Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a net profit of 781 million yuan in 2024, representing a year-on-year increase of 69.4%, with total revenue reaching 6.793 billion yuan, up 62.1% [6] - The main brand, Han Shu, showed strong growth with revenue of 5.591 billion yuan, an increase of 80.9%, and is positioned as the second in online GMV among domestic beauty brands [7] - The company is expected to continue its growth trajectory with projected net profits of 1.006 billion yuan, 1.258 billion yuan, and 1.532 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.53, 3.16, and 3.85 yuan [6] Financial Summary and Valuation Metrics - Revenue for 2024 is reported at 6.793 billion yuan, with a year-on-year growth of 62.1% [9] - The gross margin for 2024 is 75.2%, an increase of 3.2 percentage points, driven by changes in product structure [7] - The projected P/E ratios for 2025, 2026, and 2027 are 16.9, 13.5, and 11.1 respectively, indicating a relatively low valuation [6][9]
上美股份：港股公司信息更新报告：2024年归母净利润+69.4%，国货美妆龙头多面开花-20250325