| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-058 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 成立日期：2006 年 05 月 24 日 统一社会信用代码：91330100789665033F 类型：其他股份有限公司（上市） 法定代表人：侯军呈 注册资本：叁亿玖仟陆佰贰拾肆万陆仟玖佰捌拾壹元 珀莱雅化妆品股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 珀莱雅化妆品股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日、2024 年 9 月 12 日分别召开了第三届董事会第十九次会议、2024 年第一次临时股东大 会，审议通过了《关于变更公司注册资本并修订<公司章程>及办理工商变更登记 的议案》。具体内容详见公司于 2024 年 8 月 28 日在上海证券交易所网站 （www.sse.com.cn）披露的《珀莱雅化妆品股份有限公司关于变更公司注册资本 并修订<公司章程>及办理工商变更登 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-057 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 珀莱雅化妆品股份有限公司 关于"珀莱转债"2024 年付息公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 珀莱雅化妆品股份有限公司(以下简称"公司")于 2021 年 12 月 8 日发行的 可转换公司债券（以下简称"珀莱转债"）将于 2024 年 12 月 9 日（因 2024 年 12 月 8 日为非交易日，故顺延至下一交易日）开始支付自 2023 年 12 月 8 日至 2024 年 12 月 7 日期间的利息。根据《珀莱雅化妆品股份有限公司公开发行 A 股可转 换公司债券募集说明书》（以下简称"《募集说明书》"）有关条款的规定，现将有 关事项公告如下： 一、可转债发行上市概况 1、债券名称：珀莱雅化妆品股份有限公司公开发行 A 股可转换公司债券 可转债付息债权登记日：2024 年 12 月 6 日 可转债除息日：2 ...

关于参加 2024 年三季报沪市主板美妆行业专场集体 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-056 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 重要内容提示： 珀莱雅化妆品股份有限公司 投资者可于 2024 年 11 月 26 日(星期二)至 12 月 2 日(星期一)16:00 前通过 公司邮箱 proyazq@proya.com 进行提问。公司将在本次说明会上对投资者普遍关 注的问题进行回答。 珀莱雅化妆品股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日 发布公司 2024 年第三季度报告，详见上海证券交易所网站（www.sse.com.cn）。 为便于广大投资者更全面深入地了解公司 2024 年三季度经营成果、财务状况， 公司计划于 2024 年 12 月 3 日参加 2024 年三季报沪市主板美妆行业专场集体业 绩说明会，会议时间下午 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - 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 shareholders reached 999 million yuan, up 33.95% year-on-year [2]. - The company is experiencing multi-category growth, with skincare products accounting for 84.27% of revenue in Q3 2024, showing a year-on-year increase of 20.68% [2]. - The company is shifting towards a brand-focused marketing strategy, with significant performance during the Double 11 shopping festival, ranking first in the Tmall beauty category [2]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 11.719 billion yuan, a year-on-year growth of 31.6%, and a net profit of 1.558 billion yuan, reflecting a growth of 30.5% [4]. - The gross margin is expected to remain stable at around 69.7% for the next few years, indicating strong profitability [4]. - The earnings per share (EPS) are forecasted to be 3.93 yuan in 2024, 4.78 yuan in 2025, and 5.72 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 24.7, 20.3, and 17.0 respectively [4].

珀莱雅（603605.SH） 化妆品 证券研究报告/公司点评报告 2024 年 11 月 06 日 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 分析师：张前 执业证书编号：S0740524080002 Email：zhangqian08@zts.com.cn | --- | --- | |-------------------|-----------| | | | | 基本状况 | | | 总股本 (百万股) | 396.25 | | 流通股本(百万股 ) | 395.41 | | 市价(元 ) | 97.24 | | 市值(百万元 ) | 38,531.11 | | 流通市值 (百万元) | 38,449.18 | 相关报告 1、《24H1 业绩超预期，强品牌驱动 持续高增长》2024-09-09 深耕大单品策略，未来增长可期。 ①大单品源力面霜 2.0 首次将 XVII 型重组胶 原蛋白应用其中，进一步巩固了品牌在基底膜修护抗初老领域的专业性；红宝 石精华 3.0 将中国美妆领域首款专利环肽新原料与专研双 A 组合结合，实现进 阶抗皱。②针对油皮上新"净源 ...

