Proya(SH:603605) CAITONG SECURITIES·2025-08-28 08:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated resilient growth despite a high base, with notable performance from brands such as OR and Yuanse Bota. The revenue for the first half of 2025 reached 5.362 billion yuan, a year-on-year increase of 7.2%, while the net profit attributable to shareholders was 799 million yuan, up 13.8% [8] - The main brand, Proya, is accelerating its entry into niche markets, while sub-brands like Caitang, OR, and Yuanse Bota are actively launching new products to drive growth. The forecast for net profit attributable to shareholders for 2025-2027 is 1.776 billion, 1.962 billion, and 2.161 billion yuan, respectively, corresponding to PE ratios of 19.0, 17.2, and 15.6 times [8] Financial Performance - For the fiscal year 2023, the company reported a revenue of 8.905 billion yuan, with a growth rate of 39.5%. The projected revenue for 2025 is 11.907 billion yuan, reflecting a growth rate of 10.5% [6] - The net profit for 2023 was 1.194 billion yuan, with a growth rate of 46.1%. The expected net profit for 2025 is 1.776 billion yuan, indicating a growth rate of 14.5% [6] - The earnings per share (EPS) for 2023 was 3.01 yuan, projected to increase to 4.49 yuan in 2025 [6] Brand and Product Development - The company has accelerated the incubation of new products across multiple categories, launching several new items in 2025, including a whitening series and various makeup products. The brand Caitang achieved the highest sales in the domestic color cosmetics category on platforms like Tmall [8] - The company plans to issue overseas listed shares (H shares) and list on the Hong Kong Stock Exchange, which is expected to enhance liquidity [8]