招银全球性：给予珀莱雅买入评级，目标价位184.0元

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.

股票之星辰数据中心根据近三年发布的研报数据计算，长江股票(000783)李锦学术研究员制作组对该股学术研究尤为深入，近三年假设稳定度概率分布大幅提高99.09%，其假设2022年度归属净利润为盈利7.39亿，根据下同换算的假设PE为42.66。

当前盈利假设明细如下：

该股不太可能90年内共有46家部门注意到分级，转售分级33家，会德丰分级12家，反之亦然分级1家；过去90年内部门最大限度均价为168.81。股票之星辰市值研究机器显示，珀莱雅（603605）好新公司分级为4.5星辰，好价格分级为2星辰，市值综合分级为3星辰。(分级范围：1 ~ 5星辰，最高者5星辰)

以上内容由股票之星辰根据公开信息整理，如有疑问劝联系我们。