Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The company has increased its sales expenses, leading to profit pressure in H1 2024. Revenue for H1 2024 was 2.29 billion yuan, a year-on-year increase of 0.14%, while net profit attributable to the parent company was 106 million yuan, a decrease of 25.74% year-on-year. The gross margin improved to 61.5%, up 4.6 percentage points, due to a higher proportion of high-margin product sales. The sales expense ratio increased to 46.8%, up 6.4 percentage points, as the company focused on promoting its key brands [2][4]. Summary by Sections Financial Performance - For H1 2024, the company achieved revenue of 2.29 billion yuan, with a net profit of 106 million yuan, reflecting a year-on-year decline of 25.74%. The gross margin was 61.5%, an increase of 4.6 percentage points. The sales expense ratio rose to 46.8%, while the management expense ratio was 4.7% and the R&D expense ratio was 1.4% [2][4]. Brand Performance - The high-end brand "Yifidan" continued to show strong growth despite a slightly weak macro environment. Key products like "Super Face" and "Super CP" maintained high growth rates. The brand's penetration in high-end skincare on platforms like Xiaohongshu ranked top, and new product launches are expected to enhance brand visibility [2][3]. Business Strategy - The company is building a multi-tiered brand matrix with its own brands and agency brands. The "Yunifang" brand underwent a successful upgrade, and the "PA" brand is focusing on building a product lineup. The agency business, particularly "Misty," has seen revenue double through celebrity endorsements and channel development [2][3]. Future Projections - The company has adjusted its revenue forecasts for 2024-2026 to 4.575 billion yuan, 5.046 billion yuan, and 5.480 billion yuan, respectively. The net profit forecasts are 290 million yuan, 381 million yuan, and 454 million yuan for the same period. The corresponding P/E ratios are projected to be 16.1X, 12.3X, and 10.3X [2][4].

证券研究报告 非金融公司|公司点评|水羊股份 (300740) 品牌建设投入加大，阶段性影响利润实 现 请务必阅读报告末页的重要声明 2024年08月03日 证券研究报告 |报告要点 公司聚焦品牌资产建设，力求实现品牌势能放大与品牌长期发展，加大了主要品牌的品牌种 草、市场投放等相关费用支出，导致 2024H1 归母净利润与扣非归泰净利润同比下滑。2024H1 毛利率 61.5% （同比+4.57pct） 销售费率 46.8%（同比+6.35pct）,归母净利率 4.61%（同比- 1.61pct)。 | 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 2024年08月03日 水羊股份（300740） 品牌建设投入加大，阶段性影响利润实现 | --- | --- | |-------------------------|-----------------------------| | | | | 业: 授资评级: | 美容护理/化妆品 买入 (维持) | | 当前价格: | 12. ...

分析师：吴春红 执业证书编号：S1410523110001 2024 年中报点评：费用投放增加导致 净利率下降，伊菲丹延续高增长 联系人：黄燕芝 执业证书编号：S1410123120005 | --- | --- | |------------|----------| | | | | 当前价格 : | 12.54 元 | | 目标价格 : | 15.40 元 | | 目标期限 : | 6 个月 | | --- | --- | |-------------------------|---------------------------| | 市场数据 | | | 总股本(百万股 ) | 388.68 | | A 股股本(百万股 ) | 388.68 | | B/H 股股本(百万股 ) | 0 | | A 股流通比例 (%) | 91.95% | | 12 个月最高/最低(元 | ) 22.55/11.68 | | 第一大股东 | 湖南御家投资管 理有限公司 | | 第一大股东持股比 例 (%) | 24.67% | | 上证综指 /沪深 300 | 2938.75/3442.08 | | 注： | 2024 年 ...

