Proya(SH:603605) Guoyuan Securities·2024-08-29 05:30Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Insights - The company reported a strong performance in H1 2024, with revenue reaching 5.001 billion yuan, a year-on-year increase of 37.9%, and a net profit of 702 million yuan, up 40.48% [2][3]. - The main brand continues to innovate and strengthen its product lineup, contributing to robust sales growth, particularly during promotional events [3][4]. - The online sales channel saw a significant increase of 40.52%, accounting for 93.69% of total sales, indicating a strong digital presence [3]. Financial Performance - In H1 2024, the gross margin was 69.82%, slightly down by 0.69 percentage points year-on-year, while the net profit margin was 14.47%, down by 0.09 percentage points [2]. - The company’s sales expense ratio increased to 46.78%, up 3.22 percentage points, primarily due to higher promotional expenses [2]. - The forecast for EPS is 3.92 yuan for 2024, 4.83 yuan for 2025, and 5.88 yuan for 2026, with corresponding P/E ratios of 22, 18, and 15 times [4]. Brand and Product Strategy - The main brand achieved sales of 3.981 billion yuan in H1 2024, a growth of 37.67%, and launched several new product lines to enhance its market position [3]. - The 彩棠 brand also performed well, with sales increasing by 40.57% to 582 million yuan, indicating strong demand in the color cosmetics segment [3]. - The company is focusing on enhancing its big product strategy, particularly in the foundation and sunscreen categories, to solidify its market presence [3].