好的 谢谢主持人亲爱的各位投资者各位朋友大家上午好欢迎大家来参加我们的互动2024年三季度的这个说明会我是公司的总经理吴小景本次会议我先会给大家简单介绍一下三季度的一个情况和我们目前业绩的一个算状然后后面也会有开放一部分投资者的提问欢迎大家与公司在线上进行交流 首先给大家简单介绍一下公司就是截至到Q3的一个整体的财务数据情况那2020年前三季度呢公司是实现营收30.45亿同比市下降了9.84单三季度收入7.52亿元同比市下降了30.87前三季度规模金利润0.94亿元同比下降47.6%左右然后扣费金利润11.08亿同比下降了47.82%那确实从这个财务数据来看我们三季度整体是出现了一个比较大的一个变化 在这里面这些变化的原因也跟大家分别来说明如下首先第一个还是说整体在外部环境的一个影响我们非常明显的感觉到就是今年二季度以来特别是六月份七月份到九月底之前整个公司受宏观经济的一个影响整个消费也是比较的低迷我们可以看到化妆品行业的总收入也是 已经连续好几个月是持续的出现下滑那这些呢都对公司的整体业务是产生了一个不利的外部影响那首先这是一个外部的一个整体的一个环境第二呢就是公司确实从今年就是二季度开始到下半年我们是逐步 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5] Core Views - The company is undergoing strategic adjustments, focusing on high-end luxury brands, which has led to short-term pressure on performance [2] - In Q3 2024, the company's revenue decreased by 31% year-on-year, resulting in a quarterly loss of 11.44 million [2] - The company aims to optimize its business structure by concentrating resources on high-end brands, which is expected to drive sustainable growth in the long term [3] Financial Summary - For the first three quarters of 2024, the company reported revenue of 3.04 billion, a decrease of 10% year-on-year, and a net profit attributable to the parent company of 94 million, down 48% [2] - In Q3 alone, revenue was 750 million, down 31% year-on-year, with a net loss of 11.44 million compared to a profit of 37.61 million in the same period last year [2] - The gross margin improved by 8 percentage points to 68% in Q3, while the net margin was -1.5%, a decrease of 5 percentage points year-on-year [2] Brand Performance - The company has three high-end beauty brands and is focusing on expanding these brands globally [2] - The brand "Ifidan" has seen over 50% growth in online sales and is expanding its offline presence with six new stores in high-end department stores [3] - "PA" has achieved explosive growth since its marketing push in the second half of 2023, targeting the repair and anti-aging market [3] - The acquisition of the high-end skincare brand "RéVive" is expected to enhance the company's portfolio and market presence [3] Earnings Forecast and Valuation - Revenue projections for 2024-2026 are 4.18 billion, 4.62 billion, and 5.02 billion, with year-on-year changes of -7%, +11%, and +9% respectively [4] - Net profit forecasts for the same period are 200 million, 308 million, and 372 million, with year-on-year changes of -32%, +54%, and +21% respectively [4] - The current market valuation corresponds to a price-to-earnings ratio of 24, 15, and 13 for the years 2024, 2025, and 2026 respectively [4]

股 票 研 究 证 券 研 究 报 告 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 /[Table_Date] 2024.11.02 ——水羊股份 2024 年三季报点评 战略调整致业绩承压，关注后续高端化进展 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 ) | 杨柳 ( 分析师 ) | | | 闫清徽 ( | ...

