Proya(603605) 中邮证券·2024-04-19 03:30Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Insights - The company reported strong financial performance in 2023 and Q1 2024, with revenue of 8.91 billion yuan in 2023, a year-on-year increase of 39.45%, and a net profit of 1.20 billion yuan, up 46.06% [3][4]. - The company's main brand, Proya, achieved revenue of 7.18 billion yuan in 2023, growing by 36.36%, driven by high growth in its dual-antibody and ruby series [4]. - The online sales channel saw significant growth, with revenue reaching 8.27 billion yuan in 2023, an increase of 42.96%, while offline sales also showed signs of recovery [4]. Financial Performance Summary - In 2023, the company achieved a gross margin of 69.93%, which improved slightly from the previous year, and the net profit margin increased to 13.41% [5][6]. - The company forecasts net profits of 1.50 billion yuan in 2024, 1.84 billion yuan in 2025, and 2.25 billion yuan in 2026, with corresponding P/E ratios of 27x, 22x, and 18x respectively [6][7]. - The company plans to distribute a cash dividend of 9.10 yuan per 10 shares to all shareholders [3].