Proya(603605) 国元证券·2025-04-27 06:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase exceeding 15% compared to the benchmark index [3][6]. Core Insights - The company reported a 30% year-on-year increase in net profit for 2024, with total revenue reaching 10.778 billion yuan, a 21.04% increase from the previous year [1]. - The gross margin for 2024 was 71.39%, reflecting a 1.46 percentage point increase year-on-year, while the net profit margin improved to 14.71%, up by 0.89 percentage points [1]. - The company has been expanding its product matrix, launching new skincare and makeup products, which contributed to robust revenue growth across various categories [2]. Financial Performance Summary - In 2024, the company achieved total revenue of 10.778 billion yuan, with a year-on-year growth of 21.04% [5]. - The net profit for 2024 was 1.552 billion yuan, representing a 30% increase compared to the previous year [5]. - For Q1 2025, the company reported revenue of 2.359 billion yuan, an 8.13% increase year-on-year, and a net profit of 390 million yuan, up by 28.87% [1][5]. Product Category Performance - The skincare segment generated revenue of 9.019 billion yuan in 2024, a 19.31% increase year-on-year, with a gross margin of 71.56% [2]. - The makeup segment saw revenue of 1.361 billion yuan, growing by 21.96% year-on-year, with a gross margin of 71.46% [2]. - The hair care products category experienced significant growth, with revenue increasing by 79.41% to 386 million yuan in 2024 [2]. Future Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 4.59 yuan, 5.32 yuan, and 6.06 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17x, 14x, and 13x [3][5].