Proya(603605) 开源证券·2025-04-27 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 net profit of 3.90 billion yuan, a year-on-year increase of 28.9%, exceeding expectations. The revenue for Q1 2025 was 23.59 billion yuan, up 8.1% year-on-year. The company maintains a strong position as a leading domestic beauty brand, with a reasonable valuation and potential for growth from new product launches [6][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 107.78 billion yuan, a year-on-year increase of 21.0%, and a net profit of 15.52 billion yuan, up 30.0%. For Q1 2025, the revenue was 23.59 billion yuan, with a net profit of 3.90 billion yuan [6][9]. - The company's revenue projections for 2025-2027 are 124.99 billion yuan, 141.47 billion yuan, and 156.72 billion yuan, respectively, with corresponding net profits of 18.63 billion yuan, 21.68 billion yuan, and 24.54 billion yuan [6][9]. - The gross margin for 2024 was 71.4%, an increase of 1.5 percentage points, and for Q1 2025, it was 72.8%, an increase of 2.7 percentage points [7]. Brand and Product Development - The company is accelerating the launch of new products, with several new series introduced in late 2024 and early 2025, including the optical bottle series and various skincare products. The brand has also engaged high-profile endorsements to enhance its marketing efforts [8][6].