Proya(SH:603605) Guolian Securities·2024-10-28 11:33Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown a continued growth of 20% during the off-season, with expectations for strong performance during major promotional events [4] - The company reported a revenue of 6.966 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 32.7%, and a net profit of 999 million yuan, up 33.9% year-on-year [6] - The company has implemented a large product strategy, focusing on core products from the "Ruby Series" and "Source Series," and has launched new products to address various skin issues [7][8] Financial Performance - For Q3 2024, the company reported a revenue of 1.965 billion yuan, a year-on-year increase of 21.2%, and a net profit of 298 million yuan, up 20.7% year-on-year [6] - The gross profit margin increased by 1.1 percentage points quarter-on-quarter, while the sales expense ratio decreased by 1.3 percentage points [7] - The company expects revenues of 11.583 billion yuan, 14.286 billion yuan, and 17.309 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 30.1%, 23.3%, and 21.2% [9] Strategic Initiatives - The company is advancing its 6*N strategy, focusing on multi-brand, multi-channel, and multi-category development, while exploring overseas opportunities [8] - The company is enhancing its core product matrix and building a self-driven agile organization to support its brand development [8] - The company has introduced new product lines, including the "Net Source Series" and "Optical Series," to expand its product offerings in the skincare and makeup sectors [7]