Proya(603605) 德邦证券·2024-08-28 12:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded expectations in its financial performance for the first half of 2024, with revenue reaching 5.001 billion yuan, a 37.90% increase year-on-year, and a net profit of 702 million yuan, up 40.48% [4] - The main brand is expected to achieve a revenue scale of 10 billion yuan, driven by popular products and channel expansion [4] - The company is focusing on a multi-brand strategy, with several sub-brands showing strong growth and new product launches catering to various market segments [4] Financial Performance Summary - For 2024H1, the company achieved a revenue of 5.001 billion yuan (+37.90%) and a net profit of 702 million yuan (+40.48%) [4] - The revenue for 2024Q2 is projected to be 2.820 billion yuan (+40.59%) with a net profit of 399 million yuan (+36.84%) [4] - The main brand's revenue for 2024H1 was 3.981 billion yuan (+37.67%), with significant contributions from upgraded product lines and new launches [4] - The company expects revenues of 11.830 billion yuan, 14.278 billion yuan, and 16.569 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.549 billion yuan, 1.869 billion yuan, and 2.169 billion yuan [5][6] Market Position and Strategy - The company is leveraging its strong brand presence on platforms like Tmall and Douyin, achieving top rankings in beauty and fast-moving consumer goods categories [4] - The multi-brand strategy includes successful launches in color cosmetics and high-end hair care, with sub-brands like 彩棠 and 悦芙媞 showing significant revenue growth [4] - The company is actively exploring department store channels and optimizing its store structure to enhance brand visibility and market penetration [4]