Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 net profit of 3.90 billion yuan, a year-on-year increase of 28.9%, exceeding expectations. The revenue for Q1 2025 was 23.59 billion yuan, up 8.1% year-on-year. The company maintains a strong position as a leading domestic beauty brand, with a reasonable valuation and potential for growth from new product launches [6][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 107.78 billion yuan, a year-on-year increase of 21.0%, and a net profit of 15.52 billion yuan, up 30.0%. For Q1 2025, the revenue was 23.59 billion yuan, with a net profit of 3.90 billion yuan [6][9]. - The company's revenue projections for 2025-2027 are 124.99 billion yuan, 141.47 billion yuan, and 156.72 billion yuan, respectively, with corresponding net profits of 18.63 billion yuan, 21.68 billion yuan, and 24.54 billion yuan [6][9]. - The gross margin for 2024 was 71.4%, an increase of 1.5 percentage points, and for Q1 2025, it was 72.8%, an increase of 2.7 percentage points [7]. Brand and Product Development - The company is accelerating the launch of new products, with several new series introduced in late 2024 and early 2025, including the optical bottle series and various skincare products. The brand has also engaged high-profile endorsements to enhance its marketing efforts [8][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved high-quality growth in 2024, with a revenue increase of 21.0% year-on-year and a net profit growth of 30.0%. For Q1 2025, revenue grew by 8.1% and net profit by 28.9% [5][6] - The main brand, Proya, continues to solidify its position with significant product upgrades and new launches, leading to strong sales performance across various platforms [12] - The company is expected to maintain healthy growth through its multi-brand strategy and strong market positioning in the beauty sector [12] Financial Performance Summary - In 2024, the company reported total revenue of 10.78 billion yuan and a net profit of 1.55 billion yuan, with an EPS of 3.93 yuan and a proposed cash dividend of 1.19 yuan per share [5][12] - The gross profit margin improved to 71.4%, driven by lower freight rates and increased average transaction values [9] - The company’s online sales accounted for 95.1% of total revenue, with a year-on-year increase of 2.0 percentage points [7] Brand and Product Performance - The main brand Proya generated 8.58 billion yuan in revenue, accounting for 79.7% of total revenue, with a year-on-year growth of 19.6% [7] - The makeup brand Caitang achieved 1.19 billion yuan in revenue, with a growth rate of 19.0% [7] - Smaller brands such as OR and Yuetfuti saw significant growth, with OR's revenue increasing by 71.1% [7] Future Earnings Forecast - The company’s earnings per share (EPS) are projected to be 4.79 yuan, 5.66 yuan, and 6.59 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18, 15, and 13 [12][13] - Revenue is expected to grow from 12.43 billion yuan in 2025 to 16.05 billion yuan in 2027, with a compound annual growth rate of approximately 13.29% [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a total revenue of 10.78 billion yuan for 2024, representing a year-on-year growth of 21.0%. The net profit attributable to the parent company was 1.55 billion yuan, up 30.0% year-on-year. For Q1 2025, revenue reached 2.36 billion yuan, an increase of 8.1%, with a net profit of 390 million yuan, growing by 28.9% year-on-year [6][7] - The company has effectively controlled costs, leading to enhanced profitability in Q1 2025. The gross margin increased by 2.7 percentage points to 72.8%, primarily due to higher sales of high-margin products. The net profit margin also improved by 2.8 percentage points to 17.2% [6][10] - The main brand, Proya, achieved a revenue of 8.58 billion yuan in 2024, growing by 19.6%, while sub-brands also showed significant growth, contributing to a total of 20.3% of revenue [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 12.18 billion yuan, with a projected year-on-year growth of 13.0%. The net profit for 2025 is estimated at 1.82 billion yuan, reflecting a growth of 17.2% [5][6] - The earnings per share (EPS) for 2025 is projected to be 4.59 yuan, with a price-to-earnings (PE) ratio of 18 [5][6] - The company expects to maintain a gross margin of around 71.5% to 72.0% over the next few years, indicating stable profitability [5][6]

