Proya(SH:603605) Tianfeng Securities·2025-01-17 05:53Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company, Proya (603605), is recognized as a leading domestic beauty brand in China, demonstrating strong performance during the Double Eleven shopping festival, showcasing the advantages of its multi-brand matrix and big product strategy [1][2]. - The company is expected to maintain steady growth, with revenue projections for 2024-2026 set at 10.916 billion, 12.557 billion, and 14.315 billion yuan, reflecting year-on-year growth rates of 22.6%, 15.0%, and 14.0% respectively [1]. - The net profit attributable to the parent company is forecasted to grow by 27.5%, 18.5%, and 16.2% over the same period, reaching 1.522 billion, 1.803 billion, and 2.096 billion yuan [1]. Summary by Sections Sales Performance - In Q4 2024, Proya's sales across multiple platforms were impressive, with Tmall GMV reaching 2.947 billion yuan, a year-on-year increase of 6.19% [2]. - During the Double Eleven event, Proya ranked first among domestic beauty brands on Tmall, Douyin, and JD, with respective year-on-year growth rates of over 10%, 60%, and 30% [2]. Brand Matrix Development - Proya has expanded its brand portfolio beyond its main brand, including brands like Caitang, Off&Relax, and Yuefuti, covering various segments such as skincare, makeup, and hair care [3]. - Caitang, a makeup brand tailored for Chinese consumers, achieved significant sales during Double Eleven, ranking second in Tmall's makeup category [3]. - Off&Relax, positioned as a scalp health expert, saw its OR volumizing shampoo achieve over 400,000 units sold on Tmall during the same period [3]. - Yuefuti, targeting oily skin, reported substantial sales growth, with GMV on Tmall, JD, and Pinduoduo increasing by over 20%, 80%, and 100% respectively [3]. Financial Projections - Revenue for 2024 is projected at 10.916 billion yuan, with a growth rate of 22.59% [10]. - The net profit for 2024 is expected to be 1.522 billion yuan, reflecting a growth rate of 27.47% [10]. - The company's earnings per share (EPS) is forecasted to increase from 3.01 yuan in 2023 to 3.84 yuan in 2024 [10].