公 司 研 究 半 年 报 点 评 报 告 申 港 证 券 股 份 有 限 公 司 证 券 研 究 报 告 24H1 国货美妆龙头业绩保持高增长 ——珀莱雅（603605.SH） 美容护理/化妆品 投资摘要： 近期，公司发布 2024 年半年度报告。公司 2024 年 H1 实现营业收入、归母 净利润、扣非归母净利润分别同比增长 37.9%/40.48%/41.78%。公司 2024Q2 营收、归母净利润、扣非归母净利润分别同比增长 40.59%/36.84%/37.76%。 珀莱雅稳定增长，彩棠 OR 收入占比提升。公司主品牌珀莱雅 24H1 营收同比 增长 37.67%，占比 79.71%；彩棠上半年营收同比增长 40.57%，占比 11.66%， 该品牌营收占比从 21年的 5.33%持续提升；OR上半年营收同比增长 41.91%， 占比 2.76%，该品牌营收占比从 22 年的 1.98%持续提升。 公司销售净利率持续增长。公司上半年净利率为 14.47%，较 23 年净利率上 涨 0.65 个百分点，主要系营业收入增加，管理费用率下降，且公司净利率近 几年持续增长；公司上半年销售毛利率为 69.82 ...

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 珀莱雅（603605.SH） 上半年收入、利润均大幅增长，国货龙头地位不断巩固 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|--------|--------|--------|-----------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 6,385 | 8,905 | 11,249 | 13,904 | 17,015 | | | | 增长率 yoy （ % ） | 37.8 | 39.5 | 26.3 | 23.6 | 22.4 | 股票信息 | | | 归母净利润（百万元） | 817 | 1,1 ...

珀莱雅化妆品股份有限公司 2024年第一次临时股东大会 会议资料 2024年9月 珀莱雅化妆品股份有限公司 2024 年第一次临时股东大会会议资料 珀莱雅化妆品股份有限公司 2024 年第一次临时股东大会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保珀莱雅化妆品股份有限公司（以下简称"公 司"）2024 年第一次临时股东大会的顺利召开，依据中国证券监督管理委员会《上 市公司股东大会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》、《证券法》、《上市公司股东大会规则》和《公司章 程》的规定，认真做好召开股东大会的各项工作。 六、股东发言由会议主持人指名后进行，每位股东发言应先报告所持股份数 和持股人名称，简明扼要地阐述观点和建议，发言时间一般不超过 5 分钟，主持 人可安排公司董事、监事或高级管理人员等回答股东提问。 七、股东发言应围绕本次会议议题进行，股东提问内容与本次股东大会议题 无关或涉及公司商业秘密的，公司有权不予回应。 八、为提高会议议事效率，在就股东的问题回答结束后，即进行表决。现场 会议表决采用记名投票表决方式，请股东按表决票要求填写意见，由股东大会工 作人员统一收票。 ...