Core Insights - The company Proya has achieved a significant milestone by becoming the first domestic beauty brand in China to surpass 10 billion yuan in revenue, with a reported revenue of 10.778 billion yuan for 2024, marking a 21.04% year-on-year increase [2] - Despite the impressive revenue figures, there are concerns regarding the slowing growth rates of its main brand Proya and its secondary brand Caitang, which is expected to hinder the company's ambitious goal of ranking among the top ten global cosmetics companies in the next decade [1][2] Financial Performance - Proya's net profit for 2024 reached 1.552 billion yuan, reflecting a 30% year-on-year growth [2] - The revenue growth rate for Proya's main brand slowed significantly, with a reported revenue of 8.581 billion yuan for 2024, a 19.55% increase compared to previous years [4] - Caitang, the secondary brand, generated 1.191 billion yuan in revenue for 2024, growing by 19.04%, but this is a marked decline from previous years' growth rates [4] Channel Dynamics - Online sales accounted for 95.06% of Proya's total revenue in 2024, with online revenue reaching 10.234 billion yuan, although the growth rate for online sales has slowed to 23.68% [6] - In contrast, offline sales have faced challenges, with a 13.63% decline in revenue, totaling only 532 million yuan, which has reduced its contribution to total revenue from 9.02% in 2022 to 4.94% in 2024 [6][7] - The company is attempting to balance its channel strategy by enhancing offline presence through new retail formats and marketing activities, but the effectiveness of these efforts remains uncertain [6][7]

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 25 日 [Table_Title] 2025Q1 利润端表现抢眼，经营质量持续提升 [Table_Title2] 珀莱雅(603605) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603605 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 121.1/73.73 | | 目标价格： | | 总市值(亿) | 336 | | 最新收盘价： | 84.71 | 自由流通市值(亿) | 335 | | | | 自由流通股数(百万) | 395.41 | [Table_Summary] 事件概述 公司发布 2024 年年报及 2025 一季报，2024 年公司实现营收 107.78 亿元，同比增长 21.04%；归母净利润 15.52 亿元，同比增长 30.00%；扣非后净利为 15.22 亿元，同比增长 29.60%。单季度看，2024Q4/2025Q1 公司 实现营收分别为 38.12/23.59 亿元，分别同比增长 4.28%/8 ...

证券研究报告 珀莱雅 (603605 CH) 25Q1 利润率明显优化，彰显强韧性 华泰研究 年报点评 2025 年 4 月 25 日│中国内地 零售 珀莱雅发布年报，2024 年实现营收 107.78 亿元（yoy+21.04%），归母净利 15.52 亿元（yoy+30.00%），扣非净利 15.22 亿元（yoy+29.60%），符合我 们预期。Q4 实现营收 38.12 亿元（yoy+4.28%，qoq+94.06%），归母净利 5.53 亿元（yoy+23.42%，qoq+85.79%）。25Q1 营收 23.59 亿（yoy+8.13%）， 归母净利润 3.9 亿（yoy+28.87%）。24Q4 护肤品类水乳产品和套盒收入占 比上升，均价同比下行，增速阶段性放缓。25Q1 均价回升、收入增长边际 提速、销售费用率环比显著优化、利润率同比环比均提升，彰显龙头业绩强 韧性。25Q1 公司陆续在防晒/美白/双抗系列布局新品，有望贡献增长新引 擎。当前公司 25PE 处板块较低水平（申万美容护理一级行业 25PE 均值 27X，公司 25 年 Wind 一致预测 PE 均值 16X），后续若有产品结构调 ...

首家收入破百亿的国货美妆企业正式出现。 2024年第四季度收入为38.12亿元，仅同比增长了4.28%，是2018年以来同比增幅首次降至个位数的季度。 事实上，珀莱雅依旧保持着较高的营销力度。 这是珀莱雅收入首度迈入百亿大关的时刻。 主品牌"珀莱雅"依旧挑大梁，2024年实现85.81亿元收入，同比增长近20%；彩妆品牌"彩棠"创收11.91亿元，同比增长了19.04%等均有 不同程度的增长。 这在行业内已是位居前列。 2024年，"珀莱雅"天猫旗舰店成交金额首次跃居天猫美妆第1名；同期彩棠天猫旗舰店成交金额排名位居国货榜第1名。 但两大品牌增速有所放缓。 "珀莱雅"放缓超16个百分点；彩棠同期放缓超50个百分点。 往年双十一等因素加持下，第四季度一向是珀莱雅的销售旺季，2022年、2023年的第四季度收入同比增幅曾高达5成，但去年表现平 平。 2024年，珀莱雅（603605.SH）收入、归母净利润分别为107.78亿元、15.52亿元，分别同比增长了21.04%、30%。 2024年的销售费用为51.61亿元，同比增长了近30%，高出收入近10个百分点。其中形象宣传推广的金额达到46.02亿元，占销售费用 ...

