珀莱雅：点评报告：业绩延续亮眼增长，核心大单品持续升级

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][3] Core Views - The company continues to show impressive growth, with a 40.48% year-on-year increase in net profit attributable to shareholders for the first half of 2024. Revenue reached 5.001 billion yuan, up 37.90% year-on-year, while net profit was 702 million yuan, reflecting a 40.48% increase. The company’s cash flow from operating activities decreased by 43.95% year-on-year due to increased sales expenses and changes in payment cycles [3][11]. Summary by Sections Performance Overview - In H1 2024, the company achieved revenue of 5.001 billion yuan, a 37.90% increase year-on-year, and a net profit of 702 million yuan, up 40.48% year-on-year. The quarterly breakdown shows Q1 revenue growth of 34.56% and Q2 growth of 40.59%. The net profit for Q1 increased by 45.58%, while Q2 saw a 36.84% increase [3]. Brand Strategy - The main brand, Proya, continues to upgrade its core products, focusing on the "big product strategy." The "Ruby Series" and "Source Power Series" have been enhanced, with new products targeting specific skin types. In H1 2024, Proya's revenue was 3.981 billion yuan, accounting for 79.71% of total revenue [4][11]. Sub-brands Performance - The sub-brand Caitang achieved revenue of 582 million yuan, a 40.57% increase, while OR generated 138 million yuan, up 41.91%. The brand Yuefuti also saw revenue growth of 22.35%, reaching 161 million yuan [4][11]. Market Position - Proya's flagship store on Tmall ranked first in the beauty category, with significant sales performance on other platforms like Douyin and JD. The company is optimizing its offline store structure and enhancing customer experience, with offline revenue growing by 8.85% to 314 million yuan [11]. Profitability and Forecast - The company maintains a strong profitability outlook, with projected net profits of 1.599 billion yuan, 1.970 billion yuan, and 2.407 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 21, 17, and 14 times [11][12].