国货化妆品龙头，突破百亿营收大关

请务必阅读正文后的重要声明部分[Table_StockInfo]2025年05月26日证 券研究报告•公司研究报告珀莱雅（603605）美 容护理投资要点[Table_Summary]的竞争中仍表现出较强竞争力。多管齐下保证品牌露出和消费者触达。次覆盖给予“买入”评级。的风险。[Table_MainProfit]指标/年度2024A营业收入（百万元）10778.41增长率21.04%归属母公司净利润（百万元）1552.00增长率30.00%每股收益EPS（元）3.92净资产收益率ROE28.90%PE25PB7.04数据来源：Wind，西南证券 西 南证券研究院[Table_Author]分析师：陈柯伊执业证号：S1250524100003电话：19112628819邮箱：ckyyf@swsc.com.cn分析师：谭陈渝执业证号：S1250523030003电话：17782333081邮箱：tchy@swsc.com.cn[Table_QuotePic]相 对指数表现数据来源：聚源数据基 础数据[Table_BaseData]总股本(亿股)流通A股(亿股)52周内股价区间(元)总市值(亿元)总资产(亿元)每股净资产(元)相 关研究[Table_Report]-29%-20%-11%-2%7%16%24/524/724/924/11珀莱雅 76.25-121.125/1 3.963.95361.7782.0214.50 目录1国货美妆龙头，突破百亿营收大关........................................................................................................................................................11.1发展历程..................................................................................................................................................................................................11.2营收业绩持续高增，盈利能力稳健提升........................................................................................................................................11.3股权结构..................................................................................................................................................................................................32国货美妆强势崛起，国内市场空间仍广阔...........................................................................................................................................52.1国内化妆品市场增速放缓，本土品牌弯道超车...........................................................................................................................52.2全面拥抱线上，营收占比超90%.....................................................................................................................................................73主品牌跃居国货龙头，彩妆品牌快速崛起...........................................................................................................................................93.1品牌矩阵丰富，主品牌已成国货美妆龙头....................................................................................................................................93.2开创性大单品策略，营销方式多管齐下......................................................................................................................................123.3彩棠补齐第二增长曲线，本土彩妆品牌快速崛起....................................................................................................................134盈利预测与估值..........................................................................................................................................................................................154.1盈利预测................................................................................................................................................................................................154.2相对估值................................................................................................................................................................................................165风险提示.......................................................................................................................................................................................................16 请务必阅读正文后的重要声明部分 图目录图1：公司发展历程.........................................................................................................................................................................................1图2：公司营业收入及增速...........................................................................................................................................................................2图3：公司归母净利润及增速.......................................................................................................................................................................2图4：公司分渠道营业收入及增速..............................................................................................................................................................2图5：公司分渠道营收占比...........................................................................................................................................................................2图6：公司分品牌营业收入及增速..............................................................................................................................................................3图7：公司分品牌营收占比...........................................................................................................................................................................3图8：公司毛利率&净利率.............................................................................................................................................................................3图9：公司各项费用率....................................................................................................................................................................................3图10：公司股权结构.......................................................................