炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 根据2025年4月29日公告，水羊股份（300740.SZ）2024Q4和2025Q1分别实现营业收入11.9亿、10.9亿，同比增长6.9%、5.2%；分别实现扣非净利润为0.1 亿、0.4亿，同比下滑86.8%、22.8%。 继续往前追溯，2024Q3、2024Q2扣非净利润同比下滑124.4%、40.3%，而2024Q1、2023Q4、2023Q3的营业收入也均同比下滑，因此这已经是水羊股份连 续第7个季度的业绩Miss。 对应公司在2023年制定的股权激励计划，2023和2024年目标归母净利润分别不低于3亿和4亿，实际归母净利润为2.9和1.1亿，均不达标，尤其2024年出现 巨大偏离。 | 归属安排 | 业绩考核 | | --- | --- | | 第一个归属期 | 2023年净利润不低于3.00亿元 | | 第二个归属期 | 2024年净利润不低于4.00亿元 | 2022年，水羊股份相继完成了对伊菲丹（主要产品价格带300美元）和佩尔赫乔（主要产品价格带100美元）的收购，彼时水羊股份对伊菲丹的定位和目标 是成为"全球新 ...

美容护理/化妆品 水羊股份（300740.SZ） 2025 年 05 月 03 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 12.67 | | 一年最高最低(元) | 20.55/9.60 | | 总市值(亿元) | 49.20 | | 流通市值(亿元) | 45.28 | | 总股本(亿股) | 3.88 | | 流通股本(亿股) | 3.57 | | 近 3 个月换手率(%) | 139.33 | 股价走势图 《加大费用投放致 H1 利润下滑，看好 后续效果释放—公司信息更新报告》 -2024.7.31 "高奢美妆集团"打法逐渐清晰，Q1 渐入佳境 ——公司信息更新报告 | 黄泽鹏（分析师） 初敏（分析师） 程婧雅（联系人） | | --- | | huangzepeng@kysec.cn chumin@kysec.cn chengjingya@kysec.cn | | 证书编号：S0790519110001 证书编号：S0790522080008 证书编号：S0790123070033 | |  2024 年主动传略调整业绩承压 ...

美容护理/化妆品 水羊股份（300740.SZ） 2025 年 05 月 03 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 12.67 | | 一年最高最低(元) | 20.55/9.60 | | 总市值(亿元) | 49.20 | | 流通市值(亿元) | 45.28 | | 总股本(亿股) | 3.88 | | 流通股本(亿股) | 3.57 | | 近 3 个月换手率(%) | 139.33 | 股价走势图 -60% -40% -20% 0% 20% 2024-05 2024-09 2025-01 水羊股份 沪深300 数据来源：聚源 相关研究报告 《主动战略调整业绩承压，关注高端 美妆品牌矩阵潜力—公司信息更新报 告》-2024.10.31 《加大费用投放致 H1 利润下滑，看好 后续效果释放—公司信息更新报告》 -2024.7.31 "高奢美妆集团"打法逐渐清晰，Q1 渐入佳境 ——公司信息更新报告 | 黄泽鹏（分析师） 初敏（分析师） 程婧雅（联系人） | | --- | | huangzepeng@kysec.cn chu ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025 with a slight increase in revenue and net profit [1][2]. Financial Performance - 2024 annual revenue was 4.237 billion yuan, down 5.69% year-on-year; net profit attributable to shareholders was 110 million yuan, down 62.63% year-on-year; and net profit excluding non-recurring items was 118 million yuan, down 56.74% year-on-year [1]. - Q4 2024 revenue was 1.192 billion yuan, up 6.86% year-on-year; net profit attributable to shareholders was 16 million yuan, down 86.33% year-on-year; and net profit excluding non-recurring items was 10 million yuan, down 86.79% year-on-year [1]. - Q1 2025 revenue was 1.085 billion yuan, up 5.19% year-on-year; net profit attributable to shareholders was 42 million yuan, up 4.67% year-on-year; and net profit excluding non-recurring items was 41 million yuan, down 22.78% year-on-year [1]. Profitability Metrics - 2024 annual gross margin was 63.01%, up 4.57 percentage points year-on-year; net profit margin was 2.60%, down 3.95 percentage points year-on-year [2]. - Q1 2025 gross margin was 63.76%, up 2.42 percentage points year-on-year; net profit margin was 3.86%, down 0.02 percentage points year-on-year [2]. Expense Ratios - 2024 annual sales expense ratio was 49.06%, up 7.71 percentage points year-on-year; management expense ratio was 6.15%, up 0.91 percentage points year-on-year; R&D expense ratio was 1.94%, up 0.24 percentage points year-on-year [2]. - Q1 2025 sales expense ratio was 49.55%, up 3.24 percentage points year-on-year; management expense ratio was 5.77%, up 0.11 percentage points year-on-year; R&D expense ratio was 1.92%, up 0.17 percentage points year-on-year [2]. Strategic Initiatives - The company is focusing on self-owned brands and has established a "global new high-end luxury beauty group" label, with significant growth in both online and offline channels [2]. - The company is increasing R&D investment, with R&D expenses accounting for 4.98% of self-owned brand revenue, and has established a research institute for innovative product development [3]. - A share buyback plan of 50 to 100 million yuan is proposed to implement employee stock ownership plans or equity incentives [3]. Future Outlook - The company has revised its revenue and profit forecasts for 2025-2027, expecting revenues of 4.389 billion, 4.871 billion, and 5.537 billion yuan, and net profits of 256 million, 295 million, and 345 million yuan respectively [3]. - The company aims to penetrate the high-end market through brand transformation and innovation, maintaining a "buy" rating [3].

