Proya(603605) Jianghai Securities·2024-09-05 07:11Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 5.001 billion yuan, a year-on-year growth of 37.90%, and net profit attributable to shareholders of 702 million yuan, up 40.48% [4] - The company continues to focus on its "big single product strategy" and is expanding its product matrix with new series [4] Financial Performance - Revenue for the first half of 2024 was 5.001 billion yuan, with a year-on-year growth of 37.90% - Net profit attributable to shareholders was 702 million yuan, reflecting a growth of 40.48% - The company’s gross margin for Q2 2024 was 69.60%, a decrease of 1.30 percentage points, while the net margin was 14.50%, down 0.76 percentage points [4][5] Brand Performance - The main brand, Proya, achieved a revenue growth of 37.67%, while the sub-brands, Caitang and OR, grew by 40.57% and 41.91% respectively [4] - The revenue share of the Proya brand slightly decreased to 79.71%, while Caitang and OR's shares increased to 11.66% and 2.76% [4] Future Projections - Revenue projections for 2024-2026 are 11.441 billion yuan, 14.153 billion yuan, and 17.026 billion yuan, with growth rates of 28.49%, 23.70%, and 20.30% respectively - Net profit projections for the same period are 1.511 billion yuan, 1.818 billion yuan, and 2.222 billion yuan, with growth rates of 20.37% for 2024 and 22.23% for 2025 and 2026 [4][5]