公 司 研 究 2024 年 09 月 02 日 公司点评 买入/维持 珀莱雅(603605) 目标价: 昨收盘:95.50 2024H1 财报点评：业绩超预期，多品牌多渠道高质量增长 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 珀莱雅 沪深300 ◼ 股票数据 总股本/流通(亿股) 3.97/3.97 总市值/流通(亿元) 378.9/378.9 12 个月内最高/最低价 (元) 117.5/75.01 相关研究报告 <<23 年及 24Q1 财报点评：23 年业绩 超预期，24Q1 延续高增，多品牌运营 能力持续验证>>--2024-04-23 <<珀莱雅三季报点评：逆势增速亮 眼，强α持续凸显>>--2023-10-25 <<珀莱雅 23H1 业绩预告点评：表现 超预期，6N 战略赋能品牌势能释 放>>--2023-07-14 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 研究助理：龚书慧 E-MAIL：gongsh@tp ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 138.72 CNY [4][7]. Core Insights - The company reported a revenue of 5 billion CNY for H1 2024, representing a year-on-year growth of 38%, and a net profit attributable to shareholders of 700 million CNY, up 40% year-on-year, exceeding market expectations [1]. - All brands within the company showed strong growth, with specific brands like Perleya, Caitang, OR, and Yuefuti achieving revenue growth rates of 37.7%, 40.6%, 41.2%, and 22.4% respectively [1]. - Online and offline revenues grew by 40.5% and 8.9% respectively, with online sales accounting for approximately 94% of total revenue [1]. - The gross margin slightly decreased by 0.7 percentage points to 69.8% due to increased promotional activities, while the net profit margin increased by 0.3 percentage points to 14% [1]. - The company expects to continue delivering strong growth, with a focus on the upcoming Double Eleven shopping festival [1]. Financial Summary - The company’s revenue is projected to grow from 6,385 million CNY in 2022 to 17,604 million CNY by 2026, with year-on-year growth rates of 37.8%, 39.5%, 30.7%, 24.3%, and 21.7% respectively [3]. - The net profit attributable to shareholders is expected to rise from 817 million CNY in 2022 to 2,493 million CNY in 2026, with growth rates of 41.9%, 46.1%, 32.8%, 27.1%, and 23.7% [3]. - The earnings per share are forecasted to increase from 2.06 CNY in 2022 to 6.28 CNY in 2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has demonstrated significant revenue growth, with a 37.9% increase in revenue to 5 billion CNY in the first half of 2024, and a 40.48% increase in net profit to 702 million CNY [4][5] - The company's main brand, Proya, continues to show strong performance, with a revenue of 3.98 billion CNY in H1 2024, reflecting a 37.67% year-on-year growth [5] - The report highlights the effectiveness of the company's diversified brand strategy, which is solidifying its position as a leading domestic beauty brand [4][6] Financial Performance Summary - Revenue projections for the company are as follows: 2024E at 115.82 billion CNY, 2025E at 142.71 billion CNY, and 2026E at 169.29 billion CNY [4][8] - Net profit forecasts are 15.35 billion CNY for 2024E, 18.53 billion CNY for 2025E, and 21.69 billion CNY for 2026E [7][8] - Earnings per share (EPS) are projected to be 3.87 CNY for 2024E, 4.67 CNY for 2025E, and 5.47 CNY for 2026E [7][8] Revenue Breakdown - In H1 2024, online sales accounted for 93.69% of total revenue, generating 46.8 billion CNY, while offline sales contributed 6.31% with 3.14 billion CNY [5] - The skincare category generated 41.91 billion CNY in revenue, representing 83.91% of total sales, with a year-on-year growth of 37.12% [5] Profitability Analysis - The company's gross margin for H1 2024 was 69.82%, slightly down from the previous year, while the net profit margin was 14.47% [5][6] - The increase in sales expenses is attributed to higher promotional costs, with the sales expense ratio rising to 46.78% [5] Future Outlook - The company is focusing on rapid product iteration and diversification, with new product lines launched to address various skin concerns [6][7] - The report anticipates continued growth for the company, supported by its clear strategic planning and diversified business model [7]

