Proya(603605) 长江证券·2024-11-18 07:24Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In Q3 2024, the company achieved revenue of 1.96 billion yuan, representing a year-on-year growth of 21.2%. The net profit attributable to the parent company was 300 million yuan, up 20.7% year-on-year, while the net profit excluding non-recurring items was 290 million yuan, reflecting an 18.3% increase year-on-year [2][4][9]. Revenue Performance - In Q3 2024, the company maintained rapid growth during the industry off-season, with a year-to-date revenue growth of 32.7%. The quarterly revenue growth rates for Q1, Q2, and Q3 were 34.6%, 40.6%, and 21.2%, respectively. The skincare category saw a year-on-year growth of 21%, while the makeup category grew by 19% [8][9]. Profitability Analysis - The gross margin improved quarter-on-quarter, although it decreased by 1.9 percentage points year-on-year in Q3 2024. The net profit margin attributable to the parent company remained stable year-on-year, supported by reduced asset impairment losses and tax savings [9]. Investment Recommendations - The report suggests that the company's main brand is showing strong comparative advantages with a more complete product matrix. The upcoming Double 11 shopping festival is expected to further enhance growth, particularly with the launch of upgraded core products and the expansion of the makeup category [9]. The projected EPS for 2024, 2025, and 2026 are 3.83 yuan, 4.61 yuan, and 5.68 yuan, respectively [9].