Proya(SH:603605) Guolian Minsheng Securities·2026-02-10 12:01Investment Rating - The report maintains a "Buy" rating for Proya, indicating a positive outlook for the company's stock performance relative to the benchmark index [3][12]. Core Insights - Proya launched a new product, the Ruby Microbead Essence, priced at 299 RMB for 30ml, targeting a broad customer base with its unique formulation [9]. - The company is actively expanding its product matrix across multiple brands, including skincare, makeup, and hair care, which is expected to enhance growth potential [9]. - Proya's revenue projections for 2025-2027 are 10.994 billion, 12.665 billion, and 13.995 billion RMB, with corresponding net profits of 1.592 billion, 1.859 billion, and 2.063 billion RMB, reflecting growth rates of 2.0%, 15.2%, and 10.5% respectively [2][10]. Financial Forecasts - Revenue and profit forecasts for Proya are as follows: - 2024A: Revenue of 10,778 million RMB, net profit of 1,552 million RMB - 2025E: Revenue of 10,994 million RMB, net profit of 1,592 million RMB - 2026E: Revenue of 12,665 million RMB, net profit of 1,859 million RMB - 2027E: Revenue of 13,995 million RMB, net profit of 2,063 million RMB [2][10]. - Earnings per share (EPS) are projected to be 3.92, 4.02, 4.69, and 5.21 RMB for the years 2024A to 2027E, respectively [2][10]. Market Position and Strategy - Proya's multi-brand strategy is designed to capture a wider consumer base and enhance market presence, with a focus on new product launches and brand collaborations [9]. - The company has initiated a share buyback program, reflecting confidence in its future growth and plans for employee stock ownership [9].