Proya(SH:603605) CAITONG SECURITIES·2025-10-21 11:18Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has accelerated resource integration by acquiring a 38.45% stake in Huazhixiao, positioning itself as the second-largest shareholder, which is expected to enhance its multi-brand strategy in the cosmetics sector [8] - The company is focusing on multi-track new product incubation, with significant launches in skincare and makeup, which are driving brand growth and market presence [8] - The company plans to issue overseas listed shares (H shares) and list on the Hong Kong Stock Exchange, which is anticipated to improve liquidity [8] - The forecasted net profit for 2025-2027 is projected to be 1.776 billion, 1.963 billion, and 2.162 billion RMB respectively, with corresponding PE ratios of 17.3, 15.7, and 14.2 [8] Financial Performance Summary - Revenue is expected to grow from 8,905 million RMB in 2023 to 14,055 million RMB in 2027, with a revenue growth rate of 39.5% in 2023, tapering to 8.0% by 2027 [7][9] - The net profit is projected to increase from 1,194 million RMB in 2023 to 2,162 million RMB in 2027, with a net profit growth rate of 46.1% in 2023, declining to 10.1% by 2027 [7][9] - The company's EPS is expected to rise from 3.01 RMB in 2023 to 5.46 RMB in 2027, indicating a strong earnings growth trajectory [7][9] Market Performance - The company's stock has shown a performance of -21% over the last 12 months, compared to the -5% to 20% range of the CSI 300 index [4]