商贸零售 商贸零售 2025 年 06 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-06 2024-10 2025-02 商贸零售 沪深300 相关研究报告 《老铺黄金、潮宏基发布新品，关注 差 异 化 产 品 力 优 势 — 行 业 周 报 》 -2025.6.2 《医美化妆品 4 月月报：华熙生物两 款三类械抗衰产品获批，关注 618 国 货美妆表现 — 行 业 点 评 报 告 》 -2025.5.25 《2025 年 4 月社零+5.1%，期待消费 回 暖 趋 势 继 续 维 持 — 行 业 周 报 》 -2025.5.25 高端中式黄金品牌"琳朝珠宝"获得天使轮投资 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | chensi@kysec.cn 证书编号：S0790124070031 琳朝珠宝获日初资本天使轮 ...

美护行业2024年报及2025一季报综述： 行业增速趋稳，重组胶原蛋白保持高景气 长江证券研究所零售研究小组 2025-05-18 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 SAC执业证书编号：S0490514080004 SAC执业证书编号：S0490520080019 SFC执业证书编号：BUV258 分析师 李锦 分析师 罗祎 联系人 曾维朵 %% %% %% %% research.95579.com 2 01 化妆品：行业增速稳健，盈利能力持续分化 02 医美：行业性收入有所收敛，重组胶原蛋白保持高增 目 录 % research.95579.com 3 01 化妆品：行业增速稳健，盈 利能力持续分化 %% %% %% %% research.95579.com 4 01 行业：Q1增速小幅改善，整体趋于稳健增长 ➢ 2025Q1，限额以上化妆品同比增长3.1%，改善了过去三个季度同比负增长的局面（24全年-1.1%，Q1-Q4分别为3.3%、-1.2%、- 5.5%、-1.5%）。线上来看，一季度淡季不淡 ...

Core Viewpoint - Proya has reported strong financial performance with 2024 revenue exceeding 10 billion yuan for the first time, reaching 10.778 billion yuan, and a net profit growth of 30% year-on-year [1][2] Financial Performance - In Q1 2025, Proya achieved revenue of 2.36 billion yuan, representing an 8.1% year-on-year increase, with a net profit of 390 million yuan [1] - The 2024 revenue of Proya was 8.581 billion yuan, showing a year-on-year growth of 19.55% [2] - The main brand Proya generated 8.58 billion yuan in revenue, accounting for 79.7% of total revenue, with a year-on-year growth of 19.6% [3] Management Changes - The management transition marked a strategic shift for the company, with co-founder Fang Yu-you stepping down as general manager, succeeded by his nephew Hou Ya-meng [2] - Despite the leadership change, Proya aims to establish itself among the top ten global cosmetics companies in the next decade [2] Brand and Product Development - Proya has diversified its brand portfolio, including popular skincare and makeup brands, with significant growth in sub-brands like Off&Relax and Cai Tang [3] - The company has accelerated product launches in 2025, introducing several new products within five months [5] Sales and Marketing Strategy - Proya's online sales reached 10.234 billion yuan, accounting for 95.06% of total revenue, while offline sales decreased by 13.63% to 532 million yuan [3] - The company has invested heavily in marketing, with sales expenses amounting to 5.161 billion yuan, representing 47.88% of revenue, and an increase of 29.93% year-on-year [4] Research and Development - Proya has established R&D centers in multiple locations and formed a joint venture for core anti-aging ingredients, although R&D expenses remain below 2% of revenue [5]

数据来源：聚源 -29% -14% 0% 14% 29% 43% 58% 2024-04 2024-08 2024-12 商贸零售 沪深300 相关研究报告 《"美团闪购"品牌独立，即时零售模 式加速发展—行业周报》-2025.4.20 《医美化妆品 3 月月报：锦波生物首 个胶原蛋白填充三类械获批，关注"情 绪消费"主线下的美妆机遇—行业点 评报告》-2025.4.19 《2025 年 3 月社零同比+5.9%，期待 后续消费潜力释放—行业点评报告》 -2025.4.16 年报一季报陆续披露，关注高景气板块优质公司 商贸零售 商贸零售 2025 年 04 月 27 日 投资评级：看好（维持） 行业走势图 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | chensi@kysec.cn 证书编号：S0790124070031 年报一季报陆续披露，关注高景气板块优质公司 上市公司陆续披露 2024 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported strong performance in Q1 2025 with a revenue of 2.36 billion yuan, a year-on-year increase of 8.13%, and a net profit of 390 million yuan, up 28.87% year-on-year [1][2] - The gross margin for 2024 was 71.39%, an increase of 1.46 percentage points year-on-year, driven by a decrease in freight rates [2] - The main brand continues to innovate with new product launches, contributing to a revenue of 8.58 billion yuan in 2024, a year-on-year increase of 19.55% [3][4] Financial Performance - For 2024, the