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company is experiencing pressure on its third-quarter performance due to brand adjustments and preemptive promotional spending, leading to a decline in profits. However, gross margins continue to improve [2]. - For the first three quarters of 2024, the company achieved a revenue of 3.045 billion yuan, a year-on-year decrease of 9.84%, and a net profit attributable to the parent company of 94 million yuan, down 47.6% year-on-year [2]. - The company is focusing on high-end and global strategies, with significant growth in its self-owned brands, particularly in the high-end segment [3]. Financial Performance Summary - The company reported a revenue of 7.52 billion yuan in Q3 2024, a year-on-year decline of 30.87%, with a net profit attributable to the parent company of -11 million yuan [2]. - The gross margin for Q3 was 67.99%, an increase of 7.67 percentage points year-on-year, while the net margin was -1.49% [2]. - The sales expense ratio for Q3 was 57.45%, up 8.17 percentage points year-on-year, primarily due to preemptive spending for promotional activities [2]. - The company expects to achieve net profits of 200 million, 295 million, and 356 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.51, 0.76, and 0.91 yuan [4]. Strategic Developments - The company continues to implement a dual business strategy of self-owned and CP brands, with notable growth in high-end products [3]. - The company has acquired a high-end skincare brand in the U.S. and gained complete ownership of a French brand, enhancing its product structure and market positioning [3]. - The company is currently in an adjustment phase for its brands, with a focus on optimizing its product mix and enhancing profitability through successful overseas brand operations [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2]. Core Views - The company is undergoing strategic adjustments that have temporarily impacted its performance, but there is optimism regarding its high-end beauty strategy leading to healthy growth [2][3]. - The company has seen a significant increase in the proportion of high-margin brands, resulting in a record high gross margin of 68% in Q3 2024, up 7.67 percentage points year-over-year [1][3]. - The high-end brand matrix is taking shape with the recent acquisition of the luxury skincare brand RéVive, which is expected to enhance growth potential [1][3]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 750 million yuan, a year-over-year decrease of 30.9%, and a net profit of -10 million yuan, down 130.4% year-over-year [2]. - For the first three quarters of 2024, the company reported revenue of 3.05 billion yuan, a decrease of 9.8% year-over-year, and a net profit of 9 million yuan, down 47.6% year-over-year [2]. - The company's gross margin for the first three quarters of 2024 was 63.1%, an increase of 5.08 percentage points year-over-year, while the net margin was 3.2%, down 2.29 percentage points year-over-year [1][3]. Future Projections - The company expects earnings per share (EPS) to be 0.50 yuan in 2024, 0.75 yuan in 2025, and 0.95 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 25.6, 17.0, and 13.3 respectively [3]. - The projected revenue for 2024 is 4.061 billion yuan, with a year-over-year decline of 9.6%, followed by a recovery in 2025 with an expected increase of 11.0% [3].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 3.045 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.84%, and a net profit attributable to shareholders of 94 million yuan, down 47.60% year-on-year [2]. - The company is focusing on high-end brand development, with a significant increase in gross margin driven by brand positioning, despite increased sales expenses impacting profitability [3]. - The acquisition of high-end beauty brands, including RéVive and PierAuge, is expected to enhance the company's brand matrix and drive revenue and profit growth [3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 752 million yuan, a decline of 30.87% year-on-year, and a net profit of -11 million yuan, a decrease of 130.41% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 63.09%, with a Q3 gross margin of 67.99%, reflecting an increase of 5.08 and 7.67 percentage points year-on-year, respectively [3]. - The sales expense ratio increased to 49.46% for the first three quarters and 57.45% for Q3, up 6.14 and 8.17 percentage points year-on-year [3]. Future Projections - The company expects net profits for 2024 to be 191 million yuan, with projected growth rates of -35.0%, +34.0%, and +22.1% for the years 2024, 2025, and 2026, respectively [3][6]. - The price-to-earnings (PE) ratios are projected to be 26X for 2024, 19X for 2025, and 16X for 2026 [3][6]. Brand Development Strategy - The company has successfully integrated EDB, PA, and RéVive into its high-end brand portfolio, with EDB's global GMV surpassing 1 billion yuan in 2023, marking a year-on-year growth of approximately 100% [3]. - The company aims to replicate EDB's success with PierAuge, which has a global GMV of approximately 35-40 million USD, and RéVive, with a GMV of about 70-80 million USD [3].

