商贸零售 商贸零售 2025 年 07 月 06 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 60% 72% 84% 2024-07 2024-11 2025-03 商贸零售 沪深300 相关研究报告 《医美化妆品 5 月月报：美丽田园股 东 CPE 退出主要股东，618 强品牌美 妆龙头和新锐功效品牌脱颖而出—行 业点评报告》-2025.7.1 《老铺黄金新店双开，国内外高端渠 道布局再突破—行业周报》-2025.6.29 《618 电商高质增长，强品牌龙头及新 锐功效品牌突围 — 行 业 周 报 》 -2025.6.22 美丽田园股权结构优化，新氧青春诊所发展迅速 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | 姚慕宇（联系人） | | --- | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | yaomuyu@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | 证书编号：S0790125040021 | 美丽田 ...

上世纪9 0年代初，大宝凭借一句"大宝，天天见！"的广告词，让大宝SOD蜜一炮而红。其中"SOD"，便是"超氧化物歧化酶"的简称。 也许至今很多消费者还不明白这几个字母的具体内涵，但大都对这种成分的养肤价值留下了印象。其实，这是一种存在于所有需氧生 物体内的天然抗氧化酶，是生物体有效清除活性氧的重要酶类之一。 技术演进让产品创新实现轮回。2 0 2 5年，美妆行业迎来一场"酶成分革命"。 国货"一哥"珀莱雅以"无花果蛋白酶萃"打造「精修瓶」，本土品牌羽素借" 3X智慧酶"重构焕肤体验。此外，毕生之研、C咖等新锐品 牌以"复合酶" "生物酶包裹"等创新技术跑步入场。 酶，这款蛰伏配方表数十年的老牌成分，为何从籍籍无名到如今逆袭成为"功效王牌"？这场技术狂欢究竟是营销泡沫，还是真能改写 美肤规则？ 在化妆品成分表中，酶类物质始终扮演着"无名英雄"的角色。多位业内资深研发人员告诉《FBe a u t y未来迹》，如果不是有意识去关 注，可能很难发现酶类物质早已渗透到护肤品的各个品类。 例如，珀莱雅在2 0 2 4年推出的「光学瓶」「红宝石精华3 . 0」中，都添加了SOD；丸美「小金针」面霜，则同时添加了辅酶Q1 ...

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 93.18 CNY [7][5]. Core Views - The company achieved a revenue of 10.778 billion CNY in 2024, representing a year-over-year growth of 21.04%. The net profit attributable to shareholders was 1.552 billion CNY, up 30.00% year-over-year [3][6]. - In Q1 2025, the company reported a revenue of 2.359 billion CNY, an increase of 8.13% year-over-year, and a net profit of 390 million CNY, reflecting a year-over-year growth of 28.87% [3][6]. - The main brand, Proya, focused on the whitening segment, launching new products such as the "Optical Series" and upgrading existing lines to enhance its market position [4][5]. Financial Performance Summary - **Revenue and Profit Growth**: - 2024 revenue: 10.778 billion CNY, growth of 21.04% - 2024 net profit: 1.552 billion CNY, growth of 30.00% - 2025 Q1 revenue: 2.359 billion CNY, growth of 8.13% - 2025 Q1 net profit: 390 million CNY, growth of 28.87% [3][6]. - **Brand Performance**: - Proya brand revenue in 2024: 8.581 billion CNY, growth of 19.55% - Other brands like Cai Tang and OR also showed significant growth, with OR achieving a revenue of 368 million CNY, up 71.14% [4][5]. - **Profitability Metrics**: - Gross margin for 2024 was 71.39%, with a net profit margin of 14.40% - The company’s net profit margin improved to 16.54% in Q1 2025 [4][6]. Future Projections - The company is expected to achieve net profits of 1.845 billion CNY in 2025, 2.177 billion CNY in 2026, and 2.610 billion CNY in 2027, with respective growth rates of 18.9%, 18.0%, and 19.9% [5][6]. - The projected PE ratios for 2025, 2026, and 2027 are 20x, 17x, and 14x respectively [5][6].

核心观点 24Q4 公司毛利率73.8%，大幅+5.65pct，25Q1 毛利率72.78%，+2.67pct，24Q3 公司毛利率同比有一定 下滑，Q4 强势提升创历史新高， 大促期在折扣上控制能力突出。24Q4 销售费用率50.61%/+4.08pct， 25Q1 销售费用率45.63%/-1.22pct，对应毛销差分别为23.2%/27.1%，同比提升1.6/3.9pct。公司毛销差自 23Q4起走弱后快速对成本和推广进行调整，至24Q3 已环比回升，Q4起同比转正，反映了强大的组织变 革效率。24Q4 管理费用率为2.44%/ -2.17pct，25Q1 管理费用率为4.22%/ -0.24pct，激励费用降低&总部 降费进一步带动利润率提升。 线上占比进一步提升，多品牌矩阵带来多个增长点 2024 年全年线上实现营收102.34 亿元，同比增长23.68%，占主营业务收入比重达95.06%。其中，线上 直营收入81.22 亿元（+20.35%），线上分销收入21.12 亿元（+38.40%）；线下渠道收入5.32 亿元，同 比下降13.63%。 24Q4 公司营收38.1 亿元/+4.28%，归母净 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 and Q1 2025 exceeded expectations, showcasing its leading position in the cosmetics industry [9] - Revenue for 2024 is projected to reach 10.778 billion yuan, representing a year-on-year growth of 21.04%, while net profit is expected to be 1.552 billion yuan, up 30% [9] - The main brand continues to grow, with online sales maintaining high growth rates [9] - The gross margin has reached new highs, driven by improved sales expense ratios and better management of sub-brands [9] - The company aims to enter the top ten global cosmetics brands within ten years, indicating a strong long-term growth strategy [9] Financial Summary - Total revenue (in million yuan) is forecasted as follows: 2023A: 8,905; 2024A: 10,778; 2025E: 12,750; 2026E: 14,484; 2027E: 16,294 [1][10] - Net profit (in million yuan) is projected as follows: 2023A: 1,194; 2024A: 1,552; 2025E: 1,858; 2026E: 2,160; 2027E: 2,480 [1][10] - The latest diluted EPS is expected to be 3.92 yuan for 2024, increasing to 6.26 yuan by 2027 [1][10] - The company’s gross margin is expected to be 71.39% in 2024, improving to 73.60% by 2027 [10] - The return on equity (ROE) is projected to decline from 28.73% in 2024 to 21.20% in 2027, reflecting a long-term growth strategy [10]

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" (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].