Proya(603605) 申万宏源·2024-08-29 01:12Investment Rating - The report maintains a "Buy" rating for Proya (603605) [4] Core Views - Proya's 24H1 performance exceeded expectations with revenue of RMB 5,002 million, a YoY increase of 37.9%, and net profit attributable to shareholders of RMB 702 million, a YoY increase of 40.48% [4] - The company's multi-brand and multi-channel strategy is driving strong growth, with the Proya brand contributing 79.71% of total revenue in 24H1 [4] - Online channels accounted for 93.69% of total revenue in 24H1, with a growth rate of 40.52% [5] - The company's gross margin remained stable at 69.82% in 24H1, despite a slight decline due to increased promotional activities [4] - Proya's brand matrix is improving revenue structure and enhancing overall risk resistance, with sub-brands like Caitang and Off&Relax showing significant growth [4] Financial Performance Summary - 24H1 revenue: RMB 5,002 million, up 37.9% YoY [4] - 24H1 net profit attributable to shareholders: RMB 702 million, up 40.48% YoY [4] - 24H1 gross margin: 69.82%, down 0.69 pct YoY [4] - 24H1 net profit margin: 14.47%, down 0.09 pct YoY [4] - 24H1 sales expense ratio: 46.78%, up 3.22 pct YoY [4] - 24H1 management expense ratio: 3.54%, down 1.76 pct YoY [4] - 24H1 R&D expense ratio: 1.89%, down 0.63 pct YoY [4] Brand Performance - Proya brand revenue in 24H1: RMB 3,981 million, up 37.67% YoY, accounting for 79.71% of total revenue [4] - Caitang brand revenue in 24H1: RMB 582 million, up 40.57% YoY, accounting for 11.66% of total revenue [4] - Off&Relax brand revenue in 24H1: RMB 138 million, up 41.91% YoY, accounting for 2.76% of total revenue [4] - Yuefuti brand revenue in 24H1: RMB 161 million, up 22.35% YoY, accounting for 3.22% of total revenue [4] Channel Performance - Online channel revenue in 24H1: RMB 4,680 million, accounting for 93.69% of total revenue, with a growth rate of 40.52% [5] - Proya brand's Tmall average order value: RMB 400+, with a repurchase rate of 40%+ and ROI of 3.2 [5] - Caitang brand's Tmall average order value: RMB 250+, with a repurchase rate of 25%+ and ROI of 2 [5] Future Outlook - The company is expected to achieve net profit attributable to shareholders of RMB 1,696 million, RMB 2,089 million, and RMB 2,512 million in 2024, 2025, and 2026, respectively [5] - The PE ratio is projected to be 20x, 16x, and 13x for 2024, 2025, and 2026, respectively [5] - The company's "6*N" strategy and strong channel operation capabilities are expected to drive continued growth and market share expansion [5]