美护大年 - 年报季报总结 20250505 摘要 • 美护行业整体渗透率提升，价格上行，增长性强于传统食品饮料行业，引 领新消费趋势。投资策略应聚焦具备持续推新能力或积极变化的公司，如 瑞晨、登康、景波等，以及稳健高增长标的和边际改善公司。 • 国产品牌在美护市场迅速崛起，对外资品牌形成替代，尤其日韩品牌下滑 明显。个护板块表现优于医美和化妆品板块，板块内部公司业绩分化显著， 总量数据代表性下降。 • 个护细分赛道 2024 年营收增长 19%，净利润增长 25%。2025 年一季度 收入增长 29%，利润增长 13%，受益于产品创新和抖音渠道带动。毛利 率提升但销售费用率也上升，毛销差小幅收窄。 • 医美板块 2024 年营收增长 16%，净利润增长 22%。2025 年一季度收入 和利润基本持平，板块内部分化明显，重组胶原蛋白针剂龙头锦波生物高 速增长，其他公司短期承压。 • 化妆品行业 2024 年营收增长 11%，净利润下滑 9%（剔除异常值后增长 11%）。线上流量成本上升及部分公司拖累业绩，但巨子生物、毛戈平等 表现优异。珀莱雅通过优化费用投放实现利润快速增长。 Q&A 2024 年和 2025 ...

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].