Proya(603605) 群益证券·2025-04-25 03:23Investment 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 has demonstrated strong financial performance, with a revenue of RMB 10.78 billion in 2024, a year-on-year increase of 21%, and a net profit of RMB 1.55 billion, up 30% year-on-year [6]. - The first quarter of 2025 showed continued growth, with revenue reaching 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 [6]. - The company is expected to maintain its competitive advantage through its "6*N" strategy, focusing on enhancing consumer loyalty and product upgrades [6][9]. Financial Performance Summary - The company reported a net profit of RMB 1.55 billion for 2024, with a projected net profit of RMB 1.87 billion for 2025, reflecting a growth rate of 20.6% [7][9]. - Earnings per share (EPS) are projected to increase from RMB 3.93 in 2024 to RMB 4.72 in 2025, indicating a growth of 20.2% [7][9]. - The price-to-earnings (P/E) ratio is expected to decrease from 20 in 2024 to 16 in 2025, suggesting improved valuation attractiveness [7][9]. Revenue Breakdown - The skincare segment accounted for 83.78% of total revenue, while the beauty segment contributed 12.64%, and the hair care segment made up 3.58% [6]. - The main brand, Proya, achieved a revenue of RMB 8.58 billion in 2024, a 19.6% increase year-on-year, while the second brand, Caitang, generated RMB 1.19 billion, also up 19% [6]. Market Position - The company maintains a strong market position with a solid brand strategy and product innovation, which has led to increased market penetration and revenue growth across its product lines [6][9].