Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.00 HKD [8][9]. Core Insights - The company's core competitive advantage lies in high-quality membership and comprehensive lifecycle management, with traditional beauty services as the foundation, complemented by medical beauty and sub-health services to extend customer lifecycles and enhance customer stickiness [1]. - The company is actively increasing its dividend payout ratio, optimizing its shareholder structure, and implementing long-term incentive mechanisms, which may improve liquidity and indicate potential for PE valuation recovery [1]. - The company is expected to continue industry consolidation and business acquisitions to enhance market share and strengthen economies of scale [2]. Financial Performance - The beauty and health services revenue for 2024 is projected to reach 1.443 billion RMB, with a year-on-year growth of 20.9%, and the company plans to increase the number of direct and franchise stores [2]. - Medical beauty and sub-health services revenue for 2024 is expected to reach 928 million RMB and 201 million RMB, respectively, with significant growth rates of 9.1% and 98.9% year-on-year [3]. - The company anticipates net profits for 2025, 2026, and 2027 to be 315.33 million RMB, 367.89 million RMB, and 418.15 million RMB, respectively, indicating a robust growth trajectory [5][20]. Strategic Initiatives - The company has outlined three strategic initiatives aimed at maximizing shareholder value: establishing a long-term shareholder return mechanism, attracting quality long-term institutional investors, and implementing a core management equity incentive plan [4]. - The company aims to allocate no less than 50% of annual net profit attributable to shareholders for dividends from 2025 to 2027, barring special circumstances [4]. Valuation Metrics - The report assigns a PE ratio of 25x for 2025, reflecting the company's position as a leading brand in beauty and health, with a target price of 37.00 HKD based on this valuation [5]. - The company’s cash position is strong, with nearly 1.4 billion RMB at the end of 2024, supporting its stable business development and ongoing market share enhancement [5].

Core Viewpoint - The article emphasizes the importance of appropriate investor management and the need for professional investors to interpret research reports accurately to avoid potential investment losses [1][2]. Group 1 - The research team at Huachuang Securities is positioned to provide insights specifically for professional investors, highlighting the necessity of understanding the context of the reports [2]. - The materials are intended solely for recognized professional investors and should not be used by ordinary investors due to the risk of misinterpretation [2]. - The article notes that the opinions and analyses presented may change without notice based on subsequent reports from Huachuang Securities [2].

Core Viewpoint - The stock price of Beautiful Garden Medical Health (02373.HK) surged by 34.25% on June 4, 2023, reaching a new high of 24.3 HKD per share, driven by positive market sentiment and favorable industry conditions [1][2]. Group 1: Stock Performance - On June 4, 2023, Beautiful Garden Medical Health's stock price increased significantly, closing at 24.3 HKD per share, with a trading volume of 1.6 billion HKD [1]. - The year-to-date increase in the stock price reached 36.52%, surpassing the Hang Seng Index's gain of 17.92% during the same period [1]. Group 2: Market Drivers - The surge in Beautiful Garden Medical Health's stock is attributed to the overall rise in the Hong Kong consumer and medical beauty sectors, with several companies in these sectors hitting historical highs [2]. - The recent boom in the emerging consumer sector is driven by a combination of policy support, holiday effects, and self-care consumption trends [3]. Group 3: Company Developments - Beautiful Garden Medical Health has expanded its brand portfolio, which includes multiple brands such as Beautiful Garden, Beili Shi, and others, focusing on lifestyle beauty, medical beauty, and healthcare [3]. - As of December 31, 2024, the company operates over 554 stores, with 275 being direct-operated and 279 being franchised or managed [3]. - The company announced a plan to acquire an additional 20% stake in Guangzhou Nairui, increasing its ownership to 90%, which is expected to enhance its business model and competitive edge [4]. - Recent shareholder activity, including CITIC Securities' purchase of 147,000 shares, has bolstered market confidence in the company [4].

