%% %% 丨证券研究报告丨 公司研究丨点评报告丨水羊股份（300740.SZ） [Table_Title] 水羊股份 2024 年三季报点评：业务调整期利润 波动，延续高端品牌战略 | --- | --- | --- | |-----------------------------------------------------------------------------------------------|--------------------|-------| | 报告要点 | | | | [Table_Summary] 2024Q3 公司实现营业收入 7.5 亿元，同比下滑 30.9% ；归母净利润 -1144 | 万元；扣非净利润 - | | | 1164 万元。 | | | 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 秦意昂 请阅读最后评级说明和重要声明 水羊股份（300740.SZ） cjzqdt11111 2024-11-17 公司研究丨点评报告 资料来源：Wind 相关研究 ...

好的 谢谢主持人亲爱的各位投资者各位朋友大家上午好欢迎大家来参加我们的互动2024年三季度的这个说明会我是公司的总经理吴小景本次会议我先会给大家简单介绍一下三季度的一个情况和我们目前业绩的一个算状然后后面也会有开放一部分投资者的提问欢迎大家与公司在线上进行交流 首先给大家简单介绍一下公司就是截至到Q3的一个整体的财务数据情况那2020年前三季度呢公司是实现营收30.45亿同比市下降了9.84单三季度收入7.52亿元同比市下降了30.87前三季度规模金利润0.94亿元同比下降47.6%左右然后扣费金利润11.08亿同比下降了47.82%那确实从这个财务数据来看我们三季度整体是出现了一个比较大的一个变化 在这里面这些变化的原因也跟大家分别来说明如下首先第一个还是说整体在外部环境的一个影响我们非常明显的感觉到就是今年二季度以来特别是六月份七月份到九月底之前整个公司受宏观经济的一个影响整个消费也是比较的低迷我们可以看到化妆品行业的总收入也是 已经连续好几个月是持续的出现下滑那这些呢都对公司的整体业务是产生了一个不利的外部影响那首先这是一个外部的一个整体的一个环境第二呢就是公司确实从今年就是二季度开始到下半年我们是逐步 ...

财务摘要 水羊股份(300740) 战略调整,短期承压,未来聚焦高奢品牌 -水羊股份 24 年三季报点评 投资要点 □ Q3 收入同比减少 31%，御泥坊渠道调整致单季度亏损 1144万 1) 24Q1-Q3: 收入 30.4 亿元,同比减少 10%,归母净利 0.94 亿元,同比减少 48%，扣非归母 1.1 亿元，同比减少 45%; 2）单 Q3: 收入 7.5亿元,同比减少 31%,归母净利亏损 1144万元,去年同期盈 利 3761 万, 扣非归母亏损 1164万元,去年同期扣非归母 4770万。 收入端下滑主要因御泥坊线下渠道收缩、大众线小品牌及部分盈利能力不佳的 代理品牌战略性收编;利润亏损主要因御泥坊清退线下人员,消化退货导致。 □ 盈利能力:毛利率+8pp,期间费用率上升较多 1) 24Q1-Q3: 毛利率 63.1%,同比+5pp,净利率 3.2%,同比-2pp, 销售/管理/研 发费用率分别为 49.5%/4.8%/1.9%，同比分别+6pp/+1pp/持平; 2)单Q3:毛利率68%(同比+8pp,环比+6pp),净利率-1.5%(同比-5pp,环比 -7pp),销售/管理/研发 费用率 ...

股 票 研 究 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.11.02 ——水羊股份 2024 年三季报点评 战略调整致业绩承压，关注后续高端化进展 水羊股份(300740) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-------------------|-------|-------|----------------------|--------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 杨柳 ( 分析师 ) | | | 闫清徽 ( | ...

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company is experiencing pressure on its third-quarter performance due to brand adjustments and preemptive promotional spending, leading to a decline in profits. However, gross margins continue to improve [2]. - For the first three quarters of 2024, the company achieved a revenue of 3.045 billion yuan, a year-on-year decrease of 9.84%, and a net profit attributable to the parent company of 94 million yuan, down 47.6% year-on-year [2]. - The company is focusing on high-end and global strategies, with significant growth in its self-owned brands, particularly in the high-end segment [3]. Financial Performance Summary - The company reported a revenue of 7.52 billion yuan in Q3 2024, a year-on-year decline of 30.87%, with a net profit attributable to the parent company of -11 million yuan [2]. - The gross margin for Q3 was 67.99%, an increase of 7.67 percentage points year-on-year, while the net margin was -1.49% [2]. - The sales expense ratio for Q3 was 57.45%, up 8.17 percentage points year-on-year, primarily due to preemptive spending for promotional activities [2]. - The company expects to achieve net profits of 200 million, 295 million, and 356 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.51, 0.76, and 0.91 yuan [4]. Strategic Developments - The company continues to implement a dual business strategy of self-owned and CP brands, with notable growth in high-end products [3]. - The company has acquired a high-end skincare brand in the U.S. and gained complete ownership of a French brand, enhancing its product structure and market positioning [3]. - The company is currently in an adjustment phase for its brands, with a focus on optimizing its product mix and enhancing profitability through successful overseas brand operations [3].

