Proya(SH:603605) Tebon Securities·2024-04-19 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has exceeded expectations in its Q1 2023 and Q1 2024 performance, with revenue reaching 8.905 billion yuan in 2023, a year-on-year increase of 39.45%, and a net profit of 1.194 billion yuan, up 46.06% year-on-year [4][6] - The gross margin for 2023 was 69.93%, reflecting an increase due to a higher proportion of high-margin online direct sales [4] - The company is expected to achieve revenues of 11.061 billion yuan, 13.463 billion yuan, and 15.921 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.510 billion yuan, 1.883 billion yuan, and 2.274 billion yuan [4][7] Financial Performance - In Q4 2023, the company reported revenue of 3.656 billion yuan, a 50.86% increase, with a net profit of 448 million yuan, reflecting a 39.06% increase [4] - The company's main brand revenue for 2023 was 7.177 billion yuan, a 36.36% increase, with significant sales during the Double Eleven shopping festival [4] - The company has a projected P/E ratio of 27X, 22X, and 18X for 2024, 2025, and 2026 respectively, indicating strong future earnings potential [4][7] Product and Brand Strategy - The company has successfully launched new products and upgraded existing lines, including the "Red Ruby Cream 3.0" and new sunscreen products, maintaining a "big product strategy" [4] - The company has diversified its brand portfolio, with sub-brands like "Caitang" achieving revenue of 1.001 billion yuan in 2023, a 75.06% increase, and "Yuefuti" generating 303 million yuan, up 61.82% [5] - The company is focusing on channel expansion, optimizing its store structure, and enhancing its presence in both online and offline markets [4][5]