公 司 研 究 珀莱雅（603605.SH） 2024 年 08 月 29 日 国货美妆龙头业绩增长亮眼，多品牌势能持续提升 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|--------------| | 日期 | 2024/8/28 | | 当前股价(元) | 85.90 | | 一年最高最低(元) | 117.50/75.01 | | 总市值(亿元) | 340.81 | | 流通市值(亿元) | 339.13 | | 总股本(亿股) | 3.97 | | 流通股本(亿股) | 3.95 | | 近 3 个月换手率(%) | 34.37 | 股价走势图 珀莱雅 沪深300 -30% -20% -10% 0% 10% 20% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《经营持续高增长超预期，产品+品牌 +渠道全面发力—公司信息更新报告》 -2024.4.19 《2023Q3 归母净利润+24%，国货龙 头双十一放量可期—公司信息更新报 告》-2023.10.24 《上半年营收、利润均超预期，国货 美 ...

Investment Rating - The report maintains a "Buy" rating for Proya (603605) [4] Core Views - Proya's 24H1 performance exceeded expectations with revenue of RMB 5,002 million, a YoY increase of 37.9%, and net profit attributable to shareholders of RMB 702 million, a YoY increase of 40.48% [4] - The company's multi-brand and multi-channel strategy is driving strong growth, with the Proya brand contributing 79.71% of total revenue in 24H1 [4] - Online channels accounted for 93.69% of total revenue in 24H1, with a growth rate of 40.52% [5] - The company's gross margin remained stable at 69.82% in 24H1, despite a slight decline due to increased promotional activities [4] - Proya's brand matrix is improving revenue structure and enhancing overall risk resistance, with sub-brands like Caitang and Off&Relax showing significant growth [4] Financial Performance Summary - 24H1 revenue: RMB 5,002 million, up 37.9% YoY [4] - 24H1 net profit attributable to shareholders: RMB 702 million, up 40.48% YoY [4] - 24H1 gross margin: 69.82%, down 0.69 pct YoY [4] - 24H1 net profit margin: 14.47%, down 0.09 pct YoY [4] - 24H1 sales expense ratio: 46.78%, up 3.22 pct YoY [4] - 24H1 management expense ratio: 3.54%, down 1.76 pct YoY [4] - 24H1 R&D expense ratio: 1.89%, down 0.63 pct YoY [4] Brand Performance - Proya brand revenue in 24H1: RMB 3,981 million, up 37.67% YoY, accounting for 79.71% of total revenue [4] - Caitang brand revenue in 24H1: RMB 582 million, up 40.57% YoY, accounting for 11.66% of total revenue [4] - Off&Relax brand revenue in 24H1: RMB 138 million, up 41.91% YoY, accounting for 2.76% of total revenue [4] - Yuefuti brand revenue in 24H1: RMB 161 million, up 22.35% YoY, accounting for 3.22% of total revenue [4] Channel Performance - Online channel revenue in 24H1: RMB 4,680 million, accounting for 93.69% of total revenue, with a growth rate of 40.52% [5] - Proya brand's Tmall average order value: RMB 400+, with a repurchase rate of 40%+ and ROI of 3.2 [5] - Caitang brand's Tmall average order value: RMB 250+, with a repurchase rate of 25%+ and ROI of 2 [5] Future Outlook - The company is expected to achieve net profit attributable to shareholders of RMB 1,696 million, RMB 2,089 million, and RMB 2,512 million in 2024, 2025, and 2026, respectively [5] - The PE ratio is projected to be 20x, 16x, and 13x for 2024, 2025, and 2026, respectively [5] - The company's "6*N" strategy and strong channel operation capabilities are expected to drive continued growth and market share expansion [5]

证券研究报告·公司点评报告·化妆品 珀莱雅（603605） 2024年半年报点评：国货龙头增长势能强劲， 大单品持续迭代升级 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6385 | 8905 | 11349 | 13923 | 16925 | | 同比（%） | 37.82 | 39.45 | 27.45 | 22.68 | 21.57 | | 归母净利润（百万元） | 817.40 | 1,193.87 | 1,535.49 | 1,921.43 | 2,355.53 | | 同比（%） | 41.88 | 46.06 | 28.61 | 25.13 | 22.59 | | EPS-最新摊薄（元/股） | ...

