美容护理行业 买入（维持） 多品牌协同 盈利能力持续上升 公 珀莱雅（603605）2025 年中报点评 2025 年 8 月 27 日 投资要点： 司 点 事件：公司发布了2025年半年报。2025上半年，公司实现营业总收入53.62亿 元，同比增长7.21%；实现归母净利润7.99亿元，同比增长13.80%。业绩符合 预期。 评 分析师：魏红梅 SAC 执业证书编号： 点评： | 科目（百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 10,778 | 12,460 | 14,249 | 16,083 | | 营业总成本 | 8,869 | 10,104 | 11,512 | 12,957 | | 营业成本 | 3,084 | 3,370 | 3,826 | 4,281 | | 营业税金及附加 | 84 | 100 | 114 | 129 | | 销售费用 | 5,161 | 5,981 | 6,840 | 7,720 | | 管理费用 | 366 | 423 | 484 | 546 | | 财 ...

Core Viewpoint - The company is focusing on optimizing its product structure and maintaining a solid operational foundation while nurturing core products and those priced above 100 yuan [1][2]. Group 1: Product Strategy - The company has been promoting the cultivation of premium products, with products priced above 100 yuan showing year-on-year growth of 5.3% for the full year 2024 and 25.5% for Q1 2025 [1]. - Key products such as "甲等 15" and "1915" have demonstrated effective cultivation in the mid-to-high price segments [1]. Group 2: Financial Management - The company is implementing refined expense management, shifting its expenditure structure towards direct consumer engagement (C-end) [2]. - The strategy focuses on "precise investment" and reducing broad channel spending, enhancing consumer reach and terminal sales effectiveness [2]. - The company anticipates an upward trend in personnel costs due to the need for higher quality in the sales team and brand engagement [2]. Group 3: Brand and Market Expansion - The company is pursuing a multi-brand strategy to enhance national presence, with a focus on "core brand consolidation + regional brand breakthroughs" [2]. - The "武陵酒" brand is expected to continue its double-digit growth and accelerate national expansion through a short-chain direct sales model [2][3]. Group 4: Profit Forecast - The company projects revenues of 5.471 billion yuan and 5.917 billion yuan for 2025 and 2026, respectively, representing year-on-year growth of 2.1% and 8.2% [3]. - Expected net profits for the same years are 842 million yuan and 891 million yuan, with growth rates of 4.6% and 8.2% [3].

Core Insights - The company, Proya Cosmetics, has become the first domestic beauty brand in China to achieve over 10 billion yuan in revenue, reporting 10.778 billion yuan in 2024, a year-on-year increase of 21.04% [1] - The net profit attributable to shareholders reached 1.552 billion yuan, marking a significant year-on-year growth of 30% [1] - The company has announced a cash dividend plan, proposing a distribution of 11.9 yuan per 10 shares, totaling 469 million yuan, which represents 40.07% of the net profit [1] Financial Performance - In Q1 2025, the company continued its growth trajectory with revenue of 2.359 billion yuan, up 8.13% year-on-year, and a net profit of 390 million yuan, reflecting a 28.87% increase [1] - The gross margin and net margin improved to 71.39% and 14.71%, respectively, achieving record highs in core operational metrics [1] Strategic Initiatives - The company's growth is driven by three strategic pillars: technology-driven products, multi-brand synergy, and integrated channel development [2] - The main brand, Proya, contributed 8.581 billion yuan in revenue, accounting for nearly 80% of total sales, demonstrating strong growth resilience [2] Brand and Product Development - The company has implemented a "big product strategy," enhancing its Ruby and Source series while launching new products like whitening optical and oil-control solutions [2] - Proya's e-commerce performance is notable, with its Tmall flagship store ranking first in the beauty category, followed by Douyin and JD.com [2] Channel Expansion - Proya is enhancing its online and offline collaboration, leveraging live e-commerce and content marketing for growth, while also expanding into new department stores and shopping centers [4] - The multi-brand matrix strategy has led to a significant increase in sub-brand revenues, surpassing 2 billion yuan for the first time, accounting for 20.31% of total revenue [4] Research and Development - The company has increased its R&D investment by 21.21% in 2024, with a compound annual growth rate of over 20% in the past three years [7] - Proya has established a comprehensive R&D ecosystem, holding 123 national invention patents and participating in the formulation of various industry standards [7] Digital Transformation - Proya has completed a three-year digital transformation plan, enhancing its marketing, R&D, and supply chain capabilities [8] - The company aims to rank among the top ten global cosmetics companies in the next decade, focusing on technological innovation, brand development, and digital transformation [8]