company achieved a total revenue of 10.78 billion yuan, representing a 21.04% year-on-year growth, and a net profit of 1.55 billion yuan, up 30.00% year-on-year [1][4] - The company expects revenues for 2025-2027 to be 12.47 billion yuan, 14.16 billion yuan, and 15.95 billion yuan respectively, with corresponding net profits of 1.81 billion yuan, 2.09 billion yuan, and 2.40 billion yuan [4][5] - The EBITDA for 2024 is projected at 2.27 billion yuan, with a growth rate of 21.04% [4] Product Development - The main brand is in a stable transformation phase, continuously enhancing its product matrix with new launches such as the "Super Membrane Powder Tube" and "Optical Water Emulsion" [4] - The small brand "OR" showed remarkable growth with a revenue increase of 71.14% year-on-year, reaching 368 million yuan [3][4] Market Position - The company is solidifying its position as a leading domestic beauty brand, with a focus on expanding its product offerings and market share [4][5] - The sales expense ratio for 2024 was 47.88%, reflecting an increase of 3.27 percentage points year-on-year, while the management expense ratio decreased by 1.72 percentage points [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase exceeding 15% compared to the benchmark index [3][6]. Core Insights - The company reported a 30% year-on-year increase in net profit for 2024, with total revenue reaching 10.778 billion yuan, a 21.04% increase from the previous year [1]. - The gross margin for 2024 was 71.39%, reflecting a 1.46 percentage point increase year-on-year, while the net profit margin improved to 14.71%, up by 0.89 percentage points [1]. - The company has been expanding its product matrix, launching new skincare and makeup products, which contributed to robust revenue growth across various categories [2]. Financial Performance Summary - In 2024, the company achieved total revenue of 10.778 billion yuan, with a year-on-year growth of 21.04% [5]. - The net profit for 2024 was 1.552 billion yuan, representing a 30% increase compared to the previous year [5]. - For Q1 2025, the company reported revenue of 2.359 billion yuan, an 8.13% increase year-on-year, and a net profit of 390 million yuan, up by 28.87% [1][5]. Product Category Performance - The skincare segment generated revenue of 9.019 billion yuan in 2024, a 19.31% increase year-on-year, with a gross margin of 71.56% [2]. - The makeup segment saw revenue of 1.361 billion yuan, growing by 21.96% year-on-year, with a gross margin of 71.46% [2]. - The hair care products category experienced significant growth, with revenue increasing by 79.41% to 386 million yuan in 2024 [2]. Future Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 4.59 yuan, 5.32 yuan, and 6.06 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17x, 14x, and 13x [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][6]. Core Insights - The company reported a 30% year-on-year increase in net profit for 2024, with total revenue reaching 10.778 billion yuan, a 21.04% increase from the previous year [1][3]. - The gross margin for 2024 was 71.39%, up by 1.46 percentage points, while the net margin improved to 14.71%, an increase of 0.89 percentage points [1]. - The company has been expanding its product matrix, launching new skincare and makeup products, which contributed to robust revenue growth across various categories [2][3]. Financial Performance Summary - In 2024, the company achieved total revenue of 10.778 billion yuan, with a year-on-year growth of 21.04% [5]. - The net profit attributable to shareholders was 1.552 billion yuan, reflecting a 30% increase compared to 2023 [5]. - For Q1 2025, the company reported revenue of 2.359 billion yuan, a year-on-year