招银国际评级目标价（给予珀莱雅买入评级）

招银国际评级目标价（给予珀莱雅买入评级）该股最近90天内共有46家机构给出评级，买入评级33家，增持评级12家，中性评级1家；过去90天内机构目标均价为168.81。证券之星估值分析工具显示，珀莱雅（603605）好公司评级为4.5星，好价格评级为2星，估值综合评级为3星。(评级范围：1 ~ 5星，最高5星)最新盈利预测明细如下：Management guidance maintained despite the strict pandemic controls.Proya is still confident to achieve 20-30% top line growth with 40% growthfrom online business (implying offline to down by mid-teens). This comes witha similar net profit growth trajec

CMB International Global Markets LimitedJoseph Wong Zheng Xiaohui近期对珀莱雅进行研究并发布了研究报告《On track to synergize its R&D franchise hero products and live-streaming distribution》，本报告对珀莱雅给出买入评级，认为其目标价位为184.00元，当前股价为156.01元，预期上涨幅度为17.94%。

珀莱雅(603605)

With warehouse spreading across Hangzhou Chengdu Guangzhou and 85% ofsales deriving from ecommerce platforms Proya in our view is relatively lessimpacted by recent lockdowns in Shanghai and Beijing and hence betterearnings certainty for 2Q. On the other hand the expense related to the recall forits sunblocker could have weighted on Proya’s 2Q performance. That said considering a solid 618 sales momentum and a more controlled promotionalexpense (to intentionally buffer for the recall) we think Proya is on track to delivera 2Q that is inline with its full year guidance. Longer term we are convinced thatProya’s 1) hero product strategy 2) deepening ecommerce platforms penetration and 3) proprietary R&D capability will not only enable the company to persistentlymanage through the pandemic cycles (as it has been since early 2020) but alsoserves as the winning combo to sustain market share gain. We project anindustry-beating 26% 3-year revenue CAGR for 2021-24E underpinned by 31%growth in its online business along with a 1.3pp GPM expansion p.a. We initiateProya with BUY. Proya is our top pick along with Botanee.

An irreplicable R&D capability as a strong backup of Proya’s marketingstrategies. Proya sets up a new R&D center in Shanghai to gain better accessto industry talents. The office will also be responsible for the research on newproduct formula and raw material experiments. Meanwhile a research hub/hair care centre will also be established in Japan for the “Off & Relax” brandover 2H22. We think Proya is on a right track to synergize its irreplicable R&Dcapability with its hero products (Ruby and Double Essence) as well as livestreaming distribution and hence a self-sustaining tangle between the three.

Management guidance maintained despite the strict pandemic controls.Proya is still confident to achieve 20-30% top line growth with 40% growthfrom online business (implying offline to down by mid-teens). This comes witha similar net profit growth trajectory when a small gross margins expansion ispartially offset by a higher opex ratio in our view.

Valuation. The stock is trading at 43.6 P/E. Our TP is based on 43.5x mid-23E P/E which represents 1sd above the average valuation since 2019 when the market began to re-rate Proya in view of the rising support indomestic brands and subsequently a timely online migration amid theoutbreak of COVID-19.

证券之星数据中心根据近三年发布的研报数据计算，长江证券李锦研究员团队对该股研究较为深入，近三年预测准确度均值高达99.09%，其预测2022年度归属净利润为盈利7.39亿，根据现价换算的预测PE为42.66。

最新盈利预测明细如下：

该股最近90天内共有46家机构给出评级，买入评级33家，增持评级12家，中性评级1家；过去90天内机构目标均价为168.81。证券之星估值分析工具显示，珀莱雅（603605）好公司评级为4.5星，好价格评级为2星，估值综合评级为3星。(评级范围：1 ~ 5星，最高5星)

以上内容由证券之星根据公开信息整理，如有问题请联系我们。