[Huafu Consumer] Despite short-term data pressure in consumption, valuations are at historical lows, recommend focusing on stable large caps

English summary

· # Proya: 2026H2 enters low base + major upgrade of core products. Excluding the ~100 million profit from Huaxiaozhi consolidation, main business 26E PE 14-15x, repairing to 18x gives [20% upside], Huaxiaozhi consolidation + overseas expansion provide additional elasticity; reference: Estee Lauder FY26 PE 38x, 27 PE 29x; # Shanghai Jahwa: GMV-based online channel H1 +32%, multi-brand high growth, H1 revenue and profit expected to grow double digits, interim report certainty strong, 26 PE 30x. Q1 Liushen offline shipment delays affected reported growth, expected to be made up in Q2. ...