Q3 保持较快增长，毛销差同比收窄 核心观点 ⚫ 公司发布 24Q3 财报，前三季度实现营业收入 69.7 亿，同比增长 37.7%，实现归母 净利润 10 亿，同比增长 31.9%，其中 24Q3 的收入和归母净利润分别同比增加 21.2%和 20.7%，保持较快增长，符合市场预期。 ⚫ 24Q3 毛销差同比收窄。24Q3 公司毛利率同比下滑 1.9pct 至 70.7%，毛销差为 25.3%，同比缩小 4.7pct。环比来看，24Q3 的毛利率和归母净利率相比 24Q2 均有 所改善。 ⚫ 护肤品类量价齐升，呈现健康增长态势。分品类来看，1）护肤品：24Q3 收入为 16.53 亿，同比增长 20.7%，平均单价为 80.22 元，同比增长 24.64%，主要系单价 较高的大单品（精华、面霜类）销售占比变动所致。2）美容彩妆类：24Q3 收入为 2.3 亿，同比增长 18.7%，平均单价为 94.55 元，同比下滑 6.65%，主要系美容彩妆 类品牌 INSBAHA 销售占比增加，其售价低于美容彩妆类产品平均售价；3）洗护 类：24Q3 收入为 0.75 亿，同比增长 47.2%，平均单价为 96.57 ...

证券研究报告 美容护理 | 化妆品 非金融|公司点评报告 hyzqdatemark 2024 年 10 月 27 日 证券分析师 事件：公司公布 2024 年三季报，2024 年前三季度实现营收 69.7 亿元，同增 32.7%， 实现归母净利润 10.0 亿元，同增 34.0%。其中，24Q3 实现营收 19.6 亿元，同比 +21.2%，归母净利润 3.0 亿元，同比+20.7%。 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com 业绩稳步增长，多品类持续释放增长势能。根据公司公告，拆分 24 年第三季度分 品类数据：1）护肤类产品（含洁肤）收入 16.5 亿元，同比增长 20.7%，占总收入 比重为 84.2%，产品均价 80.2 元/支，同比增加 24.6%，主要系单价较高的大单品 （精华、面霜类）销售占比变动所致；2）美容彩妆类产品收入 2.3 亿元，同比增 长 18.7%，占总收入比重为 11.9%，产品均价 94.6 元/支，同比下滑 6.7%，主因系 市场表现： 美容彩妆类品牌 INSBAHA ...

Investment Rating - The report maintains a "Buy" rating for Proya (603605.SH) [1][3] Core Views - The company reported a steady growth in Q3 2024 with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 1.965 billion, 298 million, and 292 million RMB respectively, representing year-on-year increases of 21.25%, 20.72%, and 18.33% [1] - The company is focusing on a multi-brand and multi-category strategy, with the main brand Proya emphasizing a "series branding" approach, indicating significant upward potential [2] - The company is expected to continue its strong growth trajectory, with projected net profits for 2024-2026 estimated at 1.527 billion, 1.895 billion, and 2.279 billion RMB, reflecting year-on-year growth rates of 28%, 24%, and 20% respectively [3] Summary by Sections Performance Analysis - Q3 2024 gross margin was 70.7%, a decrease of 1.9 percentage points year-on-year, but is expected to improve next year due to cost optimization and adjustments in influencer collaboration mechanisms [2] - The sales expense ratio increased by 2.8 percentage points year-on-year to 45.4%, attributed to a decline in the return on investment from Douyin [2] - The company’s online revenue for the first three quarters of 2024 reached 6.528 billion RMB, a year-on-year increase of 38.48%, while offline revenue was 429 million RMB, a decrease of 18.08% [6] Financial Forecasts - Revenue projections for 2024-2026 are 11.429 billion, 14.101 billion, and 16.957 billion RMB, with growth rates of 28.35%, 23.38%, and 20.25% respectively [5] - The projected net profit for 2024-2026 is 1.527 billion, 1.895 billion, and 2.279 billion RMB, with corresponding growth rates of 27.92%, 24.10%, and 20.24% [5] Strategic Initiatives - The company is advancing its "6*N" strategy and focusing on major products, with the main brand Proya aiming for a strong market position in the Asian scalp health segment [2] - The company is also adjusting its product lines and team structures to enhance growth potential in the coming year [2]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 95.27 yuan [4]. Core Insights - 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 the parent company was 999 million yuan, up 33.95% year-on-year [2]. - The skincare line continues to grow significantly, while the hair care line shows potential. In Q3 2024, the company recorded a revenue of 1.965 billion yuan, a year-on-year increase of 21.15% [2]. - The company is focusing on cost reduction and efficiency improvement, with an increase in gross sales margin by 2.44 percentage points quarter-on-quarter [2]. Summary by Sections Revenue and Profitability - For Q1-3 2024, the company reported a gross margin of 70.07% and a net profit margin of 14.34%. The sales expense ratio was 46.39% [2]. - The company expects net profits for 2024-2026 to be 1.560 billion, 1.921 billion, and 2.361 billion yuan, with year-on-year growth rates of 30.7%, 23.1%, and 22.9% respectively [3][5]. Business Segments - Skincare (including cleansing) generated 5.844 billion yuan in revenue for Q1-3 2024, accounting for 84.01% of total revenue, with a year-on-year growth of 32.03% [2]. - The beauty makeup segment achieved 899 million yuan in revenue for Q1-3 2024, with a year-on-year growth of 35.67% [2]. - The hair care segment reported 214 million yuan in revenue for Q1-3 