Proya(603605) 民生证券·2024-10-26 17:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 95.27 yuan [4]. Core Insights - The company achieved a revenue of 6.966 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 32.72%. The net profit attributable to the parent company was 999 million yuan, up 33.95% year-on-year [2]. - The skincare line continues to grow significantly, while the hair care line shows potential. In Q3 2024, the company recorded a revenue of 1.965 billion yuan, a year-on-year increase of 21.15% [2]. - The company is focusing on cost reduction and efficiency improvement, with an increase in gross sales margin by 2.44 percentage points quarter-on-quarter [2]. Summary by Sections Revenue and Profitability - For Q1-3 2024, the company reported a gross margin of 70.07% and a net profit margin of 14.34%. The sales expense ratio was 46.39% [2]. - The company expects net profits for 2024-2026 to be 1.560 billion, 1.921 billion, and 2.361 billion yuan, with year-on-year growth rates of 30.7%, 23.1%, and 22.9% respectively [3][5]. Business Segments - Skincare (including cleansing) generated 5.844 billion yuan in revenue for Q1-3 2024, accounting for 84.01% of total revenue, with a year-on-year growth of 32.03% [2]. - The beauty makeup segment achieved 899 million yuan in revenue for Q1-3 2024, with a year-on-year growth of 35.67% [2]. - The hair care segment reported 214 million yuan in revenue for Q1-3 2024, reflecting a year-on-year increase of 43.96% [2]. Market Position and Strategy - The company is positioned as a leading player in the domestic cosmetics market, with a focus on the "6*N strategy" and the development of major product lines [2]. - The brand is expected to maintain steady growth, with new product launches and upgrades enhancing its competitive product matrix [2]. Future Outlook - The company is anticipated to benefit from the upcoming "Double 11" shopping festival, which is expected to boost sales growth [2]. - The current price corresponds to a PE ratio of 24x for 2024, 20x for 2025, and 16x for 2026, indicating a favorable valuation [3].