Proya(SH:603605) Changjiang Securities·2024-04-24 02:32Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 8.905 billion yuan in 2023, representing a year-on-year growth of 39%. The net profit attributable to shareholders was 1.194 billion yuan, up 46% year-on-year. The net profit excluding non-recurring items was 1.174 billion yuan, reflecting a 49% increase [6][7] - In Q1 2024, the company reported a revenue of 2.182 billion yuan, a 35% year-on-year increase, with a net profit of 303 million yuan, also up 46% year-on-year. The net profit excluding non-recurring items was 292 million yuan, marking a 48% increase [6][7] - The brand's scale effect is becoming evident, with the main brand achieving a revenue growth of 36% in 2023, maintaining high growth for two consecutive years. The online and offline channels grew by 43% and 7%, respectively [7][8] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 89.05 billion yuan and a net profit of 11.94 billion yuan. The gross profit margin improved by 0.23 percentage points due to an increase in the proportion of major products and direct sales [7][8] - For Q1 2024, the revenue was 21.82 billion yuan, with a gross margin of 70.1%, showing slight improvement year-on-year [7][8] Brand and Market Position - The main brand, Proya, has seen significant growth, with its Tmall cream ranking rising from 9th to 1st place, and its mask product moving from 4th to 2nd place. The sub-brands, including Caitang, OR, and Yuefuti, also showed strong growth rates of 75%, 71%, and 62%, respectively [7][8] - The company is focusing on enhancing its brand power and expanding its multi-brand matrix, which is expected to leverage the capabilities of the main brand [8] Future Outlook - The company is projected to have EPS of 3.82, 4.60, and 5.67 yuan for 2024, 2025, and 2026, respectively, indicating a positive growth trajectory [8][13]