2024, reflecting a year-on-year increase of 43.96% [2]. Market Position and Strategy - The company is positioned as a leading player in the domestic cosmetics market, with a focus on the "6*N strategy" and the development of major product lines [2]. - The brand is expected to maintain steady growth, with new product launches and upgrades enhancing its competitive product matrix [2]. Future Outlook - The company is anticipated to benefit from the upcoming "Double 11" shopping festival, which is expected to boost sales growth [2]. - The current price corresponds to a PE ratio of 24x for 2024, 20x for 2025, and 16x for 2026, indicating a favorable valuation [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company, Proya (珀莱雅), is a leading player in the domestic beauty and cosmetics sector, demonstrating stable performance with a continuous improvement in its "series branding" strategy [1][4] - For Q3 2024, the company reported a year-on-year increase of 20.7% in net profit attributable to shareholders, with total revenue reaching 69.66 billion yuan for the first three quarters, reflecting a growth of 32.7% [4][5] - The main brand, Proya, is expected to perform steadily, while its second-tier brands, Caitang and OR, are showing strong growth [5][6] Financial Performance Summary - For Q3 2024, revenue from skincare, beauty makeup, and hair care segments reached 16.54 billion yuan (+20.7%), 2.33 billion yuan (+18.7%), and 0.75 billion yuan (+47.2%) respectively [5] - The average selling price for skincare increased by 24.6%, while beauty makeup and hair care saw decreases of 6.6% and 6.8% respectively due to a higher proportion of lower-priced products [5] - The gross margin and net margin for Q3 2024 were 70.7% (-1.9 percentage points) and 15.2% (unchanged) respectively [5] Earnings Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 15.64 billion yuan, 19.57 billion yuan, and 23.71 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.95 yuan, 4.94 yuan, and 5.98 yuan [4][7] - The current stock price corresponds to P/E ratios of 24.1, 19.3, and 15.9 for the years 2024, 2025, and 2026 respectively [4][7] Brand and Product Strategy - Proya continues to enhance its "series branding" layout, with successful product upgrades such as "Source Power Essence 3.0" and "Energy Cream" [6] - The company has also received approval for new products in the sunscreen and whitening categories, which are expected to drive growth in these segments [6] - During the pre-sale period for Double Eleven, Proya ranked first in both beauty and fast-moving consumer goods categories on Tmall, solidifying its position as a leader in the beauty market [6]

| --- | --- | |------------------------|------------| | | | | | | | 投资评级 : 买入 | ( 维持 ) | | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 95.27 | | 流通股本 ( 亿股 ) | 3.95 | | 每股净资产 ( 元 ) | 12.08 | | 总股本 ( 亿股 ) | 3.96 | | 最近 12 月市场表现 | | -19% -10% -1% 8% 17% 26% 珀莱雅 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 相关报告 1. 《大单品势头强劲，多品牌高增，龙 头优势显著》 2024-08-28 2. 《业绩高增超预期，大单品矩阵持续 迭代》 2024-04-19 3. 《源力面霜 2.0 进军胶原赛道，长期 发展持续向好》 2024-02-19 珀莱雅(603605) / 化妆品 / 公司点评 / 2024.10.26 Q3 淡季保持稳健增长，美妆国货龙头韧性彰显 证券研究报告 ❖ 事件：公司发布 2024 年三季 ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company has shown continuous growth with a revenue of 1.965 billion yuan in Q3 2024, representing a year-on-year increase of 21.15%. The net profit attributable to the parent company reached 298 million yuan, up 20.72% year-on-year [1]. - For the first three quarters of 2024, the company achieved a 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]. - The gross profit margin in Q3 2024 was 70.71%, showing a slight decrease of 1.95 percentage points year-on-year but an increase of 1.12 percentage points quarter-on-quarter [1]. - The skincare segment continues to perform well, contributing 84% of total revenue, with skincare revenue in Q3 2024 reaching 1.653 billion yuan [1]. Financial Summary - The company is projected to achieve net profits of 1.542 billion yuan, 1.925 billion yuan, and 2.349 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 29%, 25%, and 22% [2]. - The expected revenue for the years 2024, 2025, and 2026 is 11.310 billion yuan, 14.000 billion yuan, and 16.800 billion yuan, respectively, with growth rates of 27.0%, 23.8%, and 20.0% [2]. - The company's gross margin is expected to improve slightly from 69.9% in 2023 to 70.5% in 2026 [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.89 yuan, 4.86 yuan, and 5.93 yuan, respectively [2]. Management Changes - The company completed a management reshuffle in Q3 2024, with a new board of directors appointed. The former co-founder and general manager, Fang Yuyou, will continue as a consultant, while Hou Yameng, who has been with the company since 2014, has been appointed as the new general manager [1].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 6.97 billion yuan and a net profit of 1.00 billion yuan in the first three quarters of 2024, reflecting year-on-year growth of 32.7% and 33.9% respectively [2][3] - The company is expected to benefit from the upcoming "Double Eleven" shopping festival, with strong performance anticipated across its multiple brands [5] Financial Performance - For Q3 2024, the company reported a revenue of 1.96 billion yuan, a year-on-year increase of 21.2%, and a net profit of 300 million yuan, up 20.7% year-on-year [2][3] - The gross profit margin for the first three quarters decreased by 1.1 percentage points to 70.1%, while the net profit margin slightly increased to 14.3% due to higher other income and reduced asset impairment losses [3][4] Revenue Breakdown - Online sales accounted for 93.9% of total revenue, with a year-on-year growth of 38.5%, while offline sales declined by 18.1% [3] - The main brand, Proya, and the makeup brand, Caitang, both saw revenue growth of approximately 30% [3][5] Future Outlook - The company is focusing on enhancing its core products and expanding its product line, with new launches expected to strengthen its market position [4][5] - The earnings forecast for 2024, 2025, and 2026 is maintained at 3.89 yuan, 4.79 yuan, and 5.66 yuan per share respectively, with corresponding price-to-earnings ratios of 25, 21, and 17 [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company reported a robust revenue growth of 32.7% year-on-year (YoY) for the first three quarters of 2024, achieving a total revenue of 6.97 billion yuan and a net profit of 1.00 billion yuan, which is a 33.9% YoY increase [1][2] - In Q3 2024, the company generated revenue of 1.96 billion yuan, reflecting a 21.2% YoY growth, with a net profit of 300 million yuan, up 20.7% YoY [1][2] - The skincare, makeup, and hair care segments reported revenues of 1.65 billion yuan, 230 million yuan, and 80 million yuan respectively in Q3 2024, with growth rates of 20.7%, 18.7%, and 47.2% YoY [2] - Online sales maintained a high growth rate of over 30%, significantly outperforming the industry average, while offline sales faced challenges due to the retail environment [2] Financial Performance Summary - The company's gross profit margin for the first three quarters of 2024 was 70.1%, with a slight decline of 1.1 percentage points YoY, and for Q3 it was 70.7%, down 2.0 percentage points YoY [2] - The net profit margin for the first three quarters and Q3 2024 was 14.3% and 15.2% respectively, remaining stable despite pressures on gross margins [2] - The company adjusted its profit forecasts, expecting net profits of 1.57 billion yuan, 1.95 billion yuan, and 2.39 billion yuan for 2024 to 2026, corresponding to price-to-earnings (PE) ratios of 25x, 20x, and 16x [2][3] Financial Projections - Projected revenues for 2024, 2025, and 2026 are 11.52 billion yuan, 14.15 billion yuan, and 17.29 billion yuan, with growth rates of 29.35%, 22.84%, and 22.17% respectively [3][5] - The projected net profit for the same years is 1.57 billion yuan, 1.95 billion yuan, and 2.39 billion yuan, with growth rates of 31.79%, 23.99%, and 22.70% respectively [3][5] - The earnings per share (EPS) are expected to be 3.97 yuan, 4.92 yuan, and 6.04 yuan for 2024, 2025, and 2026 respectively [3][5]

阿 2024 年 10 月 25 日 顾向君 H70420@capitalcom.tw 目标价(元) 110 | --- | --- | --- | --- | |-----------------------|----------|--------|--------------| | | | | | | 產業別 | | | 化工 | | A 股价 (2024/10/25) | | | 95.27 | | 上证指数 (2024/10/25) | | | 3299.70 | | 股價 12 個月高/低 | | | 121.1/74.41 | | 總發行股數(百萬 ) | | | 396.25 | | A 股數(百萬 ) | | | 394.80 | | A 市值(億元 ) | | | 376.13 | | 主要股東 | | 侯军呈 | (34.46%) | | 每股淨值(元 ) | | | 12.09 | | 股價/賬面淨值 | | | 7.88 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 (%) | | | 12.1 6.1 3.3 | | 近期评等 | | | | | 出刊日期 | 前日收盘 ...