Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Insights - In Q3 2024, the company's revenue growth accelerated on a quarter-on-quarter basis, increasing from 18.6% in Q2 2024 to 25.8%. The comprehensive gross margin improved, and the net profit margin also showed a positive trend [2][7] - The company reported a comprehensive gross margin of 74.5% in Q3 2024, which is an increase of 2.07 percentage points year-on-year. The net profit margin for Q3 2024 was 10.38%, up by 1.33 percentage points year-on-year [2][7] - The company has been implementing a deepening single product strategy and refining management, with expectations for further transformation results to emerge [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.952 billion yuan, representing a year-on-year increase of 27.1%. The net profit attributable to the parent company was 239 million yuan, up 37.4% year-on-year [6] - In Q3 2024, the company generated a revenue of 600 million yuan, which is a 25.8% increase year-on-year, and the net profit attributable to the parent company was 62 million yuan, reflecting a year-on-year increase of 44.3% [6] - The company expects revenues of 2.905 billion yuan, 3.643 billion yuan, and 4.380 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 30.55%, 25.39%, and 20.23% [7][8] Valuation Metrics - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.91 yuan, 1.15 yuan, and 1.42 yuan, respectively, with price-to-earnings (P/E) ratios of 33x, 26x, and 21x based on the closing price on October 25, 2024 [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 28, 2024 [2]. Core Insights - The company reported a significant year-on-year growth in net profit of 44.32% for Q3 2024, indicating strong performance [2]. - The total revenue for Q1-Q3 2024 reached 1.952 billion yuan, reflecting a 27.1% increase, while the net profit for the same period was 239 million yuan, up 37.4% [2]. - The company maintains its profit forecast unchanged, expecting net profits of 375 million, 484 million, and 604 million yuan for 2024, 2025, and 2026 respectively, corresponding to EPS of 0.94, 1.21, and 1.51 yuan [2][6]. Revenue and Profit Analysis - In Q3 2024, the company achieved revenues of 600 million yuan, a 25.8% increase, with net profit of 62 million yuan, up 44.3% [2][7]. - Revenue breakdown by product category for Q3 2024 includes: eye care at 124 million yuan (+22.3%), skincare at 216 million yuan (+15.1%), cleansing at 55 million yuan (+12.2%), and beauty products at 202 million yuan (+54.1%) [7]. - The average selling prices for Q3 2024 saw increases in eye care (+9.49%) and skincare (+43.07%), while beauty products experienced a decrease of 16.55% [7]. Financial Metrics - The company’s gross margin and net margin for Q3 2024 were 74.5% (+2.1 percentage points) and 10.4% (+1.3 percentage points) respectively, indicating improved profitability [7]. - The company’s operating expenses as a percentage of revenue for Q3 2024 were 58.9% for sales, 4.1% for management, and 3.1% for R&D, showing a decrease in costs due to operational efficiency improvements [7]. Brand and Product Strategy - The company continues to optimize its product structure, focusing on core products with high sales concentration, particularly in the collagen product line [8]. - The main brand, Marubi, is expected to perform steadily, while the second-tier brand, Lianhuo, is experiencing rapid growth [8]. - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares (including tax), with a dividend payout ratio of 41.98% [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for the first three quarters of 2024 at 1.952 billion, 239 million, and 226 million RMB, respectively, representing year-on-year increases of 27.07%, 37.38%, and 44.09% [1] - In Q3 2024, revenue reached 600 million RMB, up 25.79% year-on-year, with net profit attributable to shareholders at 62.27 million RMB, a 44.32% increase year-on-year, and net profit excluding non-recurring items at 59.99 million RMB, up 56.06% year-on-year, indicating strong performance in a traditionally weak season [1] - The company continues to deepen its focus on major product strategies, with gross margin improving year-on-year, and a slight decrease