Investment Rating - The report assigns a "Buy" rating for the company, with an initial coverage forecast for net profit attributable to the parent company reaching 1.01 billion, 1.23 billion, and 1.45 billion yuan for the years 2025 to 2027 respectively [12][13]. Core Insights - The company, as one of the earliest established Chinese cosmetics firms, has achieved cyclical growth through strong channel and marketing capabilities, supported by a mature supply chain and deep in-house research and development capabilities [5][12]. - The main brand, Han Shu, is expanding its product categories and channels, with a focus on high-priced single products and reducing reliance on high-fee Douyin channels, which is expected to improve sales structure and contribute to revenue and performance elasticity [5][12]. - The sub-brands are well diversified, with the mother and baby brand Newpage showing strong growth, indicating potential for long-term group expansion [5][12]. Summary by Sections Company Overview - The company is a leading multi-brand cosmetics firm in China, covering various categories including skincare, maternal and infant care, hair care, and makeup, with a price range from mass-market to high-end [9][21]. - The main brand, Han Shu, is projected to achieve a revenue of 5.6 billion yuan in 2024, accounting for 82% of total revenue [21][23]. Development Review - The company's growth can be divided into four phases: 1. Startup Phase (2003-2007) and Rapid Growth Phase (2008-2018) where it leveraged offline stores and emerging channels to establish its brand. 2. Adjustment Phase (2019-2022) where it faced challenges due to channel and consumer concept changes, leading to a brand repositioning. 3. Transformation Breakthrough Phase (2023-present) where it successfully capitalized on the Douyin live-streaming e-commerce trend, revitalizing the Han Shu brand [10][33]. Growth Potential - The main brand is entering a stable growth phase, with future revenue growth expected from category expansion into high-priced products and channel diversification beyond Douyin [11][12]. - The sub-brands are positioned to support long-term group expansion, with a comprehensive product matrix that enhances the company's competitive edge in the cosmetics market [11][12]. Investment Recommendations - The report emphasizes the optimization of Han Shu's sales structure and the contribution of sub-brands to the company's long-term growth potential, projecting significant profit growth in the coming years [12][23].
上美股份（02145）：锐意进取，再创辉煌