Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The report highlights that the company has successfully navigated through various phases of the cosmetics industry over the past 20 years, demonstrating resilience and adaptability [5]. - The company is recognized as a leading domestic multi-brand cosmetics enterprise, with significant growth potential driven by its core brand, Han Shu [5][7]. - The report projects revenue growth rates of 56.6%, 75.9%, 27.9%, and 19.1% for the years 2023 to 2026, respectively [1]. Summary by Sections Company Development Overview - The company has evolved through several key phases, including brand inception, television shopping, focused marketing, multi-brand development, and recent shifts towards e-commerce [5][15]. - The founder, Mr. Lv Yixiong, has played a crucial role in the company's strategic direction and market positioning, leveraging insights from market trends and consumer behavior [5][15]. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 4,191 million, 7,370 million, 9,425 million, and 11,227 million yuan from 2023 to 2026, respectively [1]. - The projected net profit attributable to shareholders is forecasted to be 461 million, 896 million, 1,161 million, and 1,368 million yuan for the same period [1]. - The report suggests that the company's earnings per share will increase from 1.16 yuan in 2023 to 3.44 yuan in 2026, with corresponding price-to-earnings ratios of 33, 17, 13, and 11 [1]. Brand Performance - Han Shu has become the primary revenue driver, contributing approximately 84% of total revenue in the first half of 2024, up from 32% in 2019 [7][8]. - The company has successfully repositioned its brands to adapt to changing consumer preferences and market dynamics, particularly focusing on online sales channels [5][7]. Market Positioning - The company has established a strong foothold in the domestic cosmetics market, ranking among the top five domestic brands by retail sales from 2015 to 2021 [5]. - The report emphasizes the company's strategic focus on the mid-range price segment, targeting consumers in lower-tier cities, which has differentiated it from international competitors [22].
上美股份：深度报告：20年发展深度复盘：穿越周期，韧性增长