21世纪经济报道记者朱艺艺 杭州报道 珀莱雅（603605.SH）创始人侯军呈之子侯亚孟，于去年9月接任公司总经理一职，被市场解读为公 司"二代"接班。 近日，珀莱雅披露2024年年报以及2025年一季报，侯亚孟上任后的首份成绩单也随之出炉。 过去一年，公司营收同比增长21.04%至107.78亿元，突破百亿元大关，归母净利润和扣非净利润分别为 15.52亿元、15.22亿元，同比增长30.00%、29.60%，保持双位数增长。 对比A股美妆公司华熙生物（688363.SH）、上海家化（600315.SH）2024年营收、净利润纷纷下降的情 形，珀莱雅可谓展现出韧性。 在此基础上，2025年第一季度珀莱雅延续增长，营收同比增长8.13%至23.59亿元，归母净利润同比增长 28.87%至3.90亿元。 由于成绩单出色，资本市场反应迅速，珀莱雅于4月25日和4月28日先后收获涨停。 营收突破百亿元大关 作为A股国货美妆龙头，珀莱雅去年营收已突破百亿元大关。 在品牌端，公司旗下拥有"珀莱雅""彩棠""Off&Relax""悦芙媞""CORRECTORS""INSBAHA原色波 塔""惊时"等众多品牌，覆盖护肤类（ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 10.8 billion yuan for 2024, representing a year-on-year growth of 21.0%, with a net profit of 1.55 billion yuan, up 30% year-on-year [4][6]. - The performance of smaller brands was notably strong, with online sales growth contributing significantly to overall revenue [5]. - The gross margin improved to 71.4% in 2024, driven by lower shipping costs and increased average transaction value [6]. Financial Performance Summary - For 2024, the company achieved a revenue of 10.78 billion yuan, with a net profit of 1.55 billion yuan, reflecting a growth rate of 30% [10][13]. - The company expects net profits to reach 1.84 billion yuan in 2025, 2.20 billion yuan in 2026, and 2.60 billion yuan in 2027, with corresponding PE ratios of 18, 15, and 13 [7][10]. - The gross margin is projected to remain stable at around 71.5% from 2025 to 2027, while the net profit margin is expected to slightly increase [10][13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 10.8 billion yuan for 2024, representing a year-on-year growth of 21.0%, with a net profit of 1.55 billion yuan, up 30% year-on-year [4][6]. - The performance of smaller brands was notably strong, with online sales growth contributing significantly to overall revenue [5]. - The gross margin improved to 71.4% in 2024, driven by lower shipping costs and increased average transaction values [6]. Financial Summary - For 2024, the company achieved a revenue of 10.78 billion yuan, with a projected revenue growth rate of 21.04% [10][13]. - The net profit for 2024 was 1.552 billion yuan, with an expected growth rate of 30% [10][13]. - The earnings per share (EPS) for 2024 is reported at 3.92 yuan, with projections of 4.65 yuan for 2025 and 5.55 yuan for 2026 [10][13]. - The company’s asset-liability ratio stands at 27.1%, indicating a solid financial position [3][13].