日用化学品 珀莱雅（603605.SH） 买入-A(维持) 护肤主营业务稳定，美妆、洗护类收入增速同比突破 40% 1 2024 年 8 月 28 日 公司研究/公司快报 | --- | --- | --- | |------------------------------|--------------|--------------------------------------------------------------------------| | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2024 年中期财报，期内实现营业收入50.01亿元/+37.9%，归 | | | | 母净利润 7.02 亿元/+40.48%，扣非归母净利润6.79 亿元/+41.78%，EPS1.78 | | | | 元。其中2024Q2实现营收28.2亿元/+40.59%，归母净利润3.99亿元/+36.84%， | | | | 扣非归母净利润 3.87 亿元/+37.76%。 | | | | 事件点评 | | | | 珀莱雅收入增速稳定，彩棠、OR 延续高增速。分渠道来看，线上收入 | | 市场数据 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong growth momentum as a leading domestic cosmetics brand, with continuous upgrades of major products [3][4] - The company's revenue for H1 2024 reached 5.0 billion yuan, representing a year-on-year increase of 37.9%, while the net profit attributable to shareholders was 700 million yuan, up 40.5% [3] - The online sales channel continued to show high growth, with online revenue of 4.68 billion yuan in H1 2024, a year-on-year increase of 41% [3] Summary by Sections Financial Performance - H1 2024 revenue was 5.0 billion yuan (+37.9%), with a net profit of 700 million yuan (+40.5%) [3] - Q2 2024 revenue was 2.82 billion yuan (+40.6%), with a net profit of 400 million yuan (+36.8%) [3] - The company’s revenue forecast for 2024-2026 has been adjusted to 15.4 billion yuan, 19.2 billion yuan, and 23.6 billion yuan respectively, with year-on-year growth rates of +29%, +25%, and +23% [4] Product Development - Continuous upgrades of major products and a well-structured sub-brand matrix were highlighted, with main brand revenue showing high growth [3] - New product lines such as "Net Source Series" and "Optical Series" were launched to address specific consumer needs [3] Sales Channels - Online sales accounted for 94% of total revenue, with significant growth in both direct and distribution channels [3] - Offline sales showed slower growth, with traditional channels declining, but new retail channels nearly doubled year-on-year [3] Profitability and Cash Flow - The gross margin for H1 2024 was 69.8%, slightly down from the previous year, attributed to increased promotional activities [4] - Operating cash flow for H1 2024 was 660 million yuan, down 44% year-on-year due to timing issues related to promotional activities [4] Valuation Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 22, 18, and 14 respectively [4] - The current market price is 85.90 yuan, with a market capitalization of approximately 34.08 billion yuan [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded expectations in its financial performance for the first half of 2024, with revenue reaching 5.001 billion yuan, a 37.90% increase year-on-year, and a net profit of 702 million yuan, up 40.48% [4] - The main brand is expected to achieve a revenue scale of 10 billion yuan, driven by popular products and channel expansion [4] - The company is focusing on a multi-brand strategy, with several sub-brands showing strong growth and new product launches catering to various market segments [4] Financial Performance Summary - For 2024H1, the company achieved a revenue of 5.001 billion yuan (+37.90%) and a net profit of 702 million yuan (+40.48%) [4] - The revenue for 2024Q2 is projected to be 2.820 billion yuan (+40.59%) with a net profit of 399 million yuan (+36.84%) [4] - The main brand's revenue for 2024H1 was 3.981 billion yuan (+37.67%), with significant contributions from upgraded product lines and new launches [4] - The company expects revenues of 11.830 billion yuan, 14.278 billion yuan, and 16.569 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.549 billion yuan, 1.869 billion yuan, and 2.169 billion yuan [5][6] Market Position and Strategy - The company is leveraging its strong brand presence on platforms like Tmall and Douyin, achieving top rankings in beauty and fast-moving consumer goods categories [4] - The multi-brand strategy includes successful launches in color cosmetics and high-end hair care, with sub-brands like 彩棠 and 悦芙媞 showing significant revenue growth [4] - The company is actively exploring department store channels and optimizing its store structure to enhance brand visibility and market penetration [4]

