高盛：珀莱雅_盈利回顾_3Q24销售额_NI与预期一致但OP因ROI压力而下降；4Q前景下调反映...

关注公众号: 永木纪要 25 October 2024 | 12:41AM HKT Proya Cosmetics (603605.ss) Earnings review: 3Q24 Sales/NI inline but lower OP on ROI pressure; Lower 4Q outlook reflecting disciplined Double 11 Mof 603605.SS 12m Price Target: Rmb107.50 Price: Rmb99.00 Upside: 8.6% Proya reported 3Q24 revenue/NI growth of 21%/21% yoy, in line, a with market consensus, but same as previous two quarters; OP came in 13% below with a 4.7ppt contraction in GPM-Selling expenses ratio due to elevated ROI pressure including increasing KOL ...