Proya(SH:603605) Guolian Minsheng Securities·2025-08-28 08:28Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The main brand, Proya, shows stable performance despite a high base, while sub-brands Caitang and OR achieve rapid growth, with revenue changes in H1 2025 being -0.08% for Proya, +21.11% for Caitang, and +102.52% for OR [5][12] - Revenue growth is steady, and cost reduction efforts have improved efficiency, with a comprehensive gross margin of 73.4% in H1 2025 (up 3.56 percentage points year-on-year) and a net profit margin of 14.89% (up 0.86 percentage points year-on-year) [5][12] - The "big product strategy" continues to solidify, with expectations for strong performance during the Double 11 shopping festival, focusing on innovative product offerings that cater to complex consumer needs and trends in medical aesthetics [12][13] Financial Data Summary - For H1 2025, the company reported revenue of 5.362 billion yuan (up 7.2% year-on-year) and a net profit of 799 million yuan (up 13.8% year-on-year) [11] - Revenue projections for 2025-2027 are 12.584 billion yuan, 14.440 billion yuan, and 16.302 billion yuan, with corresponding growth rates of 16.8%, 14.8%, and 12.9% [14] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 4.60 yuan, 5.35 yuan, and 6.16 yuan respectively [14]