编号：2024-007 证券代码：300740 证券简称：水羊股份 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司投资者关系活动记录表 | --- | --- | |-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 | 2024年10月30日 水羊股份（300740.SZ） 优于大市 调整转型致短期业绩承压，外延驱动全球化高端化进程 公司内部调整致业绩承压。前三季度实现营业收入 30.45 亿/yoy-9.84%；实 现归母净利润 0.94 亿/yoy-47.6%。单三季度实现营业收入 7.52 亿 /yoy-30.87%，其中预计自有品牌和代理收入端均有 30%下滑；实现归母净利 润-1143.98 万元，上年同期净利润 3761.43 万元，由盈转亏。 分业务来看，自有品牌中，由于公司 Q3 主动清退御泥坊线下渠道，御泥坊 单 Q3 收入下滑约 60%，同时对于公司利润端产生约 4000 万影响；伊菲丹仍 表现稳健，Q3 收入预计同比增长约 20%+，利润率预计维持 18%-20%，由于今 年较多专场直播于 10 月开播，较去年 9 月存在排期差，因此存在收入转化 的滞后性，目前 10 月来看整体伊菲丹仍表现良好。其他自有品牌由于收窄 投放整体收入处于下滑态势，基本处于盈亏平衡。代理业务中，Q3 强生业务 由于仍在调整期预计收入下滑 30%+，利润率也略有下滑；同时公司主动清退 了部分不盈利的小品牌，导 ...

Financial Performance - The company's revenue for Q3 2024 was ¥752,001,981.44, representing a decrease of 30.87% compared to the same period last year[2]. - The net profit attributable to shareholders was -¥11,439,778.31, a decline of 130.41% year-over-year[2]. - The basic earnings per share (EPS) was -¥0.0292, down 130.26% from the previous year[2]. - Total operating revenue for the current period is CNY 3,044,847,507.51, a decrease of 9.83% from CNY 3,377,297,990.81 in the previous period[21]. - Net profit for the current period is CNY 98,075,054.95, a decline of 47.38% compared to CNY 186,114,653.52 in the previous period[22]. - Total comprehensive income for the current period is CNY 95,619,094.44, down from CNY 183,974,987.91 in the previous period[23]. - Earnings per share (basic) decreased to CNY 0.2425 from CNY 0.4626 in the previous period[23]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥4,086,902,596.51, a decrease of 0.68% from the end of the previous year[2]. - The company’s total liabilities increased by 33.47% to ¥309,796,815.68 due to new short-term borrowings[5]. - The company's total assets and equity totaled CNY 4,086,902,596.51 and CNY 2,083,761,529.04 respectively[20]. - The company’s total liabilities and equity decreased from CNY 4,114,979,918.91 to CNY 4,086,902,596.51[20]. Cash Flow - Operating cash inflow for the current period was ¥2,962,385,198.58, a decrease of 7.73% from ¥3,210,677,483.59 in the previous period[24]. - Operating cash outflow for the current period was ¥3,046,477,320.66, down 6.81% from ¥3,269,975,941.11 in the previous period[24]. - Net cash flow from operating activities was -¥84,092,122.08, worsening from -¥59,298,457.52 in the previous period[24]. - Investment cash inflow totaled ¥554,955,923.31, significantly up from ¥38,141,393.72 in the previous period[25]. - Investment cash outflow was ¥725,668,930.22, an increase from ¥369,520,033.85 in the previous period[25]. - Net cash flow from investing activities was -¥170,713,006.91, improving from -¥331,378,640.13 in the previous period[25]. - Financing cash inflow was ¥886,037,440.47, down from ¥1,588,368,508.64 in the previous period[25]. - Financing cash outflow totaled ¥845,046,978.88, a decrease from ¥1,264,300,080.44 in the previous period[25]. - Net cash flow from financing activities was ¥40,990,461.59, down from ¥324,068,428.20 in the previous period[25]. - The ending balance of cash and cash equivalents was ¥255,377,328.81, compared to ¥227,922,515.00 in the previous period[25]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,178[7]. - The largest shareholder, Hunan Yujia Investment