Proya(603605) 民生证券·2024-08-28 06:01Investment Rating - The report maintains a "Recommend" rating for Proya (603605 SH) [1][2] Core Views - Proya achieved strong growth in H1 2024 with revenue of 5 001 billion yuan (+37 90% YoY) and net profit of 702 million yuan (+40 48% YoY) [1] - The main brand Proya maintained robust growth while second-tier brands like Caitang and OR showed promising momentum [1] - The company's profitability remained stable with a net profit margin of 14 03% in H1 2024 (+0 26pct YoY) [1] - Proya is expected to maintain steady growth in its main brand while developing Caitang OR and Yuefuqi as new growth drivers [1] Financial Performance Revenue and Profit - H1 2024 revenue: 5 001 billion yuan (+37 90% YoY) [1] - H1 2024 net profit: 702 million yuan (+40 48% YoY) [1] - Q2 2024 revenue: 2 820 billion yuan (+40 59% YoY) [1] - Q2 2024 net profit: 399 million yuan (+36 84% YoY) [1] Brand Performance - Main brand Proya: 3 981 billion yuan revenue in H1 2024 (+37 67% YoY) [1] - Caitang: 582 million yuan revenue in H1 2024 (+40 57% YoY) [1] - OR: 138 million yuan revenue in H1 2024 (+41 91% YoY) [1] - Yuefuqi: 161 million yuan revenue in H1 2024 (+22 35% YoY) [1] Profitability - H1 2024 gross margin: 69 82% (-0 69pct YoY) [1] - H1 2024 sales expense ratio: 46 78% (+3 22pct YoY) [1] - H1 2024 management expense ratio: 3 54% (-1 76pct YoY) [1] - H1 2024 R&D expense ratio: 1 89% (-0 63pct YoY) [1] Future Projections - 2024E revenue: 11 754 billion yuan (+32 0% YoY) [2] - 2024E net profit: 1 560 billion yuan (+30 7% YoY) [2] - 2025E revenue: 14 396 billion yuan (+22 5% YoY) [2] - 2025E net profit: 1 922 billion yuan (+23 2% YoY) [2] - 2026E revenue: 17 286 billion yuan (+20 1% YoY) [2] - 2026E net profit: 2 362 billion yuan (+22 9% YoY) [2] Valuation - 2024E PE: 22x [2] - 2025E PE: 17x [2] - 2026E PE: 14x [2] - Current price: 84 65 yuan [2]