研报掘金丨东方证券:维持珀莱雅“买入”评级,研发夯实+投资加快看好公司未来的发展空间
Ge Long Hui A P P·2025-09-28 08:15

Core Viewpoint - Proya has achieved significant recognition in the cosmetics industry by winning the "IFSCC 2025 Top Ten Basic Research Award" for its groundbreaking mitochondrial anti-aging research, marking it as the only Chinese cosmetics company to receive this award this year, reflecting the best performance of Chinese companies in global cosmetics competitions [1] Group 1: Company Achievements - Proya showcased 14 research achievements as a gold-level strategic partner of IFSCC [1] - The company is recognized for its significant breakthrough in mitochondrial anti-aging research [1] - Proya's award represents a milestone for Chinese enterprises in the global cosmetics sector [1] Group 2: Investment and Growth Strategy - The company is accelerating its pace of external investments, which is seen as a key strategy for becoming an industry giant [1] - The current market valuation is based on short-term pessimistic assumptions about the company's operations [1] - Confidence in the company's sustainable growth is supported by the formation of a new management team, ongoing R&D investments, and the initiation of H-shares [1] Group 3: Financial Projections - The forecast for Proya's earnings per share for 2025, 2026, and 2027 is set at 4.44, 5.13, and 5.88 yuan respectively [1] - The DCF target valuation for the company is 116.85 yuan, with a maintained "buy" rating [1]