Proya(603605) 东吴证券·2024-08-28 21:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong growth momentum as a leading domestic cosmetics brand, with continuous upgrades of major products [3][4] - The company's revenue for H1 2024 reached 5.0 billion yuan, representing a year-on-year increase of 37.9%, while the net profit attributable to shareholders was 700 million yuan, up 40.5% [3] - The online sales channel continued to show high growth, with online revenue of 4.68 billion yuan in H1 2024, a year-on-year increase of 41% [3] Summary by Sections Financial Performance - H1 2024 revenue was 5.0 billion yuan (+37.9%), with a net profit of 700 million yuan (+40.5%) [3] - Q2 2024 revenue was 2.82 billion yuan (+40.6%), with a net profit of 400 million yuan (+36.8%) [3] - The company’s revenue forecast for 2024-2026 has been adjusted to 15.4 billion yuan, 19.2 billion yuan, and 23.6 billion yuan respectively, with year-on-year growth rates of +29%, +25%, and +23% [4] Product Development - Continuous upgrades of major products and a well-structured sub-brand matrix were highlighted, with main brand revenue showing high growth [3] - New product lines such as "Net Source Series" and "Optical Series" were launched to address specific consumer needs [3] Sales Channels - Online sales accounted for 94% of total revenue, with significant growth in both direct and distribution channels [3] - Offline sales showed slower growth, with traditional channels declining, but new retail channels nearly doubled year-on-year [3] Profitability and Cash Flow - The gross margin for H1 2024 was 69.8%, slightly down from the previous year, attributed to increased promotional activities [4] - Operating cash flow for H1 2024 was 660 million yuan, down 44% year-on-year due to timing issues related to promotional activities [4] Valuation Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 22, 18, and 14 respectively [4] - The current market price is 85.90 yuan, with a market capitalization of approximately 34.08 billion yuan [5][6]