Proya(603605) 光大证券·2025-04-26 15:25Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved high-quality growth in 2024, with a revenue increase of 21.0% year-on-year and a net profit growth of 30.0%. For Q1 2025, revenue grew by 8.1% and net profit by 28.9% [5][6] - The main brand, Proya, continues to solidify its position with significant product upgrades and new launches, leading to strong sales performance across various platforms [12] - The company is expected to maintain healthy growth through its multi-brand strategy and strong market positioning in the beauty sector [12] Financial Performance Summary - In 2024, the company reported total revenue of 10.78 billion yuan and a net profit of 1.55 billion yuan, with an EPS of 3.93 yuan and a proposed cash dividend of 1.19 yuan per share [5][12] - The gross profit margin improved to 71.4%, driven by lower freight rates and increased average transaction values [9] - The company’s online sales accounted for 95.1% of total revenue, with a year-on-year increase of 2.0 percentage points [7] Brand and Product Performance - The main brand Proya generated 8.58 billion yuan in revenue, accounting for 79.7% of total revenue, with a year-on-year growth of 19.6% [7] - The makeup brand Caitang achieved 1.19 billion yuan in revenue, with a growth rate of 19.0% [7] - Smaller brands such as OR and Yuetfuti saw significant growth, with OR's revenue increasing by 71.1% [7] Future Earnings Forecast - The company’s earnings per share (EPS) are projected to be 4.79 yuan, 5.66 yuan, and 6.59 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18, 15, and 13 [12][13] - Revenue is expected to grow from 12.43 billion yuan in 2025 to 16.05 billion yuan in 2027, with a compound annual growth rate of approximately 13.29% [13]