珀莱雅：点评：业绩超预期，多品牌延续亮眼表现

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company's performance in H1 2024 exceeded expectations, achieving revenue of 5.001 billion yuan, a year-on-year increase of 37.90%, and a net profit attributable to shareholders of 0.702 billion yuan, up 40.48% [1]. - The core brands continue to show excellent growth, with a rich reserve of new products and upgrades [1]. - The company is expected to maintain strong growth in the coming years, with projected net profits of 1.542 billion yuan, 1.925 billion yuan, and 2.349 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 29%, 25%, and 22% [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 69.82%, a period expense ratio of 51.72%, and a net profit margin of 14.47%, with year-on-year changes of +0.11, +1.17, and +0.65 percentage points, respectively [2]. - Revenue from skincare and cleansing products contributed significantly, with skincare revenue at 4.191 billion yuan, accounting for 83.91% of total revenue [2]. Brand Performance - The core brand, Proya, generated revenue of 3.981 billion yuan in H1 2024, a year-on-year increase of 37.67% [1]. - The brand's major products, such as the "Source Cream 2.0" and "Ruby Essence 3.0," have been upgraded with innovative ingredients, enhancing consumer acceptance and loyalty [1]. Market Position - Proya ranked first in the Tmall platform for essence and cream categories, maintaining a leading position in the market [1]. - The company has also seen significant online sales growth, with online revenue reaching 4.68 billion yuan in H1 2024, a year-on-year increase of 40.52%, accounting for 93.69% of total revenue [1]. Future Projections - The company is projected to achieve total revenue of 11.310 billion yuan in 2024, with a growth rate of 27.0% [3]. - The expected earnings per share (EPS) for 2024 is 3.89 yuan, with a price-to-earnings (P/E) ratio of 23.34 [3].