Proya(SH:603605) INDUSTRIAL SECURITIES·2024-11-10 05:59Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - 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 shareholders reached 999 million yuan, up 33.95% year-on-year [2]. - The company is experiencing multi-category growth, with skincare products accounting for 84.27% of revenue in Q3 2024, showing a year-on-year increase of 20.68% [2]. - The company is shifting towards a brand-focused marketing strategy, with significant performance during the Double 11 shopping festival, ranking first in the Tmall beauty category [2]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 11.719 billion yuan, a year-on-year growth of 31.6%, and a net profit of 1.558 billion yuan, reflecting a growth of 30.5% [4]. - The gross margin is expected to remain stable at around 69.7% for the next few years, indicating strong profitability [4]. - The earnings per share (EPS) are forecasted to be 3.93 yuan in 2024, 4.78 yuan in 2025, and 5.72 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 24.7, 20.3, and 17.0 respectively [4].