Proya(SH:603605) EBSCN·2024-10-25 10:11Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 6.97 billion yuan and a net profit of 1.00 billion yuan in the first three quarters of 2024, reflecting year-on-year growth of 32.7% and 33.9% respectively [2][3] - The company is expected to benefit from the upcoming "Double Eleven" shopping festival, with strong performance anticipated across its multiple brands [5] Financial Performance - For Q3 2024, the company reported a revenue of 1.96 billion yuan, a year-on-year increase of 21.2%, and a net profit of 300 million yuan, up 20.7% year-on-year [2][3] - The gross profit margin for the first three quarters decreased by 1.1 percentage points to 70.1%, while the net profit margin slightly increased to 14.3% due to higher other income and reduced asset impairment losses [3][4] Revenue Breakdown - Online sales accounted for 93.9% of total revenue, with a year-on-year growth of 38.5%, while offline sales declined by 18.1% [3] - The main brand, Proya, and the makeup brand, Caitang, both saw revenue growth of approximately 30% [3][5] Future Outlook - The company is focusing on enhancing its core products and expanding its product line, with new launches expected to strengthen its market position [4][5] - The earnings forecast for 2024, 2025, and 2026 is maintained at 3.89 yuan, 4.79 yuan, and 5.66 yuan per share respectively, with corresponding price-to-earnings ratios of 25, 21, and 17 [5][6]