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研報掘金丨中郵證券:珀萊雅業績超預期,維持“買入”評級
格隆匯 08-30 17:00
中郵證券研報指出,大單品帶動主品牌勢能向上,多品牌持續發力,珀萊雅(603605.SH)上半年業績超預期。看好公司主品牌持續成長性以及多品牌打造,維持“買入”評級。上半年珀萊雅品牌實現收入28.9億元,同增35.9%,上半年雙抗精華升級3.0版本、升級調整水乳霜、紅寶石眼霜2.0,新推主打保濕的循環系列以及雲朵防曬,推動品牌高增長。公司毛利率提升+資產減持損失減少帶動淨利率優化。23H1毛利率同比提升2.4pct至70.5%,主要得益於子品牌毛利率提升以及精華等高毛利率品類快速增長,其中23Q2毛利率同比提升2.3pct至70.9%。
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