Proya(SH:603605) CSC SECURITIES (HK) LTD·2025-06-20 03:54Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][8]. Core Insights - The company has demonstrated strong performance during the 618 promotional event, leading in GMV rankings in the skincare category on major platforms [4]. - The company is focusing on product upgrades and enhancing its research and development capabilities, aiming to solidify its position as a leading domestic brand and expand globally [7]. - The financial forecasts suggest a steady increase in net profit and earnings per share (EPS) over the next few years, with projected net profits of RMB 18.72 billion, RMB 22.06 billion, and RMB 25.78 billion for 2025, 2026, and 2027 respectively [6][7]. Financial Summary - The company reported a net profit of RMB 817 million in 2022, with projections of RMB 1.872 billion for 2025, reflecting a year-on-year growth of 20.61% [6][9]. - Revenue is expected to grow from RMB 6.385 billion in 2022 to RMB 12.776 billion in 2025, indicating a robust growth trajectory [9]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 28 in 2022 to 17 in 2025, suggesting an attractive valuation as earnings grow [6][9].