Proya(SH:603605) Guoxin Securities·2024-10-25 03:01Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][9] Core Views - The company achieved steady growth in Q3, with a revenue of 6.966 billion and a year-on-year increase of 32.7%, while net profit reached 999 million, up 34.0% year-on-year [1][4] - The main brand, Proya, ranks first on both Tmall and Douyin platforms during the Double 11 shopping festival, indicating strong market presence [1][4] - The company is focusing on a big product strategy and diversified channel layout, which has helped maintain growth despite industry pressures [9] Financial Performance - For the first three quarters, the company reported a revenue of 69.66 billion, with a net profit of 9.99 billion, reflecting a year-on-year growth of 32.7% and 34.0% respectively [1][4] - In Q3 alone, revenue was 19.65 billion, showing a year-on-year increase of 21.2%, while net profit was 2.98 billion, up 20.7% year-on-year [1][4] - The gross margin for Q3 was 70.71%, with a net margin of 15.19%, slightly down from the previous year due to increased promotional activities [5][9] Brand Performance - The main brand Proya accounted for approximately 79% of total revenue, with a year-on-year growth of over 30% [1][4] - The sub-brand Caitang also saw a revenue increase of over 30%, contributing about 11% to total revenue [1][4] - The OR brand achieved a revenue growth of around 40%, while the YF brand grew by approximately 15% [1][4] Channel Performance - Online sales reached 65.28 billion, up 38.48% year-on-year, accounting for 93.85% of total revenue, while offline sales decreased by 18.08% to 4.29 billion [1][4] - In Q3, online revenue growth was 33.5%, while offline revenue saw a significant decline of 50.9% [1][4] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 15.79 billion, 19.78 billion, and 23.64 billion for 2024, 2025, and 2026 respectively [9][10] - The report anticipates a PE ratio of 25, 20, and 17 for the respective years, indicating a favorable valuation outlook [9][10]