Core Viewpoint - The report from CICC maintains the profit forecast for Shumei Co., Ltd. (02145) for 2025-2026, with the current stock price corresponding to a P/E ratio of 30/23x for those years, and raises the target price by 8% to HKD 106, indicating a potential upside of 17% [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue reached RMB 4.11 billion, a year-on-year increase of 17.3%, exceeding the upper limit of the previous earnings forecast [1] - The net profit for 1H25 was RMB 560 million, up 34.7% year-on-year, also above the previous forecast range [1] - The attributable net profit was RMB 520 million, reflecting a year-on-year increase of 30.6%, aligning with the expectations of the report [1] Group 2: Brand and Product Performance - The Han Shu brand generated RMB 3.34 billion in revenue, a 14% year-on-year increase, with successful expansion across multiple product lines [2] - The Yi Ye brand saw a significant revenue increase of 146% year-on-year, reaching RMB 400 million, with strong sales of its star product [2] - The Hongse Xiaoxiang brand generated RMB 160 million, indicating initial success in brand transformation [2] Group 3: Channel and Operational Efficiency - The company's gross margin improved by 1.7 percentage points to 75.5% in 1H25, while the sales expense ratio decreased by 0.7 percentage points to 56.9% [3] - The online sales revenue was RMB 3.81 billion, a 20% year-on-year increase, accounting for 93% of total revenue, with significant growth driven by platforms like Tmall and JD [2] - The management and R&D expense ratios increased slightly, but overall profitability improved, with the attributable net profit margin rising by 1.3 percentage points to 12.8% [3] Group 4: Future Growth Strategy - The company continues to expand its brand matrix, having launched new brands in May and August, with positive initial results [4] - Plans for the second half of 2025 include launching new brands targeting specific markets, such as maternal and infant products and professional cosmetics [4] - The long-term strategy focuses on developing six major brands across three key sectors over the next three years, aiming for significant growth in the cosmetics industry [4]
中金：维持上美股份(02145)跑赢行业评级 上调目标价至106港元