珀莱雅（603605）：三季度业绩有所承压，战略调整蓄力长期成长

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][20] Core Views - The company's Q3 performance faced pressure due to seasonal factors and increased marketing expenses ahead of the Double 11 shopping festival, but it maintains a strong long-term growth outlook through strategic adjustments and brand positioning [1][4] - The main brand, Proya, continues to lead in sales on major platforms, indicating strong market presence despite short-term challenges [1][4] - The company has submitted an application for listing H shares on the Hong Kong Stock Exchange, which could enhance its capital structure and market reach [1] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 7.098 billion, a year-on-year increase of 1.89%, and a net profit of 1.026 billion, up 2.65% year-on-year [1] - In Q3 alone, revenue was 1.736 billion, down 11.63% year-on-year, with net profit decreasing by 23.64% to 227 million [1] - The gross margin for Q3 was 74.68%, an increase of 3.96 percentage points year-on-year, while the net margin was 13.19%, a decrease of 2.01 percentage points [3] Brand and Channel Performance - The main brand Proya saw a slight decline in revenue, while sub-brands like Caitang and OR experienced double-digit growth [2] - Online revenue growth was low single digits, while offline revenue saw a high double-digit decline [2] Cost and Efficiency Metrics - The company has optimized its cost structure, leading to improved gross margins despite increased marketing expenses [3] - Inventory turnover days decreased to 119 days, a reduction of 10 days year-on-year, indicating better inventory management [3] Future Earnings Forecast - The forecast for net profit for 2025-2027 has been slightly adjusted downwards to 1.644 billion, 1.751 billion, and 1.835 billion respectively, reflecting increased marketing investments [4][5] - The projected PE ratios for the same period are 18, 17, and 17 times [4]