珀莱雅化妆品股份有限公司 2024 半年度业绩说明会会议纪要 一、会议召开情况 1、时间：2024 年 8 月 28 日 15:05-16:30 2、地点：杭州市西湖区西溪路 588 号珀莱雅大厦 3、公司参会人员：董事兼 CEO 方玉友，副总、董秘兼财总王莉 4、主要参会机构： 详细参会机构清单请参见"附件：参会机构清单"。 二、会议纪要 （一）副总、董秘兼财总王莉介绍 2024 半年度经营数据 2024 年上半年，公司营业收入 50.01 亿元，同比增长 37.90%；归属于 上市公司股东的净利润 7.02 亿元，同比增长 40.48%；归属于上市公司股东 的扣非净利润 6.79 亿元，同比增长 41.78%。 公司分别按渠道、品牌、品类拆分主营业务收入同比情况以及占比情况， 并对投资者关心的主要问题进行了说明。 （二）董事兼 CEO 方玉友介绍 2024 半年度品牌亮点 1、珀莱雅： 深耕"大单品策略"，升级"红宝石系列"和"源力系列"核心大单品， 推出"净源系列""光学系列"全新产品线，上新盾护防晒，拓展产品布局； 围绕"年轻感""科技力"品牌关键词，秉承发现精神，传递品牌态度；提升 品牌大单品渗透， ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company's performance in H1 2024 exceeded expectations, achieving revenue of 5.001 billion yuan, a year-on-year increase of 37.90%, and a net profit attributable to shareholders of 0.702 billion yuan, up 40.48% [1]. - The core brands continue to show excellent growth, with a rich reserve of new products and upgrades [1]. - The company is expected to maintain strong growth in the coming years, with projected net profits of 1.542 billion yuan, 1.925 billion yuan, and 2.349 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 29%, 25%, and 22% [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 69.82%, a period expense ratio of 51.72%, and a net profit margin of 14.47%, with year-on-year changes of +0.11, +1.17, and +0.65 percentage points, respectively [2]. - Revenue from skincare and cleansing products contributed significantly, with skincare revenue at 4.191 billion yuan, accounting for 83.91% of total revenue [2]. Brand Performance - The core brand, Proya, generated revenue of 3.981 billion yuan in H1 2024, a year-on-year increase of 37.67% [1]. - The brand's major products, such as the "Source Cream 2.0" and "Ruby Essence 3.0," have been upgraded with innovative ingredients, enhancing consumer acceptance and loyalty [1]. Market Position - Proya ranked first in the Tmall platform for essence and cream categories, maintaining a leading position in the market [1]. - The company has also seen significant online sales growth, with online revenue reaching 4.68 billion yuan in H1 2024, a year-on-year increase of 40.52%, accounting for 93.69% of total revenue [1]. Future Projections - The company is projected to achieve total revenue of 11.310 billion yuan in 2024, with a growth rate of 27.0% [3]. - The expected earnings per share (EPS) for 2024 is 3.89 yuan, with a price-to-earnings (P/E) ratio of 23.34 [3].

Proya 化妆品 (603605 CH) 同行中的最佳收益 ， 强劲势头持续 普雅（Proya）在2024年第二季度的业绩超出市场预期，收入和净利润分别同比增 长41%和37%，上半年整体收入和净利润分别同比增长37.9%和40.5%，主要得益于 核心品牌的销售加速增长，达到37.7%的年同比增速。其盈利排名同行业之首。202 4年上半年的毛利率下降了0.7个百分点，稳定在69.8%，同时销售费用比率增加了3 个百分点至47%，这是由于618促销周期的延长、单个直播营销成本持续上升以及高 电子商务退货率等因素的影响。全年指引方面，公司计划维持毛利率在约70%的水 平，并保持净利润率略为上升的趋势。维持"买入"评级，目标价调整至人民币133.86 元，基于2024年预测市盈率为35倍。 英雄 SKU 的表现优于持续受益的收益。 Proya 继续 目标价格 RMB133.86 (上一个 TP RMB135.57) 上 / 下 55.8% 当前价格 RMB85 .90 中国消费必需品 张苗族 (852) 3761 8910 张庙 @ cmbi. com. hk Bella LI (852) 3757 6202 b ...

证券研究报告 非金融公司|公司点评|珀莱雅（603605） 大单品战略持续深耕，高成长高盈利延 续 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月29日 证券研究报告 |报告要点 产品端大单品战略持续：珀莱雅品牌针对"红宝石系列"与"源力系列"核心大单品进行升 级，推出"源力面霜 2.0"与"红宝石精华 3.0"；同时推出"净源系列"全新产品线，针对油 皮各类肌肤问题提供科学高效的解决方案；上新"光学系列"和盾护防晒，进一步拓展提亮与 防晒领域的产品布局。彩棠持续夯实面部彩妆品类大单品矩阵，进一步发力底妆赛道，新推透 明蜜粉饼、 匀衡柔光气垫（混合肌）、干皮粉霜、争青唇冻等单品。 |分析师及联系人 邓文慧 李英 SAC：S0590522060001 SAC：S0590522110002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月29日 珀莱雅(603605) 大单品战略持续深耕，高成长高盈利延续 | --- | --- | --- | |----------|--------------------|-------- ...