increase of 8.13%, and a net profit of 390 million yuan, up by 28.87% [1][5]. Product Category Performance - The skincare segment generated revenue of 9.019 billion yuan in 2024, a 19.31% increase, while the makeup segment saw revenue of 1.361 billion yuan, growing by 21.96% [2]. - The hair care products category experienced significant growth, with a revenue increase of 79.41% in 2024 [2]. - The main brand, Proya, achieved revenue of 8.581 billion yuan in 2024, up by 19.55% [2]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 4.59 yuan, 5.32 yuan, and 6.06 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17x, 14x, and 13x [3][5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has shown strong performance in its financial results, with a 2024 revenue of 10.778 billion yuan, representing a year-on-year increase of 21.04%, and a net profit of 1.552 billion yuan, up 30.00% year-on-year [1] - The gross margin has improved, reaching 71.39% in 2024, an increase of 1.46 percentage points year-on-year, and the net profit margin increased to 14.40%, up 0.99 percentage points year-on-year [2] - The main brand continues to innovate with new product launches, contributing to a revenue of 8.581 billion yuan in 2024, a 19.55% increase year-on-year [3] Financial Performance Summary - 2024 revenue: 10.778 billion yuan, up 21.04% year-on-year [1] - 2024 net profit: 1.552 billion yuan, up 30.00% year-on-year [1] - 2025 Q1 revenue: 2.359 billion yuan, up 8.13% year-on-year [1] - 2024 gross margin: 71.39%, up 1.46 percentage points year-on-year [2] - 2024 net profit margin: 14.40%, up 0.99 percentage points year-on-year [2] Product Development and Market Position - The main brand has launched several new products, including the upgraded Ruby and Energy series, enhancing its anti-aging product matrix [3] - The small brand OR has shown remarkable growth with a revenue increase of 71.14% year-on-year, reaching 368 million yuan [3] - The company is expected to maintain its growth trend and increase market share through a solid product strategy [4] Financial Forecast - Expected revenue for 2025-2027: 12.466 billion yuan, 14.159 billion yuan, and 15.953 billion yuan respectively [4] - Expected net profit for 2025-2027: 1.807 billion yuan, 2.095 billion yuan, and 2.402 billion yuan respectively [4] - Corresponding P/E ratios for 2025-2027 are projected at 19x, 16x, and 14x respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 net profit of 3.90 billion yuan, a year-on-year increase of 28.9%, exceeding expectations. The revenue for Q1 2025 was 23.59 billion yuan, up 8.1% year-on-year. The company maintains a strong position as a leading domestic beauty brand, with a reasonable valuation and potential for growth from new product launches [6][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 107.78 billion yuan, a year-on-year increase of 21.0%, and a net profit of 15.52 billion yuan, up 30.0%. For Q1 2025, the revenue was 23.59 billion yuan, with a net profit of 3.90 billion yuan [6][9]. - The company's revenue projections for 2025-2027 are 124.99 billion yuan, 141.47 billion yuan, and 156.72 billion yuan, respectively, with corresponding net profits of 18.63 billion yuan, 21.68 billion yuan, and 24.54 billion yuan [6][9]. - The gross margin for 2024 was 71.4%, an increase of 1.5 percentage points, and for Q1 2025, it was 72.8%, an increase of 2.7 percentage points [7]. Brand and Product Development - The company is accelerating the launch of new products, with several new series introduced in late 2024 and early 2025, including the optical bottle series and various skincare products. The brand has also engaged high-profile endorsements to enhance its marketing efforts [8][6].