in sales expense ratio, leading to enhanced profitability [1] Summary by Sections Revenue and Profitability - The company achieved a gross margin of 74.52% in Q3 2024, an increase of 2.07 percentage points year-on-year, while the sales expense ratio decreased by 0.2 percentage points to 58.9% year-on-year [1] - The net profit margin attributable to shareholders increased by 1.4 percentage points to 10.4% year-on-year [1] Product Performance - The dual collagen series saw an increase in proportion, driving significant price increases in skincare products, while eye care and cleansing categories experienced both volume and price growth [1] - Q3 2024 revenue from the eye care category was 124 million RMB, up 22% year-on-year, while skincare revenue was 215 million RMB, up 15% year-on-year [1] Future Outlook - The company is optimistic about its performance during the Double Eleven shopping festival, with new product launches and upgrades planned to drive growth [1] - Profit forecasts for 2024-2026 are set at 352 million, 458 million, and 582 million RMB, respectively, with corresponding price-to-earnings ratios of 34, 26, and 21 times [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 34.18 CNY based on DCF valuation [2][4]. Core Insights - The company reported Q3 2024 results with revenue of 1.95 billion CNY, a year-on-year increase of 27%, and a net profit attributable to shareholders of 239 million CNY, up 37.38% year-on-year. For Q3 alone, revenue and net profit grew by 25.8% and 44.3% respectively, exceeding market expectations [1][2]. - Revenue growth by product category in Q3 2024 showed eye care, skincare, cleansing, and beauty products increasing by 22.3%, 15.1%, 12.2%, and 54.1% respectively. Notably, the average price of skincare products rose by 43.1% due to a higher proportion of premium products and changes in product mix [1][2]. - The company's profitability remains strong, with a gross margin increase of 2.1 percentage points to 74.5% in Q3 2024, attributed to a higher share of high-margin products. Selling and administrative expense ratios decreased by 0.2 and 1.3 percentage points respectively, indicating effective cost control amid intensified market competition. The net profit margin improved by 1.3 percentage points to 10.4% [1][2]. Financial Forecast and Investment Recommendations - Based on the Q3 report, earnings per share forecasts for 2024-2026 have been adjusted to 0.91, 1.16, and 1.40 CNY respectively. The previous estimates were 0.90, 1.15, and 1.40 CNY [2][4]. - The company is expected to achieve revenue of 2.89 billion CNY in 2024, with a year-on-year growth of 29.9%, and further growth projected at 22.5% and 17.5% for 2025 and 2026 respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company has shown strong revenue growth, with a 27.1% year-on-year increase in revenue for the first three quarters of 2024, reaching 1.95 billion yuan, and a 37.4% increase in net profit attributable to shareholders, totaling 240 million yuan [1][2] - The company's gross margin has improved to 70.8% for the first three quarters of 2024, up 3.5 percentage points year-on-year, driven by product mix optimization and lean management [2] - The report highlights the rapid growth of the makeup segment and an increase in average prices in the skincare category, indicating a robust performance despite a general industry slowdown [2] Financial Performance Summary - Revenue growth rates for the first three quarters of 2024 were 38.7%, 18.6%, and 25.8% respectively, with Q3 revenue reaching 600 million yuan [2] - The company’s Q3 gross margin was 72.2%, reflecting a year-on-year increase of 1.0 percentage point [2] - The projected net profit for 2024-2026 is estimated at 350 million yuan, 440 million yuan, and 540 million yuan respectively, with corresponding P/E ratios of 34x, 27x, and 22x [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported stable high growth in its Q3 2024 results, with revenue of 1.952 billion yuan (+27.07% year-on-year) and net profit attributable to shareholders of 239 million yuan (+37.38%) [1] - The strong performance is attributed to the deepening of the main brand's single product strategy and the continued rapid