珀莱雅：净利率优化，业绩超预期-20250427

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 10.8 billion yuan for 2024, representing a year-on-year growth of 21.0%, with a net profit of 1.55 billion yuan, up 30% year-on-year [4][6]. - The performance of smaller brands was notably strong, with online sales growth contributing significantly to overall revenue [5]. - The gross margin improved to 71.4% in 2024, driven by lower shipping costs and increased average transaction value [6]. Financial Performance Summary - For 2024, the company achieved a revenue of 10.78 billion yuan, with a net profit of 1.55 billion yuan, reflecting a growth rate of 30% [10][13]. - The company expects net profits to reach 1.84 billion yuan in 2025, 2.20 billion yuan in 2026, and 2.60 billion yuan in 2027, with corresponding PE ratios of 18, 15, and 13 [7][10]. - The gross margin is projected to remain stable at around 71.5% from 2025 to 2027, while the net profit margin is expected to slightly increase [10][13].