好各位尊敬的投资者朋友大家好欢迎大家参加博拉雅华融品股份有限公司2024年三季度的业绩说明会我是公司的副总董秘兼财务总监王丽本次业绩说明会将在计门财新平台同步直播投资者可登陆平台进行观看首先与我来分享公司2024年第三季度的相关财务数据 2024年Q3累计1到9月份营业收入是69.66亿元同比增长32.72%单Q3完成的是19.65亿元同比增长是21.25%规模经历论的话累计是9.99亿元同比增长是33.95%单Q3完成的是2.98亿元同比增长是20.72% 规模扣费净利润累计是9.7亿元同比增长是33.81%单Q3是2.92亿元同比增长是18.33%精英活动产生的现金流量金额累计是4.04亿元同比下降了49.44%单Q3是负的2.58亿元 领域能力的相关指标第一销售经历率2024年秋三累计是14.68%销售毛利率是70.07%销售费用率是46.39%其中形象推广费费率的话是40.66%管理费用率是3.91%研发费用率是2.04% 营运能力的相关指标其中 应收账款周转率2024年Q3累计的话是44.81次应收账款周转签数是8.03天存货周转率的话是2.86次存货周转签数是126.09天注入案渠道拆分的话其中我 ...

Investment Rating - The investment rating for the company is "Buy" [1][7][11] Core Views - The company has demonstrated significant revenue growth, with a 32.72% increase in revenue to 69.66 billion yuan in the first three quarters of 2024, and a 33.95% increase in net profit to 999 million yuan [5][7] - The company maintains a strong market position as a leading domestic beauty brand, with expectations for continued growth driven by promotional events and a diversified product portfolio [7][8] Financial Summary - **Revenue and Profit Forecasts**: - 2024E revenue is projected at 110.65 billion yuan, with net profit expected to reach 15.16 billion yuan [5][9] - EPS is forecasted to be 3.82 yuan in 2024, increasing to 5.56 yuan by 2026 [5][9] - **Valuation Metrics**: - The P/E ratio is expected to decrease from 31.99 in 2023 to 25.20 in 2024, and further to 17.35 by 2026 [5][9] - The P/B ratio is projected to decline from 8.89 in 2023 to 7.21 in 2024, reaching 4.79 by 2026 [5][9] Operational Analysis - **Revenue Breakdown**: - Skincare products accounted for 84.27% of revenue in Q3 2024, with a 20.68% increase in revenue to 16.54 billion yuan [6] - Hair care products saw a 47.19% increase in revenue, while color cosmetics experienced an 18.71% increase [6] - **Profitability**: - The gross margin for the first three quarters of 2024 was 70.07%, with a net margin of 14.68% [6] - Q3 2024 gross margin was 70.71%, indicating stable profitability despite slight declines year-on-year [6] Market Position - The company has maintained its leading position in the beauty market, ranking first in multiple categories during major promotional events such as Double Eleven [7][8] - The management team has completed adjustments, enhancing operational resilience and channel capabilities, which supports future growth prospects [7]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [2][5]. Core Views - The company has demonstrated steady growth, with Q3 2024 revenue reaching 19.65 billion yuan, a year-on-year increase of 21.15%, and net profit of 2.98 billion yuan, up 20.72% year-on-year [1]. - The company is expected to achieve a net profit of 15.5 billion yuan in 2024, with a projected PE ratio of 25 [2]. - The company is well-positioned in the cosmetics market, with strong performance anticipated during the upcoming Double Eleven shopping festival [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 69.66 billion yuan, a year-on-year increase of 32.72%, and a net profit of 9.99 billion yuan, up 33.95% year-on-year [1]. - The company’s main brand, Proya, is expected to see revenue growth of approximately 30% in 2024, with other brands also showing strong growth [1]. - The company’s online revenue for the first three quarters of 2024 increased by 38.48% to 65.28 billion yuan, while offline revenue decreased by 18.08% to 4.29 billion yuan [1]. Earnings Forecast - The projected revenue for the company is expected to grow from 8.905 billion yuan in 2023 to 11.704 billion yuan in 2024, with a growth rate of 31.4% [3]. - The net profit is forecasted to increase from 1.194 billion yuan in 2023 to 1.549 billion yuan in 2024, reflecting a growth rate of 29.8% [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for the stock with expected returns exceeding 20% over the next six months [3][11]. Core Insights - The company has demonstrated consistent strong performance, successfully transitioning from product-focused to brand and multi-brand group strategies. It has significantly increased its market share amidst industry differentiation, positioning itself as a leading domestic brand [2]. - The main brand has undergone multiple iterations of classic products, with high-quality new launches on a monthly basis. Sub-brands are effectively targeting high-quality segments in color cosmetics and premium scalp care [2]. - The company is expected to achieve net profits of 1.55 billion, 1.92 billion, and 2.32 billion yuan for the years 2024 to 2026, respectively. The current stock price corresponds to a price-to-earnings ratio (PE) of 25, 20, and 16 for the years 2024 to 2026 [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported 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]. - In Q3 2024, the company achieved revenue of 1.965 billion yuan, reflecting a year-on-year growth of 21.15%, with a net profit of 298 million yuan, up 20.72% year-on-year [1]. - The gross profit margin for Q3 2024 was 70.71%, a decrease of 1.95 percentage points year-on-year, while the cumulative gross profit margin for the first three quarters was 70.07%, down 1.1 percentage points [1]. Revenue Breakdown - In Q3 2024, the skincare segment generated revenue of 1.654 billion yuan, up 20.7% year-on-year; the color cosmetics segment brought in 233 million yuan, up 18.7%; and the hair care segment achieved 75 million yuan, a significant increase of 47.2% [1]. Cost and Expense Analysis - The sales expense ratio for Q3 2024 was 45.40%, an increase of 2.8 percentage points year-on-year, while the management expense ratio was 4.87%, down 1 percentage point. The R&D expense ratio stood at 2.43%, up 0.1 percentage points year-on-year [1].

