珀莱雅：Q3收入业绩稳健增长，洗护靓丽

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company reported a robust revenue growth of 32.7% year-on-year (YoY) for the first three quarters of 2024, achieving a total revenue of 6.97 billion yuan and a net profit of 1.00 billion yuan, which is a 33.9% YoY increase [1][2] - In Q3 2024, the company generated revenue of 1.96 billion yuan, reflecting a 21.2% YoY growth, with a net profit of 300 million yuan, up 20.7% YoY [1][2] - The skincare, makeup, and hair care segments reported revenues of 1.65 billion yuan, 230 million yuan, and 80 million yuan respectively in Q3 2024, with growth rates of 20.7%, 18.7%, and 47.2% YoY [2] - Online sales maintained a high growth rate of over 30%, significantly outperforming the industry average, while offline sales faced challenges due to the retail environment [2] Financial Performance Summary - The company's gross profit margin for the first three quarters of 2024 was 70.1%, with a slight decline of 1.1 percentage points YoY, and for Q3 it was 70.7%, down 2.0 percentage points YoY [2] - The net profit margin for the first three quarters and Q3 2024 was 14.3% and 15.2% respectively, remaining stable despite pressures on gross margins [2] - The company adjusted its profit forecasts, expecting net profits of 1.57 billion yuan, 1.95 billion yuan, and 2.39 billion yuan for 2024 to 2026, corresponding to price-to-earnings (PE) ratios of 25x, 20x, and 16x [2][3] Financial Projections - Projected revenues for 2024, 2025, and 2026 are 11.52 billion yuan, 14.15 billion yuan, and 17.29 billion yuan, with growth rates of 29.35%, 22.84%, and 22.17% respectively [3][5] - The projected net profit for the same years is 1.57 billion yuan, 1.95 billion yuan, and 2.39 billion yuan, with growth rates of 31.79%, 23.99%, and 22.70% respectively [3][5] - The earnings per share (EPS) are expected to be 3.97 yuan, 4.92 yuan, and 6.04 yuan for 2024, 2025, and 2026 respectively [3][5]