Proya(SH:603605) Tai Ping Yang·2024-11-04 02:18Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [2][5]. Core Views - The company has demonstrated steady growth, with Q3 2024 revenue reaching 19.65 billion yuan, a year-on-year increase of 21.15%, and net profit of 2.98 billion yuan, up 20.72% year-on-year [1]. - The company is expected to achieve a net profit of 15.5 billion yuan in 2024, with a projected PE ratio of 25 [2]. - The company is well-positioned in the cosmetics market, with strong performance anticipated during the upcoming Double Eleven shopping festival [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 69.66 billion yuan, a year-on-year increase of 32.72%, and a net profit of 9.99 billion yuan, up 33.95% year-on-year [1]. - The company’s main brand, Proya, is expected to see revenue growth of approximately 30% in 2024, with other brands also showing strong growth [1]. - The company’s online revenue for the first three quarters of 2024 increased by 38.48% to 65.28 billion yuan, while offline revenue decreased by 18.08% to 4.29 billion yuan [1]. Earnings Forecast - The projected revenue for the company is expected to grow from 8.905 billion yuan in 2023 to 11.704 billion yuan in 2024, with a growth rate of 31.4% [3]. - The net profit is forecasted to increase from 1.194 billion yuan in 2023 to 1.549 billion yuan in 2024, reflecting a growth rate of 29.8% [3].