Table_Title Table_BaseInfo 2024 年 3 月 29 日 公司动态 美丽田园医疗健康（2373.HK） 证券研究报告 收入利润再创新高，收购奈瑞儿巩固龙头地位 医美 2023年公司业绩再创新高，净利润翻一倍。2024年3月，公司收购中国美业第二名 投资评级： 买入 奈瑞儿，增厚公司业绩。我们认为，公司凭借成熟的“双美”模式和运营能力，不 断扩张门店网络，龙头地位稳固，故维持“买入”评级。 目标价格： 19.6 港元 报告摘要 现价(2024-3-28)： 15.46港元 收入及利润再创新高，净利润翻一倍。 2023年公司实现收入21.5亿元，同比增长31.2%，净利润为2.3亿元，同比增长 总市值(百万港元) 3,645.40 95,217.68 108.2%，经调整净利润为2.4亿元，同比增长53.2%，业绩强势的表现得益于公司品 总股本(百万股) 235.80 247.45 牌影响力、产品、服务竞争力及运营能力的提升。随着规模效应逐步显现，2023年 12个月低/高(港元) 9.4/31.9 169.5/450 经营费用率（销售、管理、研发费用总和）为34.1%，较2022年同 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 15.44 [1]. Core Insights - The company reported impressive performance for 2023, with revenue of 2.15 billion, a year-on-year increase of 31%, and a net profit of 0.23 billion, up 108% year-on-year [2]. - The acquisition of Long Er Nai Rui Er is expected to strengthen the company's market position, as it consolidates the largest and second-largest traditional beauty service providers in China [2][3]. - The company's business model, which includes a dual beauty approach and digital marketing tools, is anticipated to enhance market penetration and accelerate customer conversion [2][3]. Financial Performance Summary - Revenue for 2023 was 2.15 billion, with a growth rate of 31%. Projections for 2024, 2025, and 2026 are 2.68 billion, 3.25 billion, and 3.72 billion, respectively, with growth rates of 25%, 21%, and 14% [3]. - Net profit for 2023 was 0.216 billion, with a growth rate of 109%. Expected net profits for 2024, 2025, and 2026 are 0.284 billion, 0.347 billion, and 0.405 billion, with growth rates of 32%, 22%, and 16% [3]. - The diluted earnings per share for the upcoming years are projected to be 0.91, 1.20, 1.47, and 1.72, with corresponding price-to-earnings ratios of 16.9, 12.8, 10.5, and 9.0 [3]. Market Position and Strategy - The company has expanded its store count to over 400, with a net increase of 50 stores, indicating a strong growth trajectory [2]. - The report highlights the increasing penetration rate of the dual beauty model, which rose by 1.3 percentage points to 25.0%, showcasing the effectiveness of the company's strategy [2]. - The acquisition of Nai Rui Er, a significant player in the beauty industry, is expected to enhance the company's market share and operational synergies [2][3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 21.5, compared to the current price of HKD 15.46 [1]. Core Insights - The company achieved a revenue of HKD 2.145 billion in 2023, representing a year-on-year growth of 31.2%, and a net profit of HKD 230 million, which is a 108.2% increase year-on-year [1]. - The adjusted net profit for 2023 was HKD 241 million, reflecting a growth of 53.2% year-on-year [1]. - The gross margin stood at 45.6%, up by 1.7 percentage points, while the net margin was 10.7%, an increase of 4.0 percentage points [1]. - The company plans to distribute a dividend of HKD 0.47 per share, totaling HKD 110 million, with a payout ratio of approximately 45.3% [1]. Summary by Sections Financial Performance - Revenue for H2 2023 was HKD 1.111 billion, a 23.0% increase year-on-year, with a net profit of HKD 110 million [1]. - The three main business segments—beauty, medical aesthetics, and sub-health—generated revenues of HKD 1.19 billion, HKD 850 million, and HKD 100 million, respectively, with growth rates of 26.1%, 37.1%, and 47.6% [1]. - The average annual visit frequency for active