Group 1: Shuiyang Co., Ltd. - Shuiyang Co., Ltd. aims for globalization, planning to expand three store formats in the top ten global cities, focusing on the US, China, UK, and France [1] - The RV brand business is primarily in the US, with minimal short-term impact from tariffs; the company plans to adjust its team and ensure business operations and brand upgrades in the US market this year [1] - EDB is expected to achieve around 20% revenue growth this year, with a focus on offline channels and reducing head sales [1] - The PA brand saw over 300% growth last year and is expected to maintain 100% growth this year, with efforts to strengthen global channel construction and product line expansion [1] - The company is reducing investment in celebrity endorsements and focusing more on offline experience stores and stable channel development [1] Group 2: Longci Technology - Longci Technology has a minimal direct export to the US, thus limited impact from US tariff policies [2] - The company aims for a long-term permanent magnet production capacity of 60,000 tons, with an expected capacity of 50,000 tons this year [2] - The Vietnam factory's permanent magnet capacity has expanded to 10,000 tons per year, while the Thailand soft magnet factory plans for 8,000 tons capacity [2] - The company is focusing on developing chip inductors and automotive inductors, leveraging customer synergy to penetrate the automotive inductor market [2] Group 3: Dongfang Yuhong - Dongfang Yuhong's overseas business revenue grew rapidly in Q1 2025, with the Malaysia factory completed in Q1 [3] - The company is enhancing operational efficiency through organizational restructuring, redundancy elimination, and workflow simplification [3] - The company is focusing on expanding its product categories, with non-waterproof product revenue accounting for half of total revenue this year [3] - The integration of the architectural coating business with the sand powder group aims to achieve supply chain and process synergy, enhancing cost reduction and efficiency [3]

Group 1: Company Overview - Water Sheep Co. aims for globalization, planning to expand in the top ten global cities with three store formats, focusing on the US, China, UK, and France [1] - The RV brand business is primarily in the US, with minimal short-term tariff impact, focusing on team adjustments, business operations, and brand upgrades this year [1] - EDB is expected to achieve around 20% revenue growth this year, with a focus on offline channels and reducing head sales [1] Group 2: Performance and Growth - The PA brand experienced over 300% growth last year and is expected to maintain 100% growth this year, with efforts to strengthen global channel construction and product line expansion [1] - The CP brand is showing a positive development trend, with tariff policies benefiting the company and contributing positively to profits [1] - The company aims for revenue growth and breakeven this year after resolving inventory issues with Yuni [1] Group 3: Marketing and Product Strategy - The company is reducing investment in celebrity endorsements and focusing more on offline experience stores and healthy channel development [1] - The company plans to expand into mainstream categories like creams and sunscreens, as EDB and PA have low user overlap [1] - The high-end brand's profitability is improving, while the mass brand is achieving breakeven [1] Group 4: Research and Development - The company is increasing R&D investment while adopting a steady pace for market expenses, avoiding aggressive spending [1] - The high-end brand prioritizes stable operations in daily sales channels and long-term brand building over special promotions [1]

事实上，水羊股份最初是依托电商流量、凭借御泥坊踏入美妆赛道的。 官网信息显示，水羊股份的前身长沙百拍网络有限公司于2006年成立，同年4月御泥坊品牌诞生；2011 年和2013年先后孵化出花瑶花、小迷糊等品牌；2018年该公司登陆A股，成为"中国新消费品品牌第一 股"，并发布国际美妆开放平台"水羊国际"，为海外品牌提供在中国市场的解决方案。 高端化对水羊股份来说，是良药还是毒药？4月30日，新京报贝壳财经记者获悉，水羊集团股份有限公 司（以下简称"水羊股份"） 发布2024年年度报告，期内，该公司实现营业收入42.37亿元，同比下滑 5.69%；归母净利润同比下滑62.63%至1.1亿元；扣非净利润同比下滑56.74%至1.18亿元。 对于业绩变动，水羊股份在年报中表示，主要原因包括公司初步构建"全球新晋高奢美妆集团"标签，业 务结构和销售结构进一步调整，加大了高端品牌的品牌与市场费用投入；受到行业竞争加剧等因素影 响，下半年对部分品牌的投入未取得预期的转化效果，导致销售费用率增加；计入非经常性损益的政府 补助及投资收益金额有所减少。 "买"出来的高端化，自有品牌营收占比38.97% 近年来，水羊股份不断收购 ...

