Proya(SH:603605) Orient Securities·2024-09-02 07:12Investment Rating - The report maintains a "Buy" rating for the company with a target price of 138.72 CNY [4][7]. Core Insights - The company reported a revenue of 5 billion CNY for H1 2024, representing a year-on-year growth of 38%, and a net profit attributable to shareholders of 700 million CNY, up 40% year-on-year, exceeding market expectations [1]. - All brands within the company showed strong growth, with specific brands like Perleya, Caitang, OR, and Yuefuti achieving revenue growth rates of 37.7%, 40.6%, 41.2%, and 22.4% respectively [1]. - Online and offline revenues grew by 40.5% and 8.9% respectively, with online sales accounting for approximately 94% of total revenue [1]. - The gross margin slightly decreased by 0.7 percentage points to 69.8% due to increased promotional activities, while the net profit margin increased by 0.3 percentage points to 14% [1]. - The company expects to continue delivering strong growth, with a focus on the upcoming Double Eleven shopping festival [1]. Financial Summary - The company’s revenue is projected to grow from 6,385 million CNY in 2022 to 17,604 million CNY by 2026, with year-on-year growth rates of 37.8%, 39.5%, 30.7%, 24.3%, and 21.7% respectively [3]. - The net profit attributable to shareholders is expected to rise from 817 million CNY in 2022 to 2,493 million CNY in 2026, with growth rates of 41.9%, 46.1%, 32.8%, 27.1%, and 23.7% [3]. - The earnings per share are forecasted to increase from 2.06 CNY in 2022 to 6.28 CNY in 2026 [3].