东方证券研报指出，珀莱雅中报符合预期，展现了公司作为多品牌集团的经营韧性。上半年公司在美妆行业竞争日趋激烈、自身经营规模相对较大的基础上，公司仍取得了营收和净利润同比分别增长的7%和14%的成绩，充分展现了多品牌集团的经营韧性。分品牌看，主品牌收入同比基本持平，彩妆品牌彩棠同比增长21%，洗护品牌OR取得了103%的高增长，小品牌原色波塔同比快速增长80%，共同推动了公司的稳健成长。上半年公司盈利质量保持优良水平，并转换为更好的现金分红回报投资者。报告期经营活动净现金同比增长95%，中期存货周转天数同比下降14天左右。基于良好的业绩和现金流，公司中报计划每股分红0.8元，充分展现了对股东回报的重视。目前市场主要担心的是主品牌后续增速问题，该行认为在新研发团队和体系逐步磨合后主品牌有望重拾增长态势。维持“买入”评级。
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