Investment Rating - The report maintains a "Buy" rating for Proya (603605 SH) [1] Core Views - Proya is a leading domestic cosmetics company with over 20 years of industry experience, focusing on building a new domestic cosmetics industry platform [1] - The company has formed a multi-brand matrix covering skincare, makeup, haircare, and high-efficacy skincare, with brands like Proya, Yuefuti, Caitang, Off&Relax, CORRECTORS, INSBAHA, Youzilai, and Hanya [1] - Proya's revenue in 2023 reached 8 89 billion yuan, a year-on-year increase of 39 74%, and Q1 2024 revenue was 2 181 billion yuan, up 34 55% year-on-year [1] Financial Performance - Revenue is expected to grow from 6 385 billion yuan in 2022 to 17 015 billion yuan in 2026, with a CAGR of 26 3% from 2024 to 2026 [1] - Net profit attributable to shareholders is projected to increase from 817 million yuan in 2022 to 2 32 billion yuan in 2026, with a CAGR of 27 9% from 2024 to 2026 [1] - ROE is expected to remain above 25% from 2024 to 2026, indicating strong profitability [1] Industry Analysis - Domestic cosmetics consumption per capita increased from 181 yuan in 2017 to 407 yuan in 2022, and is expected to reach 600 yuan by 2025 [2] - Live streaming e-commerce shows significant growth potential, with Douyin's cosmetics sales during 618 in 2024 increasing by 107% year-on-year [2] - Male skincare market is growing rapidly, with sales on Douyin increasing by 147% during 618 in 2024 [25] Company Strategy - Proya's core strategy focuses on developing star products, with the "Double Anti" and "Ruby" series being the most successful [2] - The company has formed a multi-brand matrix, with Caitang, OR, and Yuefuti contributing significantly to revenue growth [5] - Proya has strengthened its online channels, with online revenue accounting for 93 07% of total revenue in 2023 [13] Product Development - Proya has developed four major product series: Double Anti, Ruby, Source Power, and Energy [2] - The company launched the Energy series in 2023, targeting the anti-aging market with products priced between 450-550 yuan [27] - Caitang focuses on Chinese-style makeup, with products like the Master Multi-Effect Primer and Porcelain Foundation [29] R&D Capabilities - Proya invested 174 million yuan in R&D in 2023, a year-on-year increase of 35 59% [31] - The company has 322 R&D personnel, with 88 82% holding bachelor's degrees or higher [32] - Proya holds 348 patents, including key patents for its core products [33] Marketing Strategy - Proya pioneered the "Early C, Late A" skincare concept in China, which has become deeply associated with the brand [37] - The company uses short dramas on Douyin to engage with female consumers, with some series reaching over 700 million views [36] - Caitang emphasizes Chinese aesthetics in its marketing, with products inspired by traditional Chinese culture [37] Valuation and Forecast - Proya's 2024-2026 EPS is forecasted at 3 85 yuan, 4 81 yuan, and 5 85 yuan, respectively [47] - The company's 2024-2026 PE ratios are 21 7X, 17 4X, and 14 3X, respectively [47] - Proya's revenue growth is expected to outpace industry peers, with a projected CAGR of 24 10% from 2024 to 2026 [40]

[Table_Title] 业绩延续亮眼增长，核心大单品持续升级 [Table_StockName] ——珀莱雅（603605）点评报告 [Table_ReportDate] 2024 年 08 月 28 日 [Table_StockRank] 增持(维持) [Table_Summary] 投资要点: 公司业绩维持亮眼增长，24H1 归母净利润同比+40.48%。2024H1，公司 实现营收 50.01 亿元（同比+37.90%），归母净利润 7.02 亿元（同比 +40.48%），扣非归母净利润 6.79 亿元（同比+41.78%），业绩维持亮眼 增长。分季度看，Q1/Q2 公司分别实现营收同比+34.56%/+40.59%，归母 净利润同比+45.58%/+36.84%，扣非归母净利润同比+47.50%/+37.76%。 2024H1，公司经营活动产生的现金流净额为 6.62 亿元（同比-43.95%）， 同比下滑主因销售费用同比增加以及支付货款周期变动影响。 ⚫ 主品牌珀莱雅持续升级核心大单品，多个子品牌体量提升。（1）珀莱雅： 主品牌珀莱雅坚持深耕"大单品策略"，升级"红宝石系列"和"源力 系列"核心 ...

2024 年 08 月 28 日 珀莱雅(603605.SH) Q2 保持高速增长，多品牌健康发展 公司发布 2024 年半年度报告： 毛利率略微下滑，费用整体管控良好： 品牌增长多点开花，新品丰富大单品矩阵： 1）珀莱雅：2024H1 营收 39.81 亿元/+37.67%，占比 79.71%，升级 "红宝石系列"和"源力系列"核心大单品，添加独家成分，新推出 针对油皮问题的"净源系列"、具备提亮功效的"光学系列"以及防 晒新品盾护防晒。 2）彩棠：2024H1 营收 5.82 亿元/+40.57%，占比 11.66%，深耕底妆 赛道，"小圆管粉底液"逐渐起量，618 活动期间位列天猫粉底液类 目国货首位。 3）OR：2024H1 营收 1.38 亿元/+41.91%，占比 2.76%，持续攻占消费 者心智，夯实控油修护洗发产品，发力新品护发精油。 4）悦芙媞：2024H1 营收 1.61 亿元/+22.35%，占比 3.22%，迎合核心 年轻群体，与 IP Loopy 联名，市场反响热烈。 998345865 线上渠道高速增长，线下渠道形象升级： 1）2024H1 线上渠道整体营收 46.80 亿元/+4 ...

股票投资评级 珀莱雅(603605) 买入|维持 个股表现 珀莱雅 美容护理 -39% -33% -27% -21% -15% -9% -3% 3% 9% 15% 2023-08 2023-11 2024-01 2024-04 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 84.65 总 股 本/流 通 股 本 （ 亿 股） 3.97 / 3.95 总 市 值/流 通 市 值 （ 亿 元） 336 / 334 52 周内最高/最低价 115.60 / 78.24 资产负债率(%) 39.9% 市盈率 28.12 第一大股东 侯军呈 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 主品牌保持高增长，收入业绩超预期 ⚫ 事件回顾 公司公布 2024 年半年报，24H1 公司实现营收 50.01 亿元， yoy+37.90%；归母净利润 7.02 亿元，yoy+40.48%；扣非归母净利 6.79 亿元，yoy+41.78%。其中 24Q2，公司实现营收 28.20 亿元， yoy+40 ...