Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The main brand, Han Shu, has solidified its leading position in the Douyin beauty sector and is experiencing rapid growth on other e-commerce platforms, with a strong performance across multiple platforms [9] - The second growth curve has formed with the mid-to-high-end baby and child brand, Yi Ye, showing a significant revenue increase of 147% year-on-year, contributing to the company's growth [9] - The company launched a new high-end professional makeup brand, NAN beauty, which is expected to enhance its multi-brand strategy [9] - The company's multi-brand and multi-category layout is becoming increasingly mature, supported by effective management and incentive mechanisms [9] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 2.78, 3.55, and 4.37 RMB respectively, with a target price of 103.21 HKD based on a 34x PE ratio for 2025 [4][10] - The company’s revenue is projected to grow significantly, with 2023 revenue at 4,191 million RMB and expected to reach 12,411 million RMB by 2027, reflecting a compound annual growth rate [4][10] - The gross margin is expected to remain stable around 75%, while the net profit margin is projected to improve from 11.0% in 2023 to 14.0% in 2027 [4][10]
上美股份（02145）：主品牌抖音龙头地位稳固，多品牌多品类布局日益完善