尔· DONGHAI SECURI 蓄 外 待 女 ・东海证券2025年中期投资策略 变革 【好】 美容护理行业2025年中期投资策略 证券分析师: 任晓帆 执业证书编号: S0630522070001 联系方式：rxf@longone.com.cn 2025年7月8日 四、个护 五、投资建议 六、风险提示 一、行情复盘 二、化妆品 CONTENTS 三、医美 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ● 新消费概念兴起，板块整体表现亮眼。截至2025年6月末，美容护理板块累计上涨6.90%，跑赢大盘6.87pcts。 资料来源：Wind， 东海证券研究所 截至2025/6/30 2025年初至今板块涨跌幅 美容护理板块跑赢大盘 -15% -10% -5% 0% 5% 10% 15% 20% -10% -5% 0% 5% 10% 15% 20% 25% 2025-01 2025-02 2025-03 2025-04 2025-05 2025-06 美容护理 沪深300 ● 行业进入稳定发展期，业绩有所分化。①头部公司如珀莱雅、丸美生物实现稳健增长。 ...

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 ...

珀莱雅 603605.SH 公司研究 | 动态跟踪 站在新发展阶段的多品牌美妆龙头 核心观点 盈利预测与投资建议 ⚫ 我们维持对公司的盈利预测，预计公司 2025-2027 年每股收益分别为 4.56、5.36 和 6.06 元，DCF 目标估值 112.78 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费需求减弱、新品拓展不及预期等 行业竞争加剧、终端消费需求减弱、新品拓展不及预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 8,905 | 10,778 | 12,339 | 14,072 | 15,577 | | 同比增长 (%) | 39.5% | 21.0% | 14.5% | 14.0% | 10.7% | | 营业利润(百万元) | 1,503 | 1,890 | 2,200 | 2,584 | 2,923 | | 同比增长 (%) | 42.1% | 25.8% | 16.4% | 17.5% | 13.1% | | 归 ...

珀莱雅 603605.SH 公司研究 | 动态跟踪 站在新发展阶段的多品牌美妆龙头 核心观点 盈利预测与投资建议 ⚫ 我们维持对公司的盈利预测，预计公司 2025-2027 年每股收益分别为 4.56、5.36 和 6.06 元，DCF 目标估值 112.78 元，维持"买入"评级。 行业竞争加剧、终端消费需求减弱、新品拓展不及预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 8,905 | 10,778 | 12,339 | 14,072 | 15,577 | | 同比增长 (%) | 39.5% | 21.0% | 14.5% | 14.0% | 10.7% | | 营业利润(百万元) | 1,503 | 1,890 | 2,200 | 2,584 | 2,923 | | 同比增长 (%) | 42.1% | 25.8% | 16.4% | 17.5% | 13.1% | | 归属母公司净利润(百万元) | 1,194 | 1,552 | ...

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 ...

珀莱雅交出了"二代接班"后的首份答卷。 最近，珀莱雅发布了2024年财报和2025年一季报。报告显示，珀莱雅2024年营收首次突破百亿大关，达 到107.78亿元，净利润同比增长30%；2025年一季度，营收为23.6亿元，同比增长8.1%，归母净利润为 3.9亿元。 成立以来，除主品牌珀莱雅外，公司还构建了包括以悦芙媞为主的大众护肤品牌、以彩棠和原色波塔为 主的彩妆品牌，以及以Off&Relax和惊时为主的洗护品牌等，涵盖了大众护肤、彩妆和洗护等多个领 域。 去年，主品牌"珀莱雅"实现营收85.8亿元，占比79.7%，同比增长19.6%；子品牌洗护品牌Off&Relax营 收同比增长71.1%至3.7亿元；彩妆品牌"彩棠"营收11.9亿元，同比增长19.0%。 珀莱雅品牌占整体营收比例首次低于80%，这也从侧面说明，珀莱雅公司旗下其他品牌正在全面发力， 品牌矩阵正在逐步完善。 在销售渠道方面，随着化妆品行业线上化率的提升，珀莱雅从早期就开始积极布局线上渠道。自2017年 珀莱雅IPO上市后，公司积极推进线上转型，将经营战略从"线上线下结合"转变为"以线上渠道为主，线 下渠道并行"的模式。 珀莱雅去年线上渠道 ...

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].