珀莱雅：618再获全胜，龙头优势彰显

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 149.72 [2][8]. Core Insights - The company has demonstrated strong performance during the 618 sales event, surpassing industry averages across multiple channels, brands, and product categories, showcasing its leadership in the domestic beauty market [2][3]. - The main brand, Proya, continues to grow rapidly despite a high revenue base, driven by key products such as the Dual Antibody and Ruby series, with significant contributions from other brands like Off&Relax and YuFuni [2][3][5]. - The report forecasts earnings per share (EPS) of RMB 3.94, RMB 4.78, and RMB 6.01 for the years 2024, 2025, and 2026 respectively, with a projected price-to-earnings (PE) ratio of 38 times for 2024 [2][6]. Summary by Sections Sales Performance - During the 618 event, Proya ranked first in sales across major platforms such as Tmall, Douyin, and JD, with year-on-year growth rates of over 70% on Tmall and 110% on Douyin [3]. - The brand achieved a revenue of RMB 7.177 billion in 2023, reflecting a year-on-year growth of 36.36% [3]. Product Performance - The report highlights the strong performance of key products, including the Ruby cream and Dual Antibody cream, which have shown impressive sales figures [3]. - The color cosmetics brand, CaiTang, also performed well, ranking first in Tmall's color makeup category with over 80% growth in GMV [4]. Financial Projections - The company is expected to achieve revenues of RMB 11.411 billion, RMB 13.952 billion, and RMB 16.640 billion for the years 2024, 2025, and 2026 respectively, with growth rates of 28.15%, 22.26%, and 19.27% [6][11]. - Net profit is projected to reach RMB 1.562 billion, RMB 1.898 billion, and RMB 2.386 billion for the same years, with growth rates of 30.84%, 21.53%, and 25.69% [6][11].