Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Insights - The company achieved a revenue of 10.778 billion yuan in 2024, representing a year-on-year growth of 21.04%, with a net profit of 1.552 billion yuan, up 30.00% [1][3] - The company continues to experience robust growth, driven by its main brand and sub-brands, with a significant increase in online sales [2][12] - The company is focusing on a big product strategy and expanding its sub-brand matrix, indicating strong long-term growth potential [3][15] Financial Performance Summary - In 2024, the company reported a total revenue of 10.778 billion yuan, with a year-on-year growth of 21.04% [4][11] - The net profit attributable to the parent company for 2024 was 1.552 billion yuan, reflecting a growth of 30.00% [4][11] - The company’s gross margin improved to 71.39% in 2024, an increase of 1.46 percentage points from the previous year [14] - The company’s operating cash flow for 2024 was 1.107 billion yuan, a decrease of 24.63% year-on-year due to increased payments for goods and promotional expenses [14] Revenue Breakdown - Online sales accounted for 95.06% of total revenue in 2024, with online revenue reaching 10.234 billion yuan, up 23.68% [2][12] - The main brand, Proya, generated 8.581 billion yuan in revenue, representing 79.69% of total revenue, with a growth of 19.55% [2][12] - The skincare category contributed 90.19 billion yuan, accounting for 83.78% of total revenue, with a growth of 19.31% [2][12] Future Projections - The company expects revenues of 12.469 billion yuan, 14.257 billion yuan, and 16.093 billion yuan for 2025, 2026, and 2027 respectively [3][4] - Projected net profits for the same years are 1.840 billion yuan, 2.150 billion yuan, and 2.441 billion yuan [3][4] - The report anticipates a decrease in the price-to-earnings ratio from 20 times in 2025 to 15 times in 2027, indicating improving valuation [3][4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase exceeding 15% compared to the benchmark index [3][6]. Core Insights - The company reported a 30% year-on-year increase in net profit for 2024, with total revenue reaching 10.778 billion yuan, a 21.04% increase from the previous year [1]. - The gross margin for 2024 was 71.39%, reflecting a 1.46 percentage point increase year-on-year, while the net profit margin improved to 14.71%, up by 0.89 percentage points [1]. - The company has been expanding its product matrix, launching new skincare and makeup products, which contributed to robust revenue growth across various categories [2]. Financial Performance Summary - In 2024, the company achieved total revenue of 10.778 billion yuan, with a year-on-year growth of 21.04% [5]. - The net profit for 2024 was 1.552 billion yuan, representing a 30% increase compared to the previous year [5]. - For Q1 2025, the company reported revenue of 2.359 billion yuan, an 8.13% increase year-on-year, and a net profit of 390 million yuan, up by 28.87% [1][5]. Product Category Performance - The skincare segment generated revenue of 9.019 billion yuan in 2024, a 19.31% increase year-on-year, with a gross margin of 71.56% [2]. - The makeup segment saw revenue of 1.361 billion yuan, growing by 21.96% year-on-year, with a gross margin of 71.46% [2]. - The hair care products category experienced significant growth, with revenue increasing by 79.41% to 386 million yuan in 2024 [2]. Future Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 4.59 yuan, 5.32 yuan, and 6.06 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17x, 14x, and 13x [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][6]. Core Insights - The company reported a 30% year-on-year increase in net profit for 2024, with total revenue reaching 10.778 billion yuan, a 21.04% increase from the previous year [1][3]. - The gross margin for 2024 was 71.39%, up by 1.46 percentage points, while the net margin improved to 14.71%, an increase of 0.89 percentage points [1]. - The company has been expanding its product matrix, launching new skincare and makeup products, which contributed to robust revenue growth across various categories [2][3]. Financial Performance Summary - In 2024, the company achieved total revenue of 10.778 billion yuan, with a year-on-year growth of 21.04% [5]. - The net profit attributable to shareholders was 1.552 billion yuan, reflecting a 30% increase compared to 2023 [5]. - For Q1 2025, the company reported revenue of 2.359 billion yuan, a year-on-year increase of 8.13%, and a net profit of 390 million yuan, up by 28.87% [1][5]. Product Category Performance - The skincare segment generated revenue of 9.019 billion yuan in 2024, a 19.31% increase, while the makeup segment saw revenue of 1.361 billion yuan, growing by 21.96% [2]. - The hair care products category experienced significant growth, with a revenue increase of 79.41% in 2024 [2]. - The main brand, Proya, achieved revenue of 8.581 billion yuan in 2024, up by 19.55% [2]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 4.59 yuan, 5.32 yuan, and 6.06 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17x, 14x, and 13x [3][5].