加入VIP免费下载招银国际-珀莱雅-603605-2Q in line with full year guidance maintained-220826
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珀莱雅(603605) 2Q results came in at the high range of the preliminary financial dataannouncement, with revenue and net profits standing at RMB 1.37bn(+35.5% YoY) and RMB 139mn (+19.2% YoY), respectively. Of note, the sequentially lower revenue growth (1Q: 38.5%) was mainlydragged by a 16% decline in offline sales. Meanwhile, the continuous ASPuptick to RMB 261 in 1H22 (from RMB205 for 2021) fuelled GPM to expandto 68.6%, up 5.5pp YoY and 1.0pp QoQ. Despite this, 2Q net margins declined to 10.1% (vs 12.6% in 1Q), owing toapproximately RMB 70mn expenses incurred for the recall and return ofsunscreen serum in May. Since the event has been fully accounted for, weexpect net margins to normalise to ~12% starting from 3Q. Management maintained its full-year guidance of 25% revenue/ net profitsgrowth. Considering 30-40% online sales growth for 2022E, the target impliesoffline sales growth would remain negative throughout 2H. Separately,Proya’s management has initiated a new ESOP plan in July this year withvesting condition stipulated to be no less than 25%/ 23%/ 22% revenue/ netprofit growth YoY for 2022-24E. To-date, management remains confident toachieve the target. Management expects 3Q sales to moderate from 1H when demand in Julyhas been pulled forward to 618. Momentum for Aug and Sep shouldnormalise, and further edge up for Double 11. Repeat purchase rate and ASP are improving, thanks to the success of heroproduct strategy which now represents 35% of total revenue (up from 20%for 2021). Among younger brands, Timage doubled its revenue to RMB230when Hapsode has already turned profitable. High-end hair care Off andRelax achieved breakeven. Our TP is currently under review.
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（以下内容从招银国际《2Q in line with full year guidance maintained》研报附件原文摘录）珀莱雅(603605) 2Q results came in at the high range of the preliminary financial dataannouncement, with revenue and net profits standing at RMB 1.37bn(+35.5% YoY) and RMB 139mn (+19.2% YoY), respectively. Of note, the sequentially lower revenue growth (1Q: 38.5%) was mainlydragged by a 16% decline in offline sales. Meanwhile, the continuous ASPuptick to RMB 261 in 1H22 (from RMB205 for 2021) fuelled GPM to expandto 68.6%, up 5.5pp YoY and 1.0pp QoQ. Despite this, 2Q net margins declined to 10.1% (vs 12.6% in 1Q), owing toapproximately RMB 70mn expenses incurred for the recall and return ofsunscreen serum in May. Since the event has been fully accounted for, weexpect net margins to normalise to ~12% starting from 3Q. Management maintained its full-year guidance of 25% revenue/ net profitsgrowth. Considering 30-40% online sales growth for 2022E, the target impliesoffline sales growth would remain negative throughout 2H. Separately,Proya’s management has initiated a new ESOP plan in July this year withvesting condition stipulated to be no less than 25%/ 23%/ 22% revenue/ netprofit growth YoY for 2022-24E. To-date, management remains confident toachieve the target. Management expects 3Q sales to moderate from 1H when demand in Julyhas been pulled forward to 618. Momentum for Aug and Sep shouldnormalise, and further edge up for Double 11. Repeat purchase rate and ASP are improving, thanks to the success of heroproduct strategy which now represents 35% of total revenue (up from 20%for 2021). Among younger brands, Timage doubled its revenue to RMB230when Hapsode has already turned profitable. High-end hair care Off andRelax achieved breakeven. Our TP is currently under review.
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