Management Co., Ltd., holds 24.70% of shares, totaling 95,904,214 shares[7]. - The company has no preferred shareholders or changes in preferred shareholder status during the reporting period[9]. - The top ten shareholders have not participated in margin trading or securities lending activities[8]. - The company has no significant changes in the number of shareholders or shareholding structure compared to the previous period[8]. - The company’s major shareholders have pledged a total of 47,940,000 shares[7]. Convertible Bonds - The company issued 6,949,870 convertible bonds with a total amount of RMB 69,498.70 million, netting RMB 68,695.83 million after expenses[11]. - The convertible bonds were approved by the China Securities Regulatory Commission and began trading on April 25, 2023[12]. - The initial conversion price for the convertible bonds was set at RMB 13.71 per share, later adjusted to RMB 13.53 per share[12]. - The conversion price of "Shuiyang Convertible Bonds" was adjusted from 13.53 CNY/share to 13.54 CNY/share effective from September 2, 2024, with a total of 146 shares converted in Q3 2024[13]. - As of September 30, 2024, there are 6,948,943 "Shuiyang Convertible Bonds" remaining[13]. - The company decided not to lower the conversion price of "Shuiyang Convertible Bonds" for the next six months, maintaining the current price[14]. Stock Incentive Plans - A total of 338,933 shares from the 2019 stock option and restricted stock incentive plan were repurchased and canceled, affecting 305 incentive targets[15]. - 1,850,141 shares from the 2021 restricted stock incentive plan were canceled due to unmet performance targets[16]. - 1,831,636 shares from the 2023 restricted stock incentive plan were canceled due to unmet performance targets and 68 departing incentive targets[17]. Other Financial Metrics - Cash and cash equivalents decreased by 46.54% to ¥296,324,532.38 due to promotional expenses and payments[5]. - The company reported a significant drop in investment income, with a loss of -¥42,213,497.96, a decline of 11,140.25% compared to the previous period[6]. - The fair value change income was ¥24,673,777.93, a 195.56% increase year-over-year[6]. - The company experienced a foreign exchange loss of CNY 24,673,777.93 compared to a loss of CNY 25,820,319.58 in the previous period[22]. - The company reported a decrease in research and development expenses to CNY 57,439,187.71 from CNY 64,492,897.31 in the previous period[21]. - Total current assets amounted to 2,245,571,844.48 CNY, down from 2,315,053,316.01 CNY at the beginning of the period[18]. - Total non-current assets increased to 1,841,330,752.03 CNY from 1,799,926,602.90 CNY[19]. - Total liabilities decreased to 2,003,141,067.47 CNY from 2,040,147,063.41 CNY[19].

证券代码：300740 证券简称：水羊股份 公告编号：2024-071 记载、误导性陈述或重大遗漏。 水羊集团股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开了 第三届董事会 2024年第四次临时会议及第三届监事会 2024年第一次临时会议， 审议通过了《关于注销 2019 年股票期权与限制性股票激励计划首次/预留授予 第四/第三个行权期满未行权的股票期权的议案》，现将有关情况公告如下： 一、本次激励计划已履行的决策程序和批准情况 1、公司于 2019 年 4 月 19 日召开了第一届董事会 2019 年第二次临时会议 及第一届监事会 2019 年第二次临时会议，审议通过了《关于〈公司 2019 年股 票期权与限制性股票激励计划（草案）〉及其摘要的议案》（以下简称"本激励计 划"）、《关于〈公司 2019 年股票期权与限制性股票激励计划实施考核管理办法〉 的议案》等议案。公司董事会在审议相关事项时，关联董事已根据《公司法》等 法律、法规和规范性文件以及《公司章程》的有关规定进行了回避表决，独立董 事对本次激励计划发表了同意的独立意见。公司监事会对本次激励计划首次授予 1 的激励对象名单 ...