Proya(SH:603605) Minsheng Securities·2024-09-13 23:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 85.39 yuan [4]. Core Viewpoints - The company is recognized as a leading player in the domestic mass cosmetics market, with short-term sales growth expected from the "Double 11" shopping festival. In the medium to long term, under the guidance of the "6*N strategy" and the major product brand development strategy, the company is anticipated to sustain steady growth of its main brand, while also developing brands like Caitang, OR, and Yuefuti as new growth drivers. The projected net profit attributable to the parent company for 2024-2026 is estimated at 1.56 billion, 1.92 billion, and 2.36 billion yuan, respectively, with year-on-year growth rates of +30.7%, +23.2%, and +22.9% [3][4]. Financial Forecast and Key Indicators - The company's total revenue is projected to grow from 8.905 billion yuan in 2023 to 17.286 billion yuan in 2026, with growth rates of 39.5%, 32.0%, 22.5%, and 20.1% for the respective years [4][8]. - The net profit attributable to the parent company is expected to increase from 1.194 billion yuan in 2023 to 2.362 billion yuan in 2026, with growth rates of 46.1%, 30.7%, 23.2%, and 22.9% [4][8]. - Earnings per share (EPS) are forecasted to rise from 3.01 yuan in 2023 to 5.95 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 28, 22, 18, and 14 [4][8].