证券研究报告 非金融公司|公司点评|水羊股份（300740） 聚焦高端品牌建设，品牌结构持续优化 请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月22日 证券研究报告 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年08月22日 水羊股份(300740) 聚焦高端品牌建设，品牌结构持续优化 | 行 业： | 美容护理/化妆品 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 21.56 元 | |报告要点 历经 2024 年品牌结构调整，2025H1 公司业绩回暖，2025H1 自有品牌营收 10.39 亿元，占营 收比重 41.55%，自有品牌毛利率达 76.83%，同比提升 5.7 个百分点。公司聚焦高端品牌建设， 品牌结构优化带动整体毛利率显著提升。 |分析师及联系人 邓文慧 李英 SAC：S0590522060001 SAC：S0590522110002 基本数据 | 总股本/流通股本(百万股) | 390/359 | | --- | --- | | 流通 A 股市值(百万元) | ...

水羊股份（300740）8月21日晚披露半年报，报告期内，公司实现营业收入约25亿元，同比增长 9.02%；实现归母净利润1.23亿元，同比增长16.54%。水羊股份表示，业绩增长的主要原因是公司聚焦 高端品牌建设，高端品牌势能持续放大，品牌结构进一步改善。 以法国高奢护肤品牌EDB为例，水羊股份上半年通过刘嘉玲、梁朝伟夫妇合作代言，高端时尚活动，持 续品牌种草等活动推广，促使其触达高净值客户群体，强化品牌高奢形象。大单品超级CP组合市场认 知进一步强化，精华防晒、rich面霜等储备单品也实现了高速增长。 在渠道体系建设维度，EDB继续深耕线上线下（300959）多渠道布局。其中，线上以自播为代表的自主 销售、平销占比提升。公司此前曾在接待调研中透露，今年上半年，EDB品牌有节奏降低了头部主播占 比，提高平销占比，目标实现更良性健康的增长。在天猫渠道，平销实现了40%左右的增长。 在今年6月召开的股东大会上，水羊股份董事长汀汀表示，2024年公司自主品牌板块品牌结构改善明 显，高端品牌持续发力，大众品牌战略性收缩更加下沉，形成K字形结构，资源实现进一步集中。"我 们现在感觉很好，走在正确的道路上。"汀汀在会上 ...

Group 1: Company Overview and Strategy - Water Sheep Group has adopted a "high-end, global" development strategy following the acquisition of luxury skincare brands RV and PA [2][3] - The company is positioned as the only Chinese beauty brand management group successfully managing multiple high-end and light luxury brands [2][3] - The company aims to build a global brand image matrix in major cities worldwide by 2027, with a focus on high-end channels, especially in Europe and the US [4][26] Group 2: Brand Performance and Growth - EDB, a French luxury skincare brand, has seen a 40% increase in sales through Tmall, with overall healthy growth in the first half of the year [2][3][6] - The brand's SPA services have achieved significant success, with a single purchase reaching 39,800 yuan, and appointments booked a month in advance [3][4] - RV brand has experienced over 100% growth in the US market, with significant social media engagement and product popularity [7][8] Group 3: Customer Loyalty and Sales Metrics - EDB's member repurchase rate is 50% over three years, contributing approximately 80% of the brand's revenue [6] - The average customer value for EDB is 5,000 yuan, indicating strong customer loyalty and brand resonance [6] - The company emphasizes quality growth over quantity, focusing on sustainable customer relationships rather than short-term sales spikes [5][6] Group 4: Future Plans and Market Expansion - EDB plans to open 50 SPA stores across China by 2027, with a focus on enhancing customer experience [4][24] - The company is exploring new product categories and expanding its product line to enhance brand offerings [18] - The strategy includes leveraging local teams for international markets, particularly in the US and France, while using agents for other regions [25][26] Group 5: Organizational Development and R&D - The company is investing in R&D and organizational development to support its global and high-end strategy, with centers in multiple countries [13][14] - Recruitment efforts focus on attracting top talent in R&D and brand management to enhance the company's capabilities [14] - The company believes in long-term investment in brand and organizational development to navigate market uncertainties [14]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance is in line with expectations, driven by growth in mid-range products [1][5] - The company is focusing on high-end brand development and consumer cultivation in key markets [8] Financial Performance - In 2024, total revenue and net profit attributable to shareholders were 52.17 billion and 13.41 billion yuan, respectively, with year-on-year growth of 5% and 6% [5] - For Q1 2025, revenue and net profit were 9.59 billion and 1.90 billion yuan, showing year-on-year growth of 3% and 2% [5] - The gross margin for 2024 was 83%, with a slight decrease of 0.4 percentage points year-on-year, while the net margin was 26%, an increase of 0.1 percentage points [5] - The sales expense ratio improved significantly, while the management expense ratio remained stable [5] Product and Channel Analysis - In 2024, revenue from high-end and mid-range products was 47.64 billion and 2.64 billion yuan, with year-on-year growth of 2% and 29% [6] - The company is focusing on the 300-800 yuan price range for its main brand and the above 800 yuan market for its premium brand [6] - New channels saw significant growth, with revenue increasing by 184.44% in Q1 2025 compared to the previous year [6] Earnings Forecast - The company expects EPS for 2025-2027 to be 2.90, 3.16, and 3.50 yuan, with corresponding PE ratios of 16, 15, and 14 times [8] - The forecasted revenue growth rates for 2025-2027 are 3.4%, 6.7%, and 8.7% respectively [10]

Core Viewpoint - Dongfeng Group is at a critical juncture for value reassessment, as it transitions from a traditional automotive manufacturer to a player in the new energy vehicle (NEV) market, showing signs of recovery after a challenging period [2][4]. Financial Performance - In 2024, Dongfeng Group reported a revenue of 106.2 billion RMB, a 6.9% increase from 2023, with a gross profit of 13.7 billion RMB, up 38.2% [2][8]. - The company achieved a net profit of 0.58 billion RMB, marking a significant turnaround from a loss of 3.9 billion RMB in 2023 [2][9]. - The gross margin improved to 12.8%, an increase of nearly 3 percentage points [9]. Business Segments - The Lantu brand showed exceptional performance with a gross margin ranking second in the industry, delivering 85,700 units in 2024, a 70% increase year-on-year, significantly outpacing the industry average growth of 35.5% [3][9]. - Dongfeng's total vehicle sales reached 1.89 million units, a decline of 9.2%, with NEV sales accounting for 20.8% of total sales, reflecting a 13.4% increase [8][9]. Strategic Initiatives - Dongfeng is focusing on a multi-brand strategy, investing heavily in NEV technology, including solid-state batteries and high-end brand development [3][12]. - The company is undergoing significant asset restructuring, selling non-core assets and reducing production capacity of joint ventures by 30%-50% to pivot towards electric vehicle production [12][14]. - Dongfeng has initiated a partnership with Huawei to enhance its smart vehicle capabilities, integrating Huawei's technology into its high-end models [12][13]. Future Outlook - Dongfeng aims to achieve a sales target of 3 million vehicles by 2025, with 1 million of those being NEVs and 500,000 for overseas markets [10][16]. - The potential collaboration with Xiaomi is seen as a critical factor for Dongfeng's future, as both companies explore various partnership models to leverage Dongfeng's manufacturing capabilities [17][21].