Company Overview - Meili Tianyuan Medical Health reported a total revenue of 2.572 billion yuan for the year ending December 31, 2024, representing a year-on-year growth of 19.91% [1] - The net profit attributable to the parent company was 228 million yuan, with a year-on-year increase of 5.94% [1] - The gross profit margin stood at 46.26%, while the debt-to-asset ratio was 77.2% [1] Stock Performance - As of May 22, the stock price of Meili Tianyuan Medical Health closed at 19.3 HKD per share, reflecting a rise of 7.34% with a trading volume of 779,000 shares and a turnover of 14.57 million HKD [1] - Over the past month, the stock has seen a cumulative increase of 7.66%, but year-to-date, it has only risen by 1.01%, underperforming the Hang Seng Index by 18.78% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the healthcare equipment and services industry is -21.43 times, with a median of 0.3 times [2] - Meili Tianyuan Medical Health has a P/E ratio of 17.18 times, ranking 29th in the industry [2] - Other companies in the sector have varying P/E ratios, with Juxing Medical Holdings at 0.23 times, Jingjiu Health at 0.38 times, Yongsheng Medical at 3.97 times, Global Medical at 4.67 times, and Ruici Medical at 5.5 times [2] Company Background - Established in 1993, Meili Tianyuan is one of the long-standing domestic chain brands in China's beauty and health management service industry [2] - The company has developed three emerging brands: Beili Shi, Yanyuan, and Xiuker [2] - As of June 30, 2022, the company operates a service network of 352 stores, including 177 directly operated and 175 franchised stores, covering 100 cities nationwide [2]

Financial Performance - Total revenue for 2024 reached RMB2,572 million, representing a year-over-year increase of 19.9%[62]. - Gross profit for the year was RMB1,189,995, with a gross profit margin of 46.3%, up 0.7 percentage points from the previous year[55][62]. - Net profit increased by 9.7% year-over-year to RMB252 million[62]. - Revenue from aesthetic medical services reached RMB928 million, up 9.1% year-over-year[62]. - Revenue from subhealth medical services skyrocketed to RMB201 million, marking a 98.9% year-over-year increase[62]. - Revenue from beauty and wellness services amounted to RMB1,443 million, an increase of 20.9% year-over-year, with a gross profit margin of 40.7%, up 1.1 percentage points[73][75]. - Revenue from the Women's Special Care Center exceeded RMB100 million, increasing over 300% year-over-year, with active members rising by more than 200% year-over-year[101]. - The acquisition of the AI-Powered wellness brand Naturade contributed RMB162 million in revenue since its consolidation in July 2024[122]. - Revenue from beauty and wellness services in direct stores rose by 20.9% from RMB1,080 million in 2023 to RMB1,306 million in 2024[122]. Market Expansion and Acquisitions - The company successfully completed the acquisition of the Guangzhou Naturade brand, expanding its store count to 554 and strengthening its market share in the Greater Bay Area[32]. - The company acquired a 70% stake in Naturade for RMB350 million, marking its entry into the wellness sector[57]. - Naturade contributed RMB287.3 million in revenue to the Group, with 232,860 client visits and 34,252 active members recorded in the second half of 2024[103]. - The company plans to enhance its brand strength through acquisitions or partnerships with upstream skincare brands[35]. - The company will continue to pursue both horizontal and vertical industry consolidation opportunities to expand its market presence[40]. Customer Engagement and Service Innovation - The company upgraded its "Craftsmanship Service" program to better meet customer needs, resulting in a significant market response with 12 monthly sales exceeding 100 million[19][23]. - The successful launch of the LPG BF+ Program highlights the company's ability to respond to growing demands for pain management and body sculpting[19][23]. - The company continues to focus on member value and customer-centric services, addressing the dual challenges faced by women in urban areas[19][23]. - The company is committed to industry innovation, tracking market dynamics to adapt to modern women's evolving needs[19][23]. - The company plans to launch a "Craftsmanship Service" brand upgrade program in 2025, aiming to enhance service quality and customer experience[79]. Operational Efficiency and Technology - The company has invested hundreds of millions of RMB in building digital capabilities over the past five years, transitioning from IT-based systems to data-driven intelligence[36]. - The launch of the CellCare self-developed aesthetic medical business management system in May 2024 significantly enhanced operational efficiency across various business levels[95]. - The company is focused on innovative applications of AI technology in the beauty and health sectors to enhance operational efficiency[39]. - The company plans to deploy AI-powered skin diagnostic devices in all beauty and wellness stores by 2025, enhancing service professionalism and customer experience[80]. - The company is committed to leveraging AI technology in the beauty and health sector to drive innovation and operational decision-making[113]. Shareholder Returns and Financial Strategy - The company plans to distribute no less than 50% of the annual net profit attributable to the parent company's shareholders as dividends over the next three fiscal years[45]. - The company has established a long-term shareholder return mechanism to share growth with shareholders[45]. - The Company's market capitalization surged by 60% in 2024, driven by stellar results and proactive shareholder return strategies[108]. - The Company plans to return at least 50% of annual net profit to shareholders as dividends over the next three fiscal years[111]. Employee and Operational Metrics - The total number of active members increased to 7,552, surging by 80.2% year-over-year, with an active member penetration rate of 6.1%[97]. - The number of client visits at direct stores rose to 1.52 million, a 20.4% increase year-over-year[58]. - Active members in direct stores surged to 137,027, reflecting a 46.3% year-over-year growth[58]. - The number of members in franchised beauty and wellness stores surged to 61,447, a 57.9% increase year-over-year[77][78]. - The total employee welfare expenses for 2024 amounted to RMB1,029 million, an increase from RMB854 million in 2023[194]. - As of December 31, 2024, the Group had a total of 5,609 employees[194].