members increased from 9.5 to 10.6 times, leading to an 11.3% rise in average annual spending per member to HKD 21,000 [1]. Business Expansion - The company opened 19 new stores and acquired 31 franchise stores in 2023, bringing the total to 201 direct-operated stores and 199 franchise stores by year-end [1]. - The acquisition of the Narier brand for HKD 350 million is expected to enhance the company's presence in the Greater Bay Area and complement its existing business model [1]. Future Outlook - The company is projected to continue its growth trajectory, with revenue estimates for 2024, 2025, and 2026 at HKD 2.418 billion, HKD 2.734 billion, and HKD 3.096 billion, respectively, reflecting growth rates of 12.7%, 13.1%, and 13.2% [2]. - Net profit forecasts for the same period are HKD 270 million, HKD 311 million, and HKD 362 million, with respective growth rates of 17.3%, 15.1%, and 16.3% [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved record high revenue and net profit in 2023, with total revenue reaching 2.15 billion RMB, a year-on-year increase of 31.2%, and adjusted net profit of 240 million RMB, up 53.2% [3][4] - The company plans to acquire a 70% stake in the second-largest beauty brand in China, Nairui'er, for 350 million RMB, which is expected to enhance its market share and operational scale [4][6] Revenue and Profitability - In 2023, the revenue breakdown shows that beauty and health services generated 1.19 billion RMB (55.6% of total revenue), medical beauty services contributed 850 million RMB (39.7%), and sub-health medical services accounted for 100 million RMB (4.7%) [4] - The adjusted net profit margin improved to 11.2%, up 1.6 percentage points from the previous year, while the gross margin increased to 45.6%, up 1.7 percentage points [3][4] Market Performance - The company's stock price as of March 28, 2024, is 15.46 HKD, with a market capitalization of 3.645 billion HKD [2] - Over the past month, the company's stock has outperformed the Hang Seng Index by 31.0% [2] Future Projections - Revenue forecasts for 2024-2026 are 2.674 billion RMB, 3.302 billion RMB, and 3.808 billion RMB, representing year-on-year growth rates of 25%, 23%, and 15% respectively [6][7] - The projected net profit for the same period is 270 million RMB, 339 million RMB, and 404 million RMB, with growth rates of 26%, 25%, and 19% respectively [6][7]

3月26日，美丽田园医疗健康产业有限公司（下称"美丽田园"）发布公告称，将以3.5亿元对价战略投资奈瑞儿 健康科技有限公司（下称"奈瑞儿"）。交易完成后，美丽田园将拥有奈瑞儿70%的股权。值得关注的是，这也 是今年以来，国内美业领域的最大一笔收购案。 国内第一、第二美容服务商合体 根据美丽田园发布的收购公告，该公司旗下全资子公司将以3.5亿元收购奈瑞儿70%股权。收购完成后，奈瑞 儿将成为美丽田园旗下间接非全资附属公司，前者的业绩、资产和负债也将并入到美丽田园的业绩报告中。 香港交易及结算所有限公司及香港聯合交易所有限公司對本公告之政容概不負責 對其準確性或完整性亦不發表任何套明·並明確表示··概不對因本公告全部或任何 部分内容而產生或因倚艱該等內容而引致之任何損失承擔任何責任· 贝黎诗 Beauty Farm Medical and Health Industry Inc. 美麗田園醫療健康產業有限公司* 財務顧問 华泰国际 截自美丽田园发布的公告 公开信息显示，美丽田园成立于1993年，该公司旗下旗舰品牌"美丽田园"主要提供传统生活美容服务，即日 常面部及身体护理服务。自2011年起，美丽田园通过第二个品 ...

证券研究报告：美容护理 | 公司点评报告 2024年3月27日 股票投资评级 美丽田园医疗健康 （HK2373) 买入|维持 客流驱动收入业绩高增，收购奈瑞儿提升美业份额 个股表现 ⚫ 事件回顾 公司公布 2023 年业绩报告，2023 年实现收入 21.5 亿元，同增 1.2 1.1 31.2%，实现归母净利润2.2亿元，同增109.2%，实现经调整净利润 1 0.9 2.4亿元，同增53.2%，2023年EPS为0.94元，公司收入业绩快速增 0.8 长。公司公告拟以3.5亿元收购奈瑞儿70%股权，外延落地有望提升 0.7 0.6 公司美业市场份额，增厚业绩。 0.5 0.4 0.3 92-30-320241-40-320272-40-320211-50-320242-50-320270-60-320202-60-320240-70-320281-70-320213-70-3202 恒11-80-3202 生42-80-3202 指70-90-3202 数12-90-320250-01-320281-01-320210-11-320241-11-3202 美72-11-3202 丽80-21-3202 田 ...