作者 罗文利 继2023年营收超过上海家化、三年内完成"冲二摘一"登顶国货美妆企业营收第一的宝座后，珀莱雅股份（603605.SH，下称"珀莱雅"）宣布其2024全年营收 破百亿元。它也是国内第一家营收破百亿的美妆企业。 2025年4月14，珀莱雅宣布设立首席数字官一职，并聘任胡宁波为首任首席数字官。珀莱雅官方介绍，胡宁波拥有超20年的数字化和信息化建设经验，曾任 奢侈品集团LVMH时装部北亚区首席信息官等职位。珀莱雅方面称，数字化将成为企业发展的关键战略。 新履职的首席数字官上任即确定了珀莱雅以ROI（投资回报率）为导向的数字化价值评估体系，以"确保技术投入能够精准转化为可量化的业务增长"。 珀莱雅首席数字官胡宁波告诉经济观察报，该评估体系目前已取得实质性突破：2024年，已应用该模型分析跨渠道营销投放ROI，实现营销资源边际收益的 可视化测算；数据决策平台完成数据基建——单品级盈利追踪、实时数据复盘系统，提升了成本利润透明度。 胡宁波称，这种数字化能力升级不仅让流量分配从经验驱动转向数据驱动，更重要的是将原本离散的营销行为转化为可量化、可追溯的决策依据，为提升流 量利用率提供系统化解决方案。 新设的首席数 ...

| 主要会计数据 | 2024年 | 2023年 | 本期比上 | 2022年 | | --- | --- | --- | --- | --- | | | | | 年同期增 | | | | | | 减(%) | | | 营业收入 | 10. 778, 411, 781. 20 | 8. 904. 573. 501. 39 | 21. 04 | 6. 385. 451. 424. 00 | | 归属于上市公司 | 1.551. 995. 692. 29 | 1. 193, 868, 141. 81 | 30. 00 | 817. 400. 223. 93 | | 股东的净利润 | | | | | | 归属于上市公司 股东的扣除非经 | 1.521.668.826.62 | 1. 174. 144, 260. 32 | 29. 60 | 788, 513, 237. 01 | | 常性损益的净利 | | | | | | 润 | | | | | | 经营活动产生的 | 1, 107, 000, 664. 19 | 1. 468, 793, 814. 58 | -24. 63 | 1.111,136.117.23 | ...

品牌矩阵中，彩妆品牌彩棠为第二大收入来源，营收达到11.91亿元，同比增长19.04%，但其在2023年 和2022年的同比增速高达75.06%和132.04%，这一数据断崖式下跌也与近两三年来彩妆消费市场疲软有 关。不过，另一个新秀彩妆品牌"原色波塔"在今年的销售额甚是亮眼，营收达到1.14亿元，同比增长 138.36%，该品牌在2023年之前都是并入了其他品牌计算，今年才得以单独计算业绩。除了化妆品，珀 莱雅旗下的洗护品牌Off&Relax的营收增速在近两年一直保持在70%左右，是珀莱雅矩阵品牌下增速表 现最为稳定的，其对总营收的贡献占比也相比于其他品牌有显著的逐年上升的趋势，从2022年的1.98% 提升至3.42%。 线上渠道对营收贡献大，但拖累盈利水平 2024年珀莱雅在线上渠道经营能力依然突出。2024年线上的业务收入达到102.34亿元，同比增长 23.68%，其占到总营收的比例在逐年攀升，2022年-2024年分别占比为90.98%、93.07%和95.06%。线上 渠道的优势也可以从具体品牌的销售情况看到。2024年度，珀莱雅天猫旗舰店成交金额首次跃居天猫美 妆第1，获抖音美妆排名第2，获京 ...