Tiger Brokers

【券商聚焦】民生证券维持上美股份(02145)“推荐”评级 指公司积极进行多品类多品牌布局进一步夯实竞争力

金吾财讯
Sep 01

金吾财讯 | 民生证券发研报指，上美股份(02145)25H1实现营收41.08亿元，同比+17.29%；毛利润31.02亿元，同比+15.77%；净利润5.56亿元，同比+34.72%；公司拥有人应占溢利5.24亿元，同比+30.65%；每股基本盈利1.32元，同比+30.69%。此外，拟派发中期股息每股0.5元。该机构表示，韩束再创新高，newpage营收翻倍。分品牌来看：25H1，1)主品牌韩束，实现营收33.44亿元，同比+14.3%，占总营收81.40%，主要系韩束品牌整体升级和扩充品类带来的收入增长，及各渠道收入的持续增长。2)婴童功效护肤品牌newpage一页，实现营收3.97亿元，同比+146.5%，占总营收9.6%，明星单品“一页婴童安心霜”带动整体销量快速增长。3)一叶子品牌，实现营收0.89亿元，同比-29.0%，占总营收2.2%，由品牌转型调整导致。4)红色小象品牌，实现营收1.59亿元，同比-8.7%，占总营收3.9%，转型调整初见成效，跌幅收窄。该机构续指，公司主品牌韩束增长强劲，其余品牌 Newpage等接力高增，同时积极进行多品类多品牌布局进一步夯实竞争力，该机构预计25-27年公司归母净利润分别为10.4亿元/13.5亿元/16.6亿元，同比增速分别为+33.2%/+29.3%/+23.5%，对应25-27年PE分别为32X/25X/20X，维持“推荐”评级。

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