国产美妆集团，多品牌多渠道快速成长

请阅读最后评级说明和重要声明公司评级增持（首次）报告日期2025年07月22日基础数据07月21日收盘价（港元）75.75总市值（亿港元）301.54总股本（亿股）3.98来源：聚源，兴业证券经济与金融研究院整理相关研究【兴证海外消费】上美股份（02145.HK）聚焦3大品类，2025年仍有望保持双位数收入增长-2025.04.02分析师：宋婧茹S0190520050002BQI321songjingru@xyzq.com.cn分析师：陈雅雯S0190524010001请注意:陈雅雯并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管的活动。chenyawen@xyzq.com.cn 2024A2025E2026E6,7938,42710,17762.124.120.87961,0661,29474.133.821.475.275.775.411.712.612.735.932.328.21.962.603.16 1/262027E12,28020.71,53618.875.712.525.13.75 ShanghaiChicmaxCosmeticDomesticBeautyRapidly Across Multiple Brands andChannelsInvestmentHighlights:Multi-brandstrategyaccuratelycoversthemarketsegments:ShanghaiChicmaxCosmetichasbuiltastrongbrandmatrixthroughthe"2+2+2"brandstrategy,accuratelycoveringthemulti-levelconsumerneedsfrommasstohigh-end,withrichanddiverseproductforms.Forexample,Hanshutakes"scientificanti-aging"asthecoretomeettheanti-agingneeds;Yiyezifocusesonnaturalplantskincare;RedElephantispositionedinmassmaternalandchildcare;Newpagefocusesonmid-to-high-endsensitiveskininfantcare;Jifangisamid-to-high-endscalpcarebrandtomeettheneedsofdifferenthairqualities;2032takestechnologyplantextractsasthecoretoprovidecost-effectivecareproducts.Thelayoutofmultiplebrands,multiplecategoriesandmultiplechannelshasenhancedShanghaiChicmaxCosmetic'competitivenessinvariousmarketsegmentsandhelpedtoresistthemarketrisksofasinglebrandorcategory.Thebigsingleproductstrategyissuccessful,andthedevelopmentofhigh-endproductsispromoted:ShanghaiChicmaxCosmetichasgraduallyformedtheabilitytocreatebigsingleproducts,suchasHanshuRedWaistKit,HanshuWhiteWaistKit,HanshuWhiteningEssence,NewpageAnxinCreamandotherproducts.Thesalesoftheseproductshavegrownrapidly,andthegrowthrateisfasterthantheoveralllevelofthecompany.In2025,productssuchasX-peptideanddisposableproductsareexpectedtocontinuetoincreaseinvolume.ShanghaiChicmaxCosmeticpromotesthehigh-endbrand by improving product efficacy through self-developed core ingredients andcooperatingwithauthoritativeIP.Forexample,Anminyoufocusesonsensitiveskincare,featuringtheself-developedpatentedingredientartemisiaoilAN+;Newpageadoptsthe"medicalresearchco-creation"model,co-foundedbypediatricexpertCuiYutaoandscientist Huang Hu,focusing on sensitive skin care for infants and children;TAZUcooperateswithscientistYamadaKosakutodevelopahigh-endanti-agingskincarebrand.High-endisexpectedtodrivethecompany'sprofitmargintoincrease.In2024,thecompany'snetprofitmarginwillbe11.8%,whichstillhasroomforimprovementcomparedwiththe14.8%netprofitmarginoftheinternationalbeautygroupL'Orealin2024andthe37.2%ofthedomesticbeautygroupJuziBio.Strategic development of Douyin channels,Taobao and JD.com platformsgraduallyexertedtheirstrength:In2023-2024,ShanghaiChicmaxCosmeticachievedremarkableresultsintheDouyinchannel.Hanshu'sGMVin2024reached6.749billion,ayear-on-yearincreaseof102%,anditsGMVrankedfirstinDouyinbeauty.Therapidgrowth of the Douyin channel has led to a rapid increase in the proportion of thecompany'sonlineself-operatedchannelrevenue,from39.6%in2022to78.2%in2024.Atthesametime,thecompanyisalsodevelopingothere-commercechannelsinabalancedmanner.Forexample,in2024,Hanshu'sTmall/JD.comGMVgrowthrateswere 57%/115%respectively on Double Eleven,and Taobao,JD.com and otherchannels entered a faster growth channel.Multi-channel layout helps the companyexpanditsmarketshareandreduceitsdependenceonasinglechannel."Outperform"rating is given for the first coverage:We expect the company'srevenue to increase by 24.1%/20.8%/20.7%year-on-year in 2025-2027;and theadjustednetprofittoincreaseby33.8%/21.4%/18.8%year-on-yearin2025-2027. 2/26Groups,Growing 请阅读最后评级说明和重要声明ReportDateJul22,2025BasicDataJul21stClosingPrice(HKD)75.75Totalmarketvalue(Mn)301.54TotalShares(Mn)3.98Analyst：JingruSONGsongjingru@xyzq.com.cnSFC：BQI321SAC：S0190520050002Analyst：YawenCHENchenyawen@xyzq.com.cnSAC：S0190524010001Pleasenote:YawenCHENisnotaregisteredlicenseeoftheSecuritiesandFuturesCommissionofHongKongandisnotallowedtoengageinregulatedactivitiesinHongKong 3/26Potential risks：1)Intensified industry competition;2)Uncontrollable productdevelopment;3)Unpredictablemarketfactors;4)Influenceofmacroeconomicfactorsandconsumerbehavior.KeyFinancialIndicatorsFY2024A2025E2026E2027ERevenue(CNY/Mn)6,7938,42710,17712,280YoY(%)62.124.120.820.7AdjustedNetIncome(CNY/Mn)7961,0661,2941,536YoY(%)74.133.821.418.8GrossMargin(%)75.275.775.475.7NetMargin(%)11.712.612.712.5ROE(%)35.932.328.225.1EPS(CNY)1.962.603.163.75Source:CompanyDisclosure,IndustrialSecuritiesResearchInstituteNotes:TheEPSwasdilutedbasedonthecurrentoutstandingshares 目录一、进击中的国产美妆集团........................................................................6（一）公司发展历程...................................................................................6（二）公司股权结构集中且稳定.................................................................7（三）公司团队结构合理，职责分明..........................................................7二、品牌高端化成因复盘，上美品牌高端化可期.........................................9三、从抖音渠道重仓转向多渠道发力........................................