Proya(603605) 群益证券·2025-04-25 02:55Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [5][9]. Core Insights - The company demonstrated strong performance in 2024, achieving a revenue of RMB 10.78 billion, a year-on-year increase of 21%, and a net profit of RMB 1.55 billion, up 30% year-on-year. The Q4 2024 results also met expectations with a revenue of RMB 3.81 billion, a 4.3% increase year-on-year, and a net profit of RMB 550 million, up 23.4% year-on-year [6]. - For Q1 2025, the company reported a revenue of RMB 2.36 billion, a year-on-year increase of 8.1%, and a net profit of RMB 390 million, up 28.9% year-on-year, exceeding expectations [6]. - The company plans to distribute a cash dividend of RMB 11.9 per 10 shares [6]. Summary by Sections Financial Performance - The company achieved a revenue of RMB 10.78 billion in 2024, with a net profit of RMB 1.55 billion. The revenue for Q4 2024 was RMB 3.81 billion, and for Q1 2025, it was RMB 2.36 billion [6][7]. - The projected net profits for 2025, 2026, and 2027 are RMB 1.87 billion, RMB 2.21 billion, and RMB 2.58 billion, respectively, with year-on-year growth rates of 20.6%, 18%, and 17% [9]. Market Position and Strategy - The company maintains a strong market position with a focus on its main brand, which has seen significant growth through a "big product strategy" and the introduction of new product lines [6]. - The company is expected to continue consolidating its competitive advantage under the "6*N" strategy, enhancing consumer loyalty and improving user experience through targeted measures [6]. Valuation Metrics - The current price-to-earnings (P/E) ratios for the upcoming years are projected at 16x for 2025, 14x for 2026, and 12x for 2027, indicating a favorable valuation for investors [9].