(Yicai Global) Aug. 2 -- Proya Cosmetics’ stock price climbed for a fourth trading day in a row, setting an intraday record high, after the Chinese makeup company reportedly said it was confident about the brand’s prospects.

After jumping 3.8 percent this morning to CNY185.34 (USD27.42) a share, Proya [SHA: 603605] closed up 0.7 percent at CNY179.70.

Hangzhou-based Proya expressed confidence in its growth over the next three years based on the findings of a survey by a research company, Securities Times reported on July 26. Proya has started basic research and development and formed an R&D team in the past two years, the report added, noting that future success in the cosmetics industry will depend on research strength.

Proya has begun to take shape as a cosmetics group, Chasing Securities said in a research report published on July 28, adding that its performance is expected to increase by a compounded 28.7 percent over the next two years. The brokerage kept its ‘buy’ rating on the stock, targeting a price range of between CNY184.86 and CNY193.23 a share.

Proya’s net profit may have gained 15 percent to 20 percent in the second quarter from a year earlier to somewhere in the region of CNY130 million to CNY140 million (USD19.2 million to USD20.7 million), the company indicated on July 21. Revenue likely jumped 25 percent to 30 percent to between CNY1.3 billion and CNY1.4 billion (USD187.7 million and USD202.5 million).

Yicai Global calculated that the company’s first-half net profit may have climbed 32 percent to CNY298 million, from CNY226 million a year ago, on revenue of more than CNY2.6 billion.

Editors: Shi Yi, Futura Costaglione