2025-05-19-Jefferies-珀莱雅（603605）_首席财务官突然（提前）离职_7页_112kb

Key Event: CFO Resignation
Effective immediately on May 19, 2025, Ms. Wang resigned as CFO, Board Secretary, and Deputy GM for personal career development reasons. This early departure may cause short-term stock overhang, but new management is expected to leverage industry experience for growth.

Company Overview
Proya Cosmetics, established in 2006 in China, specializes in beauty and personal care products with brands like Proya, Hapsode, and Timage. The company focuses on skincare and makeup with a strong emphasis on high-efficacy products.

Valuation and Recommendation
Based on a DCF model, the valuation yields a WACC of 8.9% and a perpetual growth rate of 2.0%. The stock has a "Buy" rating with a price target of RMB 115.00 (+16% from prior close). Current market cap is RMB 39.5B.

Key Risks

• Intense competition in the cosmetics industry.
• Potential issues with product quality, branding, or consumer reception.
• COVID resurgence could impact operations.
• Over-reliance on branded products and possible lack of business diversification.

Analyst Views
Analysts from JEF predict short-term challenges but highlight the potential for growth from new senior management. The company has recently hired experienced personnel, such as in roles from H2 2024, to drive performance.