Proya(SH:603605) Dongxing Securities·2024-10-28 10:32Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term growth potential [5]. Core Insights - The company reported a steady growth in Q3 2024, with revenue reaching 6.966 billion yuan, a year-on-year increase of 32.7%, and a net profit of 999 million yuan, up 33.95% year-on-year [1]. - The main brand, Proya, showed resilience with over 30% revenue growth in Q3, accounting for 79% of total revenue, while sub-brands also demonstrated positive growth [2]. - Online sales channels generated 6.528 billion yuan in revenue for the first three quarters of 2024, marking a 38.48% increase year-on-year, while offline channels saw a decline of 18.08% [2]. - The company's gross profit margin for the first three quarters of 2024 was 70.07%, reflecting a slight decrease, but the gross sales margin improved in Q3 compared to previous quarters [3]. - Despite increased competition from international beauty brands, the company maintained a strong market position, ranking top in various e-commerce platforms [4]. - The company is expected to exceed its stock incentive targets for the year, with a focus on brand expansion and international market penetration [4]. Financial Summary - Revenue projections for 2024-2026 are estimated at 15.68 billion yuan, 19.37 billion yuan, and 22.9 billion yuan, respectively, with corresponding EPS of 3.97 yuan, 4.91 yuan, and 5.8 yuan [5]. - The company's PE ratios for 2024-2026 are projected to be 25, 20, and 17 times, respectively, indicating a favorable valuation compared to its growth prospects [5]. - The company’s net profit margin for the first three quarters of 2024 was 14.68%, showing stable profitability despite market challenges [3].