证券研究报告 | 公司点评 | 医疗美容 ❑ 24 年年报：业绩符合预期，未来 3 年高分红+股权激励彰显发展信心。 24 年业绩符合预期。24 年收入/净利润 25.7/2.5 亿元，同比+19.9%/+9.7%。 24 年 毛利率/净利率 46.3%/9.8%，同比+0.7pp/-0.9pp。销售/管理/研发费用率同比 +0.3pp/+0.2pp/-0.2pp。 公司承诺，自公告日起未来三个完整财年期间将不少于 50%的归母净利用于分 红，也将充分利用管理层股权激励计划，考核指标涵盖未来三年营业收入及利润 提升。 ❑ 基石业务内生稳健增长，医美新客拓展持续，女性特护超预期增长。 24 年收入拆分：生美及保健 56%+医美 36%+亚健康医疗服务 8%。 1） 生美及保健：基石业务内生稳健增长，加码身体护理与智能美养。 24 年收入 14.4 亿（+21%，括号内为同比，下同），毛利率 40.7%（+1.1pcts），具 体来看：①量为主要驱动，全年到店人次/活跃会员人数同增 19.5%/45%。②直营 /加盟收入同增 21%/21%，门店数量分别为 239/276 家。③公司于 24H2 收购奈瑞 儿，新 ...

Group 1 - The report highlights steady revenue growth for Chuanheng Co., with a 2024 revenue of 5.906 billion yuan, a year-on-year increase of 36.72% [3][5] - The net profit attributable to shareholders for 2024 reached 956 million yuan, up 24.80% year-on-year, with a weighted average return on equity (ROE) of 16.19% [3][5] - The company’s Q4 2024 revenue was 1.932 billion yuan, showing a year-on-year increase of 54.83% and a quarter-on-quarter increase of 29.73% [4][6] Group 2 - The report indicates that the price of phosphate rock remains high, with an average price of 1,018 yuan/ton in Q1 2025, reflecting a year-on-year increase of 1% [8] - The company has acquired a 58.5% stake in Qianyuan Geological Exploration, enhancing its phosphate resource advantages [9] - The company plans to distribute a cash dividend of 12.00 yuan per 10 shares, amounting to approximately 646 million yuan, which is 67.58% of the annual net profit [10] Group 3 - The report discusses the performance of Industrial and Commercial Bank of China (ICBC), noting a 2024 revenue of 821.803 billion yuan, a year-on-year decrease of 2.52% [25][26] - ICBC's net profit for 2024 was 365.863 billion yuan, with a quarterly growth rate of 1.59% in Q4 [26][28] - The bank's non-performing loan ratio improved to 1.34%, down from the previous quarter, indicating enhanced asset quality [27][28] Group 4 - The report on Shanghai Pudong Development Bank (SPDB) indicates a 2024 revenue decline of 1.55%, but a net profit increase of 23.31%, marking the highest growth rate in five years [30][31] - The bank's non-performing loan ratio decreased to 1.36%, reflecting improved asset quality [32] - SPDB's total assets grew by 5.05% year-on-year, with a loan total increase of 7.45% [31][32] Group 5 - The report on the computer industry emphasizes the impact of "reciprocal tariffs" on global industrial patterns, accelerating China's self-reliance and independent control processes [34][37] - The domestic software and hardware markets are expected to benefit from the tariff policies, with significant growth opportunities identified [34][36] - The report suggests that the domestic chip industry will see accelerated localization, with increased resilience and growth potential [36][37] Group 6 - The report on Nanji E-commerce highlights the company's transformation into a brand authorization model, with a focus on quality and rapid response [41