[E-Daily Reporter Hyera Lee ] On the 9th, NH INVESTMENT & SECURITIES projected that APR(278470)would post record-high second-quarter earnings, driven by sales growth in the U.S. and Europe. The firm also maintained its target price of 540,000 won and its “top pick” rating within the sector.

Jeong Ji-yoon, an analyst at NH INVESTMENT & SECURITIES, stated, “While margin expectations may be lowered due to increases in advertising expenses and certain variable costs, these are inherent to high revenue growth and are likely to improve in the third quarter.”
NH INVESTMENT & SECURITIES DMS Co.,Ltd. estimated APR’s second-quarter consolidated revenue at 763 billion won and operating profit at 181 billion won. These figures represent year-over-year increases of 133% and 114%, respectively, and exceed market expectations.
Cosmetics sales are projected to reach 624.1 billion won, a 175% increase year-over-year, and are expected to drive earnings growth. Analyst Jeong noted, “The launch of Booster Pro X2 led to the phased discontinuation of existing DEVICE models, causing a temporary supply bottleneck,” but added, “DEVICE sales are expected to rise 45% to 130.5 billion won, and cosmetics sales will offset this, resulting in record-high total revenue.”
The operating profit margin is expected to decline by 2.1 percentage points year-over-year to 23.7%. Analyst Jeong explained, “The advertising and promotion expense ratio rose to 20% due to aggressive marketing investments, and the results reflect higher shipping costs stemming from the war in the Middle East as well as increased sales commissions from Amazon and TikTok,” but added, “These costs are inherent to revenue growth and are likely to improve in the third quarter.”
Growth in the U.S. and Europe is also expected to continue. Revenue from “Other” (B2B and Europe) is estimated to reach 279.4 billion won, a 251% increase year-over-year. Amazon sales in Europe are projected to reach 60 billion won, a 100% increase from the previous quarter, while cross-border sales (such as through SILICON 2 Co.,Ltd.) and local B2B sales (such as through Sephora) are expected to grow by 37% quarter-over-quarter.
U.S. sales are projected to reach 324 billion won, a 237% increase year-over-year. He analyzed, “Sales through offline channels such as Ulta, Target, and Walmart will exceed 30 billion won, and e-commerce sales during regular months—excluding the impact of Amazon promotions—will also increase significantly.”
Researcher Jeong stated, “APR’s European e-commerce sales are projected to surge to over 300 billion won this year,” adding, “Considering that U.S. e-commerce sales grew to 540 billion won in 2025, this target is highly achievable.” He continued, “Remarkable sales growth has continued every quarter, as evidenced by the brand ranking first in overall search terms during Amazon Prime Day in the U.S.,” and predicted that this growth trend would continue.