Proya(SH:603605) SINOLINK SECURITIES·2024-08-28 03:09Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company continues to exceed expectations in its performance, driven by a strong single product strategy and brand matrix, leading to high-quality growth [2][3] - In Q2 2024, the company reported revenue of 2.82 billion RMB, a year-on-year increase of 40.6%, and a net profit attributable to shareholders of 399 million RMB, up 36.8% year-on-year [2] - The company's gross margin for Q2 2024 was 69.6%, slightly down from the previous year, primarily due to increased discounting during promotional events [3] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 3.98 billion RMB, a 38% increase year-on-year, with strong performance from its main brand and product lines [4] - The company’s online direct sales and distribution revenue reached 3.7 billion RMB and 960 million RMB respectively, both showing a year-on-year growth of 40% and 43% [4] - The company has adjusted its profit forecast upwards, expecting net profits of 1.56 billion RMB, 1.92 billion RMB, and 2.31 billion RMB for 2024 to 2026, representing growth rates of 31%, 23%, and 21% respectively [5] Valuation Metrics - The company is projected to have a P/E ratio of 22, 18, and 15 for the years 2024, 2025, and 2026 respectively, indicating strong growth potential [5] - The report highlights the company's ability to lead industry changes and its strong performance in terms of growth and profit realization [5]