Proya(SH:603605) Guoyuan Securities·2025-08-28 08:47Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase exceeding 15% compared to the benchmark index [3][10]. Core Insights - The company reported a steady revenue growth of 7.21% year-on-year for the first half of 2025, achieving a total revenue of 5.362 billion yuan. The net profit attributable to the parent company reached 799 million yuan, reflecting a year-on-year increase of 13.8% [1]. - The gross margin improved by 3.56 percentage points to 73.38%, while the net profit margin increased by 0.93 percentage points to 15.41% [1]. - The report highlights the strong performance of the OR brand, which saw a remarkable revenue growth of 102.52% year-on-year, contributing 279 million yuan in revenue [2]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 5.362 billion yuan, with a net profit of 799 million yuan, and a non-recurring net profit of 771 million yuan, marking increases of 7.21%, 13.8%, and 13.49% respectively [1]. - The second quarter alone generated a revenue of 3.003 billion yuan, up 6.49% year-on-year, with a net profit of 408 million yuan, reflecting a growth of 2.36% [1]. Brand Performance - The main brand, Proya, generated 3.979 billion yuan in revenue for the first half of 2025, remaining stable year-on-year. The brand's Tmall flagship store ranked first in the beauty category [2]. - The second brand, Caitang, achieved a revenue of 705 million yuan, representing a year-on-year growth of 21.11% [2]. - The OR brand's revenue reached 279 million yuan, showing a significant increase of 102.52% year-on-year, while the brand Yefuti generated 166 million yuan, up 3.31% [2]. Future Earnings Forecast - The report projects earnings per share (EPS) of 4.49, 5.15, and 5.73 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 20, 18, and 16 times [3].