Proya(603605) 财信证券·2025-03-14 07:32Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1] Core Views - The company is positioned as a leading domestic beauty brand, showcasing strong competitive advantages through a diversified brand matrix and solid fundamentals. The management adjustments and enhanced organizational efficiency are expected to drive sustainable growth in performance [5][7] - The company has successfully launched a new sunscreen product, "Super Film," which utilizes patented technology to enhance sun protection effectiveness by 60%. The product is designed for all skin types, including sensitive skin, and has received significant market attention due to its marketing campaign featuring a well-known celebrity [5][7] - Revenue projections indicate a steady increase, with expected revenues of 110.65 billion yuan in 2024, 135.34 billion yuan in 2025, and 163.09 billion yuan in 2026. Correspondingly, net profits are projected to reach 15.16 billion yuan in 2024, 18.82 billion yuan in 2025, and 22.02 billion yuan in 2026 [5][8] Financial Summary - The company's main revenue figures are as follows: 63.85 billion yuan in 2022, 89.05 billion yuan in 2023, and projected growth to 110.65 billion yuan in 2024 [5][8] - The earnings per share (EPS) are projected to increase from 3.01 yuan in 2023 to 4.75 yuan in 2025 and 5.56 yuan in 2026, indicating a positive growth trajectory [5][8] - The price-to-earnings (P/E) ratio is expected to decrease from 28.26 in 2023 to 17.93 in 2025 and further to 15.32 in 2026, suggesting improving valuation metrics [5][8]