水羊股份(300740) / 化妆品 / 公司点评 / 2024.08.02 投放加大业绩咯低于预期,伊菲丹势能强 核心观点 ■ 证券研究报告 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | | | | 基本數据 | 2024-08-01 | | 收盘价(元) | 12.18 | | 流通股本(亿股) | 3.57 | | 每股净资产(元) | 5.28 | | 总股本(亿股) | 3.89 | | 最近 12月市场表现 | | � ogo � 刘洋 分析师 SAC 证书编号: S0160521120001 liuyang01@ctsec.com 相关报告 1. 《盈利能力大幅改善,聚焦驱动结构 优化》 2024-04-24 2. 《发布 2023 业绩预告，盈利实现强 劲增长》 2024-01-19 3. 《Q3 业绩承压，关注品牌升级持续 推进》 2023-10-27 � � 事件:公司发布 2024 年半年报:2024H1 公司实现营收 22.9 亿元,同比 +0.14%;实现归母净利润 1.1 亿元,同比-25.7%;实 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [2][10]. Core Viewpoints - The company reported a revenue of 2.293 billion in H1 2024, a year-on-year increase of 0.14%, while the net profit attributable to the parent company was 106 million, a decrease of 25.74% year-on-year [1]. - The company is focusing on brand asset construction to enhance brand momentum and long-term development, increasing expenses related to major brands, which has impacted current operating performance [1]. - The gross margin for H1 2024 was 61.5%, an increase of 4.6 percentage points year-on-year, indicating further optimization of the overall business and product structure [1]. - The company aims to replicate the success of its brand "Yifidan" with other high-end brands, expecting to see growth in product categories such as sunscreen and creams in 2024 [1][2]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are adjusted to 4.6 billion, 5.1 billion, and 5.7 billion respectively, down from previous estimates of 4.9 billion, 5.6 billion, and 6.3 billion [2]. - Expected net profit attributable to the parent company for 2024-2026 is revised to 300 million, 360 million, and 420 million respectively, compared to earlier forecasts of 400 million, 470 million, and 540 million [2]. Financial Data Summary - The company achieved a revenue of 1.261 billion in Q2 2024, a year-on-year increase of 1.4%, with a net profit of 66 million, down 27.2% year-on-year [1]. - The sales expense ratio for H1 2024 was 46.8%, an increase of 6.4 percentage points year-on-year, primarily due to increased promotional expenses [1]. - The company is expected to see a continued increase in online and offline channel growth, with offline channels growing over 100% in H1 2024 [1].

华泰联合证券有限责任公司 2 关于水羊集团股份有限公司 2024 年半年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：水羊股份 | | --- | --- | | 保荐代表人姓名：张磊清 | 联系电话：0755-82492010 | | 保荐代表人姓名：龙伟 | 联系电话：0755-82492010 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防 | | | 止关联方占用公司资源的制度、募集资金管理制度、内 | 是 | | 控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | | 根据 2024 年 4 月 24 日披露的 | | | 《水羊集团股份有限公司董 ...

Investment Rating - Buy (Maintained) [2] Core Views - The company reported H1 2024 revenue of RMB 2.293 billion (yoy +0.14%) and net profit attributable to shareholders of RMB 106 million (yoy -25.74%) [2] - In Q2 2024, revenue was RMB 1.261 billion (yoy +1.41%) and net profit attributable to shareholders was RMB 66 million (yoy -27.17%) [2] - The company is expected to achieve revenue of RMB 4.638 billion, RMB 5.441 billion, and RMB 5.692 billion in 2024-2026, with year-on-year growth rates of +3.23%, +17.30%, and +4.61% respectively [4] - Net profit attributable to shareholders is forecasted to be RMB 300 million, RMB 360 million, and RMB 411 million in 2024-2026, with year-on-year growth rates of +1.94%, +20.13%, and +14.06% respectively [4] Marketing and Branding - The company focuses on brand asset construction, increasing brand awareness and market penetration through collaborations with celebrities like Liu Jialing and Tony Leung for EDB [3] - EDB's super CP combination (super mask and collagen essence water) has strengthened market recognition, with high growth in products like essence sunscreen and rich cream [3] - Yuni Fang launched the anti-aging essence "Black Ginseng Collagen Bottle," and the "Big Water Drop 3-Point Acne Essence" has sold over 7.7 million bottles in three years [3] Channel Performance - In H1 2024, online self-operated platform revenue was RMB 88 million (yoy -52.47%), while third-party platform revenue was RMB 1.964 billion (yoy +7.39%) [3] - Taobao platform revenue was RMB 574 million (yoy -24.22%), while Douyin revenue was RMB 859 million (yoy +73.01%) [3] - EDB expanded into high-end department stores, luxury hotels, and SPA channels, with offline channel growth exceeding 100% [3] Financial Performance - H1 2024 gross margin was 61.48% (yoy +4.56 ppts), while net margin was 4.77% (yoy -1.63 ppts) [3] - Sales expense ratio was 46.84% (yoy +6.36 ppts), management expense ratio was 4.69% (yoy -0.33 ppts), R&D expense ratio was 1.39% (yoy -0.62 ppts), and financial expense ratio was 1.38% (yoy +0.57 ppts) [3] - Q2 2024 gross margin was 61.60% (yoy +1.99 ppts), and net margin was 5.29% (yoy -2.11 ppts) [3] Valuation and Forecast - EPS for 2024-2026 is expected to be RMB 0.77, RMB 0.93, and RMB 1.06 per share, with corresponding P/E ratios of 16x, 14x, and 12x [4] - The company's P/B ratio is forecasted to be 2.08x, 1.83x, and 1.60x for 2024-2026 [6] - ROE is expected to be 12.8%, 13.5%, and 13.5% for 2024-2026, with asset turnover ratios of 1.09x, 1.16x, and 1.13x respectively [7]

