Proya(603605) 申万宏源证券·2025-04-26 06:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a total revenue of 10.78 billion yuan for 2024, representing a year-on-year growth of 21.0%. The net profit attributable to the parent company was 1.55 billion yuan, up 30.0% year-on-year. For Q1 2025, revenue reached 2.36 billion yuan, an increase of 8.1%, with a net profit of 390 million yuan, growing by 28.9% year-on-year [6][7] - The company has effectively controlled costs, leading to enhanced profitability in Q1 2025. The gross margin increased by 2.7 percentage points to 72.8%, primarily due to higher sales of high-margin products. The net profit margin also improved by 2.8 percentage points to 17.2% [6][10] - The main brand, Proya, achieved a revenue of 8.58 billion yuan in 2024, growing by 19.6%, while sub-brands also showed significant growth, contributing to a total of 20.3% of revenue [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 12.18 billion yuan, with a projected year-on-year growth of 13.0%. The net profit for 2025 is estimated at 1.82 billion yuan, reflecting a growth of 17.2% [5][6] - The earnings per share (EPS) for 2025 is projected to be 4.59 yuan, with a price-to-earnings (PE) ratio of 18 [5][6] - The company expects to maintain a gross margin of around 71.5% to 72.0% over the next few years, indicating stable profitability [5][6]