Single Quarter Breaks 10億元 Mark for the First Time
Chain lifestyle general merchandise leader POYA (5904) announced its latest financial report on 27日, third-quarter after-tax net profit reached 10.16億元, up 25.7% YoY, with single-quarter after-tax net profit breaking through the 10億元 mark for the first time and setting a new historical high record. Cumulative after-tax net profit for the first three quarters of this year reached 28.73億元, up 31.4% from the same period last year. Third-quarter revenue reached 73.6億元, up 6.2% QoQ and 15.0% YoY, single-quarter EPS was 0.95元, up 17.1% QoQ and 25.7% YoY, with revenue and profit both rewriting historical records.
Medical Beauty Festival and Anniversary Sales Boost Gross Margin
The third quarter has always been the strongest quarter of the year for POYA, this quarter mainly benefited from the Pink Shine Medical Beauty Festival and anniversary sales events held during the period, driving a significant increase in sales of high-gross-margin cosmetics and skincare products. Benefiting from an improved product mix, third-quarter gross margin increased 1.71個百分點 QoQ to a high level of 46.65%, showing strong sales momentum for high-gross-margin products and becoming the key to pushing single-quarter profit above 10億元.
POYA Beauty Remodeling Becomes Core Engine
Store format transformation was another contributor to operating growth, with remodeling benefits of its POYA Beauty cosmetics store format continuing to emerge. POYA continues to optimize its product mix, actively introducing popular daigou cosmetics brands from Japan, Korea, Thailand and others, boosting profit through high-gross-margin products. Currently POYA has a total of 491 stores across Taiwan, and this year plans to remodel 24 existing stores into POYA Beauty. Currently cosmetics and skincare products account for 45% of revenue, with first-half gross margin up 1.5個百分點 YoY to 45%, becoming the core engine driving revenue and gross margin higher.
Expanding Self-Checkout and Electronic Shelf Labels
In addition to store remodeling and upgrades, POYA has also introduced digital technology to optimize operating efficiency, introducing 50 self-checkout machines by the end of 2025 with good results, and预计 to further expand to 150 units by the end of 2026, while gradually introducing electronic shelf labels in new stores and remodeled stores, which is favorable for expense control in the long term. Institutional investors estimate 2026 and 2027 revenue will grow 12.4% and 12.0% YoY respectively, with EPS reaching 3.63元 and 4.30元 respectively, based on 2027 EPS of 4.30元 and a historical P/E mid-range valuation of 20 times, the estimated target price is up to 86元, maintaining a Buy investment rating.