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 [Table_TargetPrice] 水羊股份(300740)公司点评报告 2024 年 08 月 01 日 [Table_Title] 24H1 利润承压，EDB 持续沉淀品牌资产 [Table_Invest]买入|维持 ——水羊股份(300740) 2024 年半年报点评 [Table_Summary] 事件： 公司发布 2024 年半年度报告。 点评： 销售费用高投放叠加投资收益变动致利润承压，产品结构优化带动毛 利率提升 24H1 公司实现营业收入 22.93 亿元，同比增长 0.14%，实现归属母公司净 利润 1.06 亿元，同比下降 25.74%，实现扣非归母净利润 1.19 亿元，同比 下降 19.07%。利润承压主要系公司聚焦品牌资产建设，加大了主要品牌的 品牌种草、市场投放等相关费用支出以及远期外汇合约到期影响投资收益 所致。盈利能力方面，24H1 公司毛利率为 61.48%，同比明显提升 4.57pct， 净利率为 4.77%，同比下降 1.64pct。费用端来看，24H1 公司销售费用率 为 46.84%，同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company is increasing its brand promotion investments to build long-term brand momentum, which is expected to disrupt short-term profits [2]. - In Q2 2024, the company reported revenue of 1.26 billion RMB, a year-on-year increase of 1.4%, while net profit attributable to shareholders was 65.78 million RMB, a year-on-year decrease of 27% [2]. - The increase in sales expenses, which rose to 47.27% of revenue (up 7.43 percentage points year-on-year), is attributed to higher marketing expenditures for key brands [2]. Revenue and Profit Analysis - The company's revenue from Douyin (TikTok) grew significantly, reaching 860 million RMB in the first half of 2024, a year-on-year increase of 73%, while revenue from Taobao declined by 24.2% to 570 million RMB [2]. - The product mix is improving, with the gross margin in the first half of 2024 increasing by 2 percentage points to 61.6% [2]. - The company's face mask revenue decreased by 21% to 360 million RMB, while revenue from lotions and creams increased by 4.23% to 1.79 billion RMB, with a gross margin increase of 6.98 percentage points [2]. Brand Strategy and Market Position - The brand "Yifidan" is enhancing its high-end image and expanding its premium channels, with a focus on high-end department stores and hotels [2]. - The company is leveraging celebrity endorsements to strengthen brand recognition and targeting high-end consumer segments [2]. - The report anticipates continued brand momentum as the company expands its product lines and improves market recognition [2]. Financial Forecasts - The profit forecast has been adjusted downwards, with expected net profits for 2024, 2025, and 2026 at 305 million RMB, 373 million RMB, and 434 million RMB, respectively, reflecting year-on-year growth of 4%, 22%, and 17% [2][5]. - The corresponding price-to-earnings ratios are projected to be 16, 13, and 11 times for the respective years [2].

Investment Rating - The investment rating for the company is "Buy" [3] - The target price has been adjusted to 14.52 CNY from a previous forecast of 22.95 CNY [3] Core Insights - The company's performance in the first half of 2024 was below expectations, primarily due to increased brand investment leading to a rise in sales expense ratio [2][8] - Anticipation for the maturation of star brands like Yifidan and the transformation of brands such as Yuni and Dazhuidi to improve sales and profits [2] - The company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items for H1 2024 at 2.293 billion CNY, 106 million CNY, and 119 million CNY respectively, showing a year-on-year change of 0%, -26%, and -19% [8] - The gross margin increased by 4.56 percentage points to 61.48%, driven by a significant rise in the gross margin of water, milk, cream products [8] Financial Summary - The company’s total revenue for 2024 is projected at 4.569 billion CNY, with a net profit attributable to the parent of 257 million CNY [9] - The earnings per share (EPS) forecast for 2024 has been revised down to 0.66 CNY, with subsequent years projected at 0.91 CNY and 1.16 CNY [8][9] - The company’s market capitalization is approximately 4.874 billion CNY, with a current share price of 12.54 CNY [4][3] - The company’s net asset value per share is 5.51 CNY, with a price-to-book ratio of 2.3 [5]