Proya(SH:603605) Xinda Securities·2024-10-25 10:30Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company has shown continuous growth with a revenue of 1.965 billion yuan in Q3 2024, representing a year-on-year increase of 21.15%. The net profit attributable to the parent company reached 298 million yuan, up 20.72% year-on-year [1]. - For the first three quarters of 2024, the company achieved a revenue of 6.966 billion yuan, a year-on-year increase of 32.72%, and a net profit of 999 million yuan, up 33.95% year-on-year [1]. - The gross profit margin in Q3 2024 was 70.71%, showing a slight decrease of 1.95 percentage points year-on-year but an increase of 1.12 percentage points quarter-on-quarter [1]. - The skincare segment continues to perform well, contributing 84% of total revenue, with skincare revenue in Q3 2024 reaching 1.653 billion yuan [1]. Financial Summary - The company is projected to achieve net profits of 1.542 billion yuan, 1.925 billion yuan, and 2.349 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 29%, 25%, and 22% [2]. - The expected revenue for the years 2024, 2025, and 2026 is 11.310 billion yuan, 14.000 billion yuan, and 16.800 billion yuan, respectively, with growth rates of 27.0%, 23.8%, and 20.0% [2]. - The company's gross margin is expected to improve slightly from 69.9% in 2023 to 70.5% in 2026 [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.89 yuan, 4.86 yuan, and 5.93 yuan, respectively [2]. Management Changes - The company completed a management reshuffle in Q3 2024, with a new board of directors appointed. The former co-founder and general manager, Fang Yuyou, will continue as a consultant, while Hou Yameng, who has been with the company since 2014, has been appointed as the new general manager [1].