F原证券 美容护理/化妆品 公 司 研 究 水羊股份（300740.SZ） 2024 年 10 月 31 日 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 yoy-34.4%/+50.9%/+27.4%，对应 EPS 为 0.5/0.75/0.95 元，当前股价对应 PE 为 25.6/17/13.3 倍，看好公司高端美妆战略带动业绩健康增长，维持"买入"评级。 业务结构优化带动毛利率持续提升，费用前置投放为 Q4 增长蓄力 高毛利品牌占比提升带动毛利率创历史新高：2024Q3 公司毛利率/净利率 68%/-1.5%，yoy+7.67pct/-5.12pct，2024Q1-Q3 毛利率/净利率 63.1%/3.2%， yoy+5.08pct/-2.29pct。2024 年以来伊菲丹在天猫、京东日销增速超 50%，抖音自 播板块增速超 50%，线下入驻多家高端百货，已开店面业绩均排名商场前 1/3， 品牌势能持续提升。 费 用 率 ： 2024Q3 销 售 / 管 理 / 研 发 / 财务费用率 57.4%/5.3%/3.4%/2.1%，yoy+8.17pct/+3.73pct/+1.7 ...

水羊股份（300740.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 聚焦发展高端品牌，EDB 淡季逆势增长，期待后续业绩表现 2024 年 10 月 31 日 ➢ 事件：水羊股份发布 2024 年三季报。24Q1-3，公司实现营收 30.45 亿 元，同比-9.84%；归母净利润 0.94 亿元，同比-47.60%；扣非归母净利 1.08 亿元，同比-44.82%。单 Q3 看，公司实现营收 7.52 亿元，同比-30.87%； 归母净利润-0.11 亿元，同比-130.41%；扣非归母净利-0.12 亿元，同比124.40%。 ➢ 品牌高端化布局拉动毛利率提升，销售费用投放加大影响盈利能力。1） 毛 利 率 方 面 ， 24Q1-3/Q3 ， 公 司 毛 利 率 为 63.09%/67.99% ，同比 +5.08/+7.67pct；2）费用率方面，24Q1-3/Q3，公司销售费用率为 49.46%/57.45%，同比+6.14/+8.17pct；管理费用率为 4.83%/5.25%，同 比+0.94/+3.73pct；研发费用率为 1.89%/3.40%，同比-0.02 ...

编号：2024-007 证券代码：300740 证券简称：水羊股份 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司投资者关系活动记录表 | --- | --- | |-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 | 2024年10月30日 水羊股份（300740.SZ） 优于大市 调整转型致短期业绩承压，外延驱动全球化高端化进程 公司内部调整致业绩承压。前三季度实现营业收入 30.45 亿/yoy-9.84%；实 现归母净利润 0.94 亿/yoy-47.6%。单三季度实现营业收入 7.52 亿 /yoy-30.87%，其中预计自有品牌和代理收入端均有 30%下滑；实现归母净利 润-1143.98 万元，上年同期净利润 3761.43 万元，由盈转亏。 分业务来看，自有品牌中，由于公司 Q3 主动清退御泥坊线下渠道，御泥坊 单 Q3 收入下滑约 60%，同时对于公司利润端产生约 4000 万影响；伊菲丹仍 表现稳健，Q3 收入预计同比增长约 20%+，利润率预计维持 18%-20%，由于今 年较多专场直播于 10 月开播，较去年 9 月存在排期差，因此存在收入转化 的滞后性，目前 10 月来看整体伊菲丹仍表现良好。其他自有品牌由于收窄 投放整体收入处于下滑态势，基本处于盈亏平衡。代理业务中，Q3 强生业务 由于仍在调整期预计收入下滑 30%+，利润率也略有下滑；同时公司主动清退 了部分不盈利的小品牌，导 ...

