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].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——水羊股份 2024 年半年报点评 业绩低于预期，期待多品牌战略效果显现 水羊股份(300740) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-------|----------|----------------|----------------------| | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | | 闫清徽 ( | | 分析师 ) | | | 021-38676442 | | | 021-38031651 | | | | zimeng@gtjas.com | | | | yanqinghui@gtjas.com | | 登记编号 | S0880513120002 | | | S0880522120004 | | 本报告导 ...

2024 年 8 月 1 日 公司研究 上半年费用投入加大致业绩承压，期待品牌势能继续提升 ——水羊股份（300740.SZ）2024 年中报点评 | --- | --- | --- | --- | --- | |-----------------------------------------------|------------------------|-----------------------------------------------------------------------------------------------------------------------|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 | 2024年07月31日 水羊股份（300740.SZ） 优于大市 营销投放加大短期利润承压，伊菲丹持续优异表现 上半年加大销售费用投放导致利润端有所承压。上半年公司实现营业收入 22.9 亿/yoy+0.14%；归母净利润 1.06 亿/yoy-25.74%；单 Q2 实现营收 12.61 亿/yoy+1.41%；实现归母净利 0.66 亿/yoy-27.17%；扣非归母净利润 0.66 亿/yoy-40.32%。公司整体营收基本持平，公司加大品牌宣传和市场推广费 用的投入支出导致利润有所承压。同时上半年由于外汇套保业务导致公司亏 损 1751 万，目前远期合约已完全平仓，后续将不再产生相关影响。 分业务来看，自有品牌中，伊菲丹继续优异表现，预计单 Q2 收入增速在 40% 左右，利润率预计稳定略下滑。PA 和 VAA 品牌在低基数下实现较高增长。御 泥坊品牌仍处于品牌调整期，预计 Q2 收入端仍有下行压力，其他自有品牌 预计 Q2 收入均下滑低双位数。代理业务中，强生系板块仍在经营调整预计 收入仍处于下滑态势，但非强生板块表现较好，整体收入预计保持平稳水平。 毛利率不断上行，销售费用率提升 ...