Investment Rating - The report maintains a "Recommend" rating for Proya (603605) [1] Core Views - Proya achieved revenue of 6.966 billion yuan in Q1-Q3 2024, a year-on-year increase of 33%, with net profit attributable to the parent company reaching 999 million yuan, up 34% year-on-year [1] - Q3 revenue was 1.965 billion yuan, up 21% year-on-year, with net profit attributable to the parent company at 298 million yuan, also up 21% year-on-year [1] - Gross margin improved to 70.71% in Q3, up 1.11 percentage points quarter-on-quarter and 1.95 percentage points year-on-year [1] - Sales expense ratio was 45.4% in Q3, down 1.33 percentage points quarter-on-quarter but up 2.78 percentage points year-on-year [1] - The gross-to-sales margin difference was 25.31% in Q3, up 2.4 percentage points quarter-on-quarter but down 4.7 percentage points year-on-year [1] Brand Performance - Proya's main brand grew by 34% on Taotian and Douyin platforms in Q3 [1] - The brand ranked first in both the Tmall Fast-Moving Consumer Goods and Beauty categories during the Double 11 pre-sale period [1] - The Red Ruby series, Source Power series, and Double Resistance series continued to grow, with the Source Power 3.0 essence and Optical series launching new products [1] - The makeup brand Caitang grew by 32% on Taobao and Douyin platforms in Q3 [1] - The hair care category is expected to grow by 40-45%, with brands like Off&Relax and Jingshi showing strong potential [1] Financial Projections - Revenue for 2024-2026 is projected to be 11.578 billion yuan, 14.260 billion yuan, and 16.944 billion yuan, respectively [1] - Net profit attributable to the parent company for 2024-2026 is expected to be 1.522 billion yuan, 1.911 billion yuan, and 2.244 billion yuan, respectively [1] - The target market capitalization is 47.8 billion yuan, based on a 1x PEG ratio for 2025 net profit [1] Market Performance - Proya's online sales grew by 38% in Q1-Q3 2024, with direct sales up over 35% and distribution channels up over 45% [1] - Offline sales declined by 18% year-on-year due to base effects and channel adjustments [1] Financial Indicators - Revenue for 2023A was 8.905 billion yuan, with a year-on-year growth rate of 39.5% [2] - Net profit attributable to the parent company for 2023A was 1.194 billion yuan, with a year-on-year growth rate of 46.1% [2] - EPS for 2023A was 3.01 yuan, with a P/E ratio of 32 [2] - Revenue growth rates for 2024E, 2025E, and 2026E are projected at 30.0%, 23.2%, and 18.8%, respectively [2] - Net profit growth rates for 2024E, 2025E, and 2026E are expected to be 27.5%, 25.6%, and 17.4%, respectively [2]