Financial Performance - The company's revenue for Q3 2024 was ¥752,001,981.44, representing a decrease of 30.87% compared to the same period last year[2]. - The net profit attributable to shareholders was -¥11,439,778.31, a decline of 130.41% year-over-year[2]. - The basic earnings per share (EPS) was -¥0.0292, down 130.26% from the previous year[2]. - Total operating revenue for the current period is CNY 3,044,847,507.51, a decrease of 9.83% from CNY 3,377,297,990.81 in the previous period[21]. - Net profit for the current period is CNY 98,075,054.95, a decline of 47.38% compared to CNY 186,114,653.52 in the previous period[22]. - Total comprehensive income for the current period is CNY 95,619,094.44, down from CNY 183,974,987.91 in the previous period[23]. - Earnings per share (basic) decreased to CNY 0.2425 from CNY 0.4626 in the previous period[23]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥4,086,902,596.51, a decrease of 0.68% from the end of the previous year[2]. - The company’s total liabilities increased by 33.47% to ¥309,796,815.68 due to new short-term borrowings[5]. - The company's total assets and equity totaled CNY 4,086,902,596.51 and CNY 2,083,761,529.04 respectively[20]. - The company’s total liabilities and equity decreased from CNY 4,114,979,918.91 to CNY 4,086,902,596.51[20]. Cash Flow - Operating cash inflow for the current period was ¥2,962,385,198.58, a decrease of 7.73% from ¥3,210,677,483.59 in the previous period[24]. - Operating cash outflow for the current period was ¥3,046,477,320.66, down 6.81% from ¥3,269,975,941.11 in the previous period[24]. - Net cash flow from operating activities was -¥84,092,122.08, worsening from -¥59,298,457.52 in the previous period[24]. - Investment cash inflow totaled ¥554,955,923.31, significantly up from ¥38,141,393.72 in the previous period[25]. - Investment cash outflow was ¥725,668,930.22, an increase from ¥369,520,033.85 in the previous period[25]. - Net cash flow from investing activities was -¥170,713,006.91, improving from -¥331,378,640.13 in the previous period[25]. - Financing cash inflow was ¥886,037,440.47, down from ¥1,588,368,508.64 in the previous period[25]. - Financing cash outflow totaled ¥845,046,978.88, a decrease from ¥1,264,300,080.44 in the previous period[25]. - Net cash flow from financing activities was ¥40,990,461.59, down from ¥324,068,428.20 in the previous period[25]. - The ending balance of cash and cash equivalents was ¥255,377,328.81, compared to ¥227,922,515.00 in the previous period[25]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,178[7]. - The largest shareholder, Hunan Yujia Investment Management Co., Ltd., holds 24.70% of shares, totaling 95,904,214 shares[7]. - The company has no preferred shareholders or changes in preferred shareholder status during the reporting period[9]. - The top ten shareholders have not participated in margin trading or securities lending activities[8]. - The company has no significant changes in the number of shareholders or shareholding structure compared to the previous period[8]. - The company’s major shareholders have pledged a total of 47,940,000 shares[7]. Convertible Bonds - The company issued 6,949,870 convertible bonds with a total amount of RMB 69,498.70 million, netting RMB 68,695.83 million after expenses[11]. - The convertible bonds were approved by the China Securities Regulatory Commission and began trading on April 25, 2023[12]. - The initial conversion price for the convertible bonds was set at RMB 13.71 per share, later adjusted to RMB 13.53 per share[12]. - The conversion price of "Shuiyang Convertible Bonds" was adjusted from 13.53 CNY/share to 13.54 CNY/share effective from September 2, 2024, with a total of 146 shares converted in Q3 2024[13]. - As of September 30, 2024, there are 6,948,943 "Shuiyang Convertible Bonds" remaining[13]. - The company decided not to lower the conversion price of "Shuiyang Convertible Bonds" for the next six months, maintaining the current price[14]. Stock Incentive Plans - A total of 338,933 shares from the 2019 stock option and restricted stock incentive plan were repurchased and canceled, affecting 305 incentive targets[15]. - 1,850,141 shares from the 2021 restricted stock incentive plan were canceled due to unmet performance targets[16]. - 1,831,636 shares from the 2023 restricted stock incentive plan were canceled due to unmet performance targets and 68 departing incentive targets[17]. Other Financial Metrics - Cash and cash equivalents decreased by 46.54% to ¥296,324,532.38 due to promotional expenses and payments[5]. - The company reported a significant drop in investment income, with a loss of -¥42,213,497.96, a decline of 11,140.25% compared to the previous period[6]. - The fair value change income was ¥24,673,777.93, a 195.56% increase year-over-year[6]. - The company experienced a foreign exchange loss of CNY 24,673,777.93 compared to a loss of CNY 25,820,319.58 in the previous period[22]. - The company reported a decrease in research and development expenses to CNY 57,439,187.71 from CNY 64,492,897.31 in the previous period[21]. - Total current assets amounted to 2,245,571,844.48 CNY, down from 2,315,053,316.01 CNY at the beginning of the period[18]. - Total non-current assets increased to 1,841,330,752.03 CNY from 1,799,926,602.90 CNY[19]. - Total liabilities decreased to 2,003,141,067.47 CNY from 2,040,147,063.41 CNY[19].