Workflow
原色波塔产品
icon
Search documents
国信证券晨会纪要-20250828
Guoxin Securities· 2025-08-28 02:57
证券研究报告 | 2025年08月28日 | 晨会纪要 | | --- | | 数据日期:2025-08-27 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数(点) | 3800.34 | 12295.06 | 4386.12 | 13734.11 | 3614.19 | 1272.55 | | 涨跌幅度(%) | -1.75 | -1.42 | -1.49 | -1.75 | -1.78 | 0.13 | | 成交金额(亿元) | 13268.48 | 18387.16 | 7850.98 | 6659.52 | 8783.07 | 1210.89 | 【常规内容】 行业与公司 汽车行业专题:汽车智能化月报系列(二十七)-尚界 H5 搭载 HUAWEI ADS 4 辅助驾驶系统,地平线 HSD 首搭奇瑞星途 E05 医药生物周报(25 年第 33 周):2025 年 WCLC 摘要公布,推荐关注国产 创新药公司 洛阳钼业(603993.SH) 财报点评: ...
研报掘金丨东方证券:维持珀莱雅“买入”评级,中报展现多品牌韧性
Ge Long Hui A P P· 2025-08-27 08:00
东方证券研报指出,珀莱雅中报符合预期,展现了公司作为多品牌集团的经营韧性。上半年公司在美妆 行业竞争日趋激烈、自身经营规模相对较大的基础上,公司仍取得了营收和净利润同比分别增长的7% 和14%的成绩,充分展现了多品牌集团的经营韧性。分品牌看,主品牌收入同比基本持平,彩妆品牌彩 棠同比增长21%,洗护品牌OR取得了103%的高增长,小品牌原色波塔同比快速增长80%,共同推动了 公司的稳健成长。上半年公司盈利质量保持优良水平,并转换为更好的现金分红回报投资者。报告期经 营活动净现金同比增长95%,中期存货周转天数同比下降14天左右。基于良好的业绩和现金流,公司中 报计划每股分红0.8元,充分展现了对股东回报的重视。目前市场主要担心的是主品牌后续增速问题, 该行认为在新研发团队和体系逐步磨合后主品牌有望重拾增长态势。维持"买入"评级。 ...
珀莱雅:一季度盈利超预期,新兴品牌快速增长-20250505
Orient Securities· 2025-05-05 15:30
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 112.46 CNY [3][7]. Core Insights - The company reported better-than-expected earnings in Q1, with significant growth from emerging brands [1]. - Revenue and net profit for 2024 are projected to be 10.778 billion CNY and 1.552 billion CNY, respectively, reflecting year-on-year growth of 21% and 30% [6]. - The company is expected to continue expanding its brand portfolio and market share in various segments, including men's skincare and medical post-operative recovery [6]. Financial Projections - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 4.56 CNY, 5.36 CNY, and 6.06 CNY, respectively [2][7]. - The company's revenue is projected to grow from 8.905 billion CNY in 2023 to 15.577 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [2][10]. - The gross margin is expected to improve from 69.9% in 2023 to 73.0% in 2027, indicating enhanced profitability [2][10]. Brand Performance - The main brand and the Cai Tang brand showed stable performance, while emerging brands like OR and Yuan Se Bo Ta experienced rapid growth, with revenue increases of 71.1% and 138.4%, respectively [6]. - Online sales channels grew by 23.7% in 2024, while offline channels saw a decline of 13.6% [6]. Market Position - The company demonstrated resilience in a challenging consumer environment, maintaining strong performance across its brand matrix [6]. - The report highlights the company's ability to adapt and thrive despite market pressures, positioning it as a leader in the industry [6].
珀莱雅(603605):一季度盈利超预期,新兴品牌快速增长
Orient Securities· 2025-05-05 08:21
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 112.46 CNY [3][7]. Core Insights - The company reported better-than-expected earnings in Q1, with significant growth from emerging brands [1]. - Revenue and net profit for 2024 are projected to be 10.778 billion CNY and 1.552 billion CNY, respectively, reflecting year-on-year growth of 21% and 30% [6]. - The company is expected to continue expanding its brand portfolio and market share in various segments, including men's skincare and medical post-operative recovery [6]. Financial Forecasts - The adjusted earnings per share (EPS) estimates for 2025-2027 are 4.56 CNY, 5.36 CNY, and 6.06 CNY, respectively [2][7]. - The company's revenue is forecasted to grow from 8.905 billion CNY in 2023 to 15.577 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [2][10]. - The gross margin is expected to improve from 69.9% in 2023 to 73.0% in 2027, indicating enhanced profitability [2][10]. Brand Performance - The main brand and the Cai Tang brand showed stable performance, while emerging brands like OR and Yuan Se Bo Ta experienced rapid growth, with revenue increases of 71.1% and 138.4%, respectively [6]. - Online sales channels grew by 23.7% in 2024, while offline channels saw a decline of 13.6% [6]. Market Position - The company has demonstrated resilience in a challenging consumer environment, maintaining strong performance across its brand matrix [6]. - The report highlights the company's ability to adapt and thrive despite market pressures, positioning it well for future growth [6].