Proya(SH:603605) Guotai Junan Securities·2024-10-25 00:37Investment Rating - The investment rating for the company is "Buy" [4] - The target price is set at 119.50, up from the previous forecast of 117.60 [4] Core Insights - The company's revenue and profit both grew by over 20%, aligning with expectations, and it maintained steady growth during the off-season [2] - The company achieved significant sales during the first phase of the Double Eleven shopping festival, ranking first in beauty on both Tmall and Douyin platforms [2] - The sub-brand OR experienced accelerated growth, indicating a positive outlook for the company's long-term group development [2] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 69.66 billion, net profit attributable to the parent of 9.99 billion, and net profit excluding non-recurring items of 9.71 billion, all showing a year-on-year increase of 33% [10] - In Q3 2024, the company achieved revenue of 19.65 billion, net profit attributable to the parent of 2.98 billion, and net profit excluding non-recurring items of 2.92 billion, with year-on-year growth of 21% [10] - The gross margin for the first three quarters of 2024 was 70.07%, slightly down by 1.11 percentage points year-on-year [10] - The company’s online sales accounted for 94% of total revenue, with online revenue growing by 38.5% year-on-year, while offline sales faced an 18.1% decline [10] Brand and Channel Performance - The company’s brands, including Proya, Caitang, OR, and Yufuti, all achieved over 30% revenue growth year-on-year [10] - The brand OR saw over 300% growth on Douyin, indicating strong performance in multiple product categories [10] - The company is well-positioned with a multi-brand strategy covering skincare, makeup, and hair care, enhancing its competitive edge [10]