first independent ESG report, showcasing a commitment to sustainability with 34 carbon footprint products and a goal for sustainable products to exceed 30% by 2024 [4][5] Market Dynamics - Proya has become the first domestic beauty company in China to achieve over ¥10 billion in revenue, with a 21.04% increase in 2024 [13] - The global art market has seen a 12% decline in sales, with a significant drop in the Chinese market, although there is hope for recovery driven by the younger generation's interest in cultural consumption [14] - Breitling announced a price increase of 3%-4% in China, reflecting market changes and the brand's commitment to quality [15]

多只成分股表现强势 星石投资认为，短期看，国内暂时缺少新的驱动因素，叠加临近五一假期，海外不确定性因素仍较多， 预计市场以震荡为主。中期来看，海外扰动因素冲击最大的时刻已经过去，中国市场进一步下行风险有 所减小。全球经济秩序重构和美国政策高度不确定性的环境可能会持续，这可能导致全球资金流出美国 市场，相应非美资产有望受益。 上周市场反弹，上证指数上涨0.56%，深证成指上涨1.38%，创业板指上涨1.74%，沪深300指数上涨 0.38%，品牌工程指数上涨0.45%，报1614.56点。 上周品牌工程指数多只成分股表现强势。具体来说，科沃斯上涨12.34%，排在涨幅榜首位；信立泰上 涨9.99%，居次席；上海家化和珀莱雅涨逾9%；药明康德上涨8.53%；丸美生物、中际旭创、宁德时代 涨逾7%；华谊集团、小熊电器、石头科技涨逾5%；阳光电源、恒瑞医药、盾安环境涨逾4%；兆易创 新、恒顺醋业、新宝股份、步长制药、亿纬锂能涨逾3%。 □本报记者 王宇露 2025开年以来，上海家化上涨34.83%，排在涨幅榜首位；信立泰上涨28.19%，居次席；丸美生物和广 联达涨逾20%；安集科技上涨19.48%；韦尔股份、山西汾 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail sector is experiencing a rise in emotional consumption trends, with leading retail companies actively transforming through quality retail, cross-border trendy play, and co-branding with fashion IPs, which is expected to lead to performance recovery and valuation revaluation in the long term [4][30] - The report highlights the ongoing disclosure of annual and quarterly reports, indicating that high-quality companies in high-prosperity sectors are worth monitoring [4][27] - The retail index has shown a slight increase of 0.07% recently, but has decreased by 5.00% since the beginning of 2025, underperforming the broader market [6][15] Summary by Sections Retail Market Review - The retail index closed at 2127.02 points, with a weekly increase of 0.07%, ranking 24th among 31 primary industries [6][15] - The supermarket sector showed the largest increase this week, while the watch and jewelry sector has led the gains since the beginning of 2025 [18][21] Retail Insights: Focus on Beauty Care, Gold Jewelry, and Traditional Retail - The report emphasizes the performance divergence among companies in the cosmetics, medical beauty, gold jewelry, and traditional retail sectors, with a positive outlook for quality companies in the retail sector due to the recovery of consumer demand [27][30] - Key companies such as Yonghui Supermarket and Aiying Room are highlighted for their proactive transformation and potential for performance recovery [41][42] Key Company Performances - Proya achieved a 28.9% increase in net profit in Q1 2025, supported by a series of new product launches [47] - Yonghui Supermarket reported a revenue of 174.79 billion yuan in Q1 2025, down 19.3% year-on-year, but is undergoing significant store renovations [30][46] - The report suggests focusing on companies with strong growth potential in high-prosperity segments, including Proya, Aiying Room, and gold jewelry brands like Laopu Gold and Chaohongji [44][42]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported strong performance in Q1 2025 with a revenue of 2.36 billion yuan, a year-on-year increase of 8.13%, and a net profit of 390 million yuan, up 28.87% year-on-year [1][2] - The gross margin for 2024 was 71.39%, an increase of 1.46 percentage points year-on-year, driven by a decrease in freight rates [2] - The main brand continues to innovate with new product launches, contributing to a revenue of 8.58 billion yuan in 2024, a year-on-year increase of 19.55% [3][4] Financial Performance - For 2024, the company achieved a total revenue of 10.78 billion yuan, representing a 21.04% year-on-year growth, and a net profit of 1.55 billion yuan, up 30.00% year-on-year [1][4] - The company expects revenues for 2025-2027 to be 12.47 billion yuan, 14.16 billion yuan, and 15.95 billion yuan respectively, with corresponding net profits of 1.81 billion yuan, 2.09 billion yuan, and 2.40 billion yuan [4][5] - The EBITDA for 2024 is projected at 2.27 billion yuan, with a growth rate of 21.04% [4] Product Development - The main brand is in a stable transformation phase, continuously enhancing its product matrix with new launches such as the "Super Membrane Powder Tube" and "Optical Water Emulsion" [4] - The small brand "OR" showed remarkable growth with a revenue increase of 71.14% year-on-year, reaching 368 million yuan [3][4] Market Position - The company is solidifying its position as a leading domestic beauty brand, with a focus on expanding its product offerings and market share [4][5] - The sales expense ratio for 2024 was 47.88%, reflecting an increase of 3.27 percentage points year-on-year, while the management expense ratio decreased by 1.72 percentage points [2]