Proya(603605) 中邮证券·2025-04-27 05:40Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 10.8 billion yuan for 2024, representing a year-on-year growth of 21.0%, with a net profit of 1.55 billion yuan, up 30% year-on-year [4][6]. - The performance of smaller brands was notably strong, with online sales growth contributing significantly to overall revenue [5]. - The gross margin improved to 71.4% in 2024, driven by lower shipping costs and increased average transaction values [6]. Financial Summary - For 2024, the company achieved a revenue of 10.78 billion yuan, with a projected revenue growth rate of 21.04% [10][13]. - The net profit for 2024 was 1.552 billion yuan, with an expected growth rate of 30% [10][13]. - The earnings per share (EPS) for 2024 is reported at 3.92 yuan, with projections of 4.65 yuan for 2025 and 5.55 yuan for 2026 [10][13]. - The company’s asset-liability ratio stands at 27.1%, indicating a solid financial position [3][13].