Group 1: Company Overview and Strategy - The company aims to build a "new high-end luxury beauty brand management group" through high-end and global strategies, focusing on brand globalization and optimizing business structure [2][3][8]. - In 2024, the company achieved a revenue of 4.237 billion CNY, with self-owned brands generating 1.651 billion CNY, maintaining a stable revenue share [3][8]. Group 2: Self-Owned Brands Performance - The self-owned brand segment achieved a revenue of 1.651 billion CNY, with a gross margin of 74.27% in 2024, indicating an improvement in product structure and profitability [3][9]. - The French luxury skincare brand EDB saw significant growth, with a focus on high-net-worth customers and successful marketing campaigns, leading to a strong brand presence [4][17]. - The brand PA, acquired in 2024, experienced over 300% growth, with expectations for continued expansion in both domestic and international markets [6][20]. Group 3: CP Brands Performance - The CP brand segment consists of five main categories, with a focus on quality and resource allocation, although the performance of the Kefu (formerly Johnson & Johnson) brand declined significantly [8][9]. - Other CP brands, such as ESI and Mistique, reported good growth, with ESI's GMV doubling year-on-year [8][9]. Group 4: Financial Performance - The company reported a net profit of 110 million CNY in 2024, a decrease of 62.63% year-on-year, attributed to increased market expenses and external economic pressures [9][12]. - The overall gross margin improved to 63.01%, up from 58.44% in 2023, driven by a higher proportion of high-margin products [9][12]. Group 5: Research and Development - The company applied for 28 patents and published 15 papers in 2024, emphasizing its commitment to R&D and innovation [10][11]. - R&D expenses accounted for 4.98% of self-owned brand revenue, aligning with international standards for leading beauty companies [9][11]. Group 6: Market Outlook and Challenges - The company anticipates a focus on high-end brands and a strategic reduction in lower-end brands to improve profitability [27][30]. - The external economic environment remains challenging, but the company is committed to maintaining a strong brand presence and sustainable growth [11][30].

内部控制评价报告的核查意见 华泰联合证券有限责任公司 关于水羊集团股份有限公司 内部控制评价报告的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"）作为水羊集团股份有 限公司（以下简称"水羊股份""公司"或"发行人"）向不特定对象发行可转 换公司债券的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等文件的要求， 华泰联合对水羊股份 2024 年度内部控制制度等相关事项进行核查，并发表独立 意见如下： 一、水羊股份内部控制的基本情况 （一）内部控制评价的范围 本次内部控制评价的范围涵盖了公司总部各部门及各分子公司。纳入本次评 价范围的业务和事项包括：组织架构、发展战略、人力资源、社会责任、企业文 化、资金管理、采购业务、资产管理、合同管理、印鉴管理、对外担保、关联交 易、财务报告、信息系统、内部监督等内容。 上述业务和事项的内部控制涵盖了公司运营管理的主要方面，不存在重大遗 漏。 （二）内部控制评价的内容 1、内部环境 （1）治理结构 公司治理的基本情况：公司严格按照《公司法》《企业内部控制基本规范》 和其他有关法律法规的要求，不 ...

使用部分闲置自有资金进行委托理财的核查意见 华泰联合证券有限责任公司 关于水羊集团股份有限公司 使用部分闲置自有资金进行委托理财的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为水羊集团股份有限公司（以下简称"水羊股份""公司"或"发行人"）向不 特定对象发行可转换公司债券的保荐人，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所创业板股票上市规则》及《深圳证券交易所上市公司自律监管 指引第 13 号——保荐业务》等法律法规的规定，经审慎尽职调查，对水羊股份 本次使用部分闲置自有资金进行委托理财事项进行审慎核查，核查情况如下： 一、保荐人进行的核查工作 华泰联合证券保荐代表人通过与公司董事、监事、高级管理人员等人员沟通， 查询了公司财务报表、三会会议资料、决议以及其他相关文件，对发行人 2025 年度拟使用部分闲置自有资金进行委托理财事项的合理性、必要性、有效性进行 了核查。 二、本次使用闲置自有资金进行委托理财的基本情况 （一）投资目的 为提高公司闲置自有资金使用效率，在确保日常经营需求和资金安全的前提 下，公司合理利用闲置自有资金进行委托理财，增加资金收益，为公司及股 ...