growth of the PL brand [1] - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares (including tax) [1] Revenue and Profitability - Q3 2024 revenue reached 600 million yuan (+25.79%), with net profit attributable to shareholders at 62 million yuan (+44.32%) [2] - The gross margin for Q1-Q3 2024 increased by 3.78 percentage points to 74.63%, driven by the volume increase of major products [2] - The net profit margin for Q1-Q3 2024 was 12.23%, up by 0.92 percentage points year-on-year [2] Product Performance - Eye care products in Q3 2024 generated revenue of 124 million yuan (+22%), while skincare products generated 215 million yuan (+15%) [2] - Beauty products saw a significant revenue increase of 54%, with a sales volume increase of approximately 71% [2] - The company focuses on core single products to enhance brand loyalty, with significant sales contributions from products like the peptide small red pen and collagen small gold needle [2] Future Outlook - The company has a strong pipeline of new products, with recent launches performing well during the Double Eleven shopping festival [2] - The report forecasts net profits for 2024-2026 at 3.5 billion yuan, 4.5 billion yuan, and 5.7 billion yuan, with year-on-year growth rates of +36%, +29%, and +25% respectively [2]

证券研究报告 | 2024年10月27日 丸美股份（603983.SH） 优于大市 三季度扣非归母净利同比增长 56%，盈利水平持续上行 公司业绩淡季仍表现优异。公司前三季度实现营收 19.52 亿，同比增加 27.07%；实现归母净利润 2.39 亿元，同比增加 37.38%；单三季度实现营业 收入 6.00 亿元，同比增 25.79%；实现归母净利润 6226.62 万元，同比增 44.32%；实现扣非后净利润 5999.45 万元，同比增 56.06%。公司依托大单品 策略叠加产品结构进一步优化，整体业绩表现优异。同时公司披露前三季度 分红，拟向全体股东每 10 股派发现金红利 2.50 元（含税），合计派发现金 红利超 1 亿元，分红率达 41.98%。 产品结构优化叠加持续推进降本增效，带动公司盈利水平不断提升。2024Q3 公司毛利率/净利率分别为 74.52%/10.46%，同比上升+2.07/+1.41pct，主要 由于产品结构优化所致。费用率方面，2024Q3 销售/管理/研发费用率分别为 58.90%/4.13%/3.10%，分别同比-0.19/-1.29/-0.09pct，公司加强精细化 ...

丸美股份（603983.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 盈利能力稳步提升，年内二次分红，看好持续高质量成长 2024 年 10 月 27 日 ➢ 事件：丸美股份发布 2024 年三季报。24Q1-3，公司实现营收 19.52 亿元， yoy+27.07%；归母净利润 2.39 亿元，yoy+37.38%；扣非归母净利 2.26 亿元， yoy+44.09%。单 Q3 看，公司实现营收 6.00 亿元，yoy+25.79%；归母净利润 0.62 亿元，yoy+44.32%；扣非归母净利 0.60 亿元，yoy+56.06%。 ➢ 眼部业务稳健增长，护肤和美容业务高增。1）眼部类：24Q1-3/单 Q3 营 收分别为 3.62/1.24 亿元，同比 +11.85%/+22.28% ，占总营收的 18.55%/20.62%；2）护肤类：24Q1-3/单 Q3 营收分别为 7.85/2.15 亿元，同 比+28.98%/+15.14%，占总营收的 40.23%/35.91%；3）洁肤类：24Q1-3/单 Q3 营收分别为 1.76/0.55 亿元，同比+14.69%/ ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Views - The company reported Q3 results that exceeded expectations, with revenue of 1.95 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 27.1%. The net profit attributable to shareholders was 239 million yuan, up 37.4% year-on-year [4][5]. - The company's profitability continues to improve, with a gross margin of 74.63% for Q1-Q3 2024, an increase of 3.79 percentage points year-on-year, and a net profit margin of 12.23%, up 0.92 percentage points year-on-year [4][5]. - Strong performance in key products, with significant growth in online channels for the main brand and the "Lianhuo" brand, both exceeding 50% year-on-year growth [4][5]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of 1.95 billion yuan, a 27.1% increase year-on-year, and a net profit of 239 million yuan, reflecting a 37.4% year-on-year growth [4][6]. - The gross margin for Q1-Q3 2024 was 74.63%, while the net profit margin was 12.23% [4][6]. Future Projections - The company is expected to achieve net profits of 386 million yuan, 460 million yuan, and 576 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 31, 26, and 21 [5][6]. Market Position - The company has successfully launched new products, such as the collagen cream, which has received positive market feedback, contributing to brand growth [4][5].

股 票 研 究 ——丸美股份 2024 年三季报点评 业绩超预期，大单品放量带动毛销差改善 丸美股份(603983) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | --- | |----------|-----------------------------------|-------------------|----------------------| | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 杨柳 ( 分析师 ) | 闫清徽 ( 分析师 ) | | | 021-38676442 | 021-38038323 | 021-38031651 | | | zimeng@gtjas.com | yangliu@gtjas.com | yanqinghui@gtjas.com | | 登记编号 | S0880513120002 | S0880521120001 | S0880522120004 | | --- | --- | --- | |--------------------------------|----- ...