股 票 研 究 [Table_industryInfo] 家庭及个人用品 [ Table_Main[美I Tnaf 丽bol]e 田_Ti园tle]医 疗健康（2373） [评Tab级le_：Inv est] 增持 当前价格（港元）： 14.88 业绩逆势高增，收购奈瑞儿加速市场整合 2024.03.27 海 ——美丽田园医疗健康2023 年财报点评 [ 交Ta易bl数e_M据a rket] 外 訾猛(分析师) 杨柳(分析师) 闫清徽(分析师) 52周内股价区间（港元） 9.42-31.85 当前股本（百万股） 236 公 021-38676442 021-38038323 021-38031651 当前市值（百万港元） 3,509 司 zimeng@gtjas.com yangliu@gtjas.com yanqinghui@gtjas.com 证书编号 S0880513120002 S0880521120001 S0880522120004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023年公司业绩逆势高增，各项经营指标持续向好，体现出高端美容服务行业韧性。 美丽 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 28 日 美 丽田园医疗健康(02373.HK) 证券研究报告 2023 业绩高增，拟收购奈瑞儿提高市 医疗及医学美容服务(HS) 投资评级 买入-A 场份额 维持评级 6个月目标价 17.33元 公司发布 2023 年度全年业绩公告： 股价 (2024-03-27) 15.44元 1）2023 年，公司实现收入人民币 21.45亿元/+31.2%，，净利润 2.30 亿元/+108.2%，经调整净利润人民币 2.41亿元/+53.2%。另外，现金 交易数据 及类现金资产人民币 15.7亿元/+72.9%，分红1.1亿港元。 总市值(百万元) 3,640.68 2）2023 年下半年，公司实现收入人民币 11.08亿元/+23.0%，，净利 流通市值(百万元) 3,640.68 润 1.09 亿元/+20.2%，经调整净利润人民币 1.10亿元/+2.9%。 总股本(百万股) 235.80 流通股本(百万股) 235.80 盈利能力显著提升，费用管控良好： 12个月价格区间 9.42/31.85元 1）2023 年，公司净 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 15.44 HKD [3]. Core Insights - The company achieved a total revenue of 2.15 billion RMB in 2023, representing a year-on-year growth of 31.2%. The net profit reached 230 million RMB, up 108.2% year-on-year, while the net profit attributable to the parent company was 216 million RMB, also up 109.2% [2]. - The beauty and health services showed steady growth, with rapid revenue increases in medical beauty and sub-health services. The revenue from medical beauty services reached 850 million RMB, growing by 37.1% year-on-year, and sub-health medical services revenue was 101 million RMB, up 47.6% [2]. - Active membership numbers increased significantly, with the beauty and health services business seeing a 19.4% rise in active members to 90,468. The average annual spending per member increased by 905 RMB to 11,288 RMB [2]. - The company expanded its store network, surpassing 400 stores by the end of 2023, including 201 direct-operated stores and 199 franchise stores. A total of 50 new or acquired stores were added during the year [2]. - The gross profit margin improved to 45.6%, up 1.7 percentage points year-on-year, driven by revenue growth and optimized business structure [2]. - A strategic investment of 350 million RMB was made in the second-largest beauty brand in China, Nai Rui Er, which is expected to enhance revenue and market share significantly [2]. Summary by Sections Financial Performance - In 2023, the company reported revenues of 2,145 million RMB, with a growth rate of 31.2%. The net profit attributable to the parent company was 216 million RMB, reflecting a growth rate of 109.2% [3][7]. - Forecasts for 2024 to 2026 predict revenues of 2,691 million RMB, 3,346 million RMB, and 3,864 million RMB, respectively, with corresponding net profits of 275 million RMB, 348 million RMB, and 409 million RMB [3][7]. Membership and Customer Engagement - The active membership in beauty and health services reached 90,468, with a 19.4% increase year-on-year. The average annual spending per member rose to 11,288 RMB, an increase of 905 RMB [2]. - In medical beauty services, active members increased by 30.6% to 24,474, with average spending per member at 34,597 RMB, up 1,493 RMB [2]. Business Expansion - The company expanded its store network to over 400 locations, including 201 direct-operated and 199 franchise stores, with 50 new or acquired stores added in 2023 [2]. - The strategic investment in Nai Rui Er is expected to significantly boost the company's revenue and market presence [2].

[美Ta丽bl田e_园Tit医le疗] 健康（2373.HK）23年年报点评：会员积累&提升增 证券研究报告 值业务转化驱动收入增长，收购奈瑞儿继续巩固双美龙头地位 公司研究 [Table_ReportDate] 2024年03月27日 [Table_ReportType] 公司点评报告 [T事a件bl：e_公S司um发ma布ry2]0 23年年报：2023年实现收入21.45亿元/yoy+31.16%，实现归母净利 润2.16亿元/yoy+109.15%。H2来看，23H2实现收入11.08亿元/yoy+22.98%，实现归母 [美Ta丽ble田_S园to医ck疗An健dR康an（k] 2373.HK） 净利润1.04亿元/yoy+18.00%。2）收购奈瑞儿核心业务70%股权。本次公司以3.5亿元 对价收购奈瑞儿核心业务70%股份，2023年奈瑞儿收入/净利润分别为5.14/0.33亿元。 投资评级 买入 ➢ 生美业务稳健增长，盈利能力显著恢复。23年生美实现收入11.9亿元/yoy+26.1%， 23H2实现收入6.5亿元/yoy+24.5%；拆分23年活跃会员人数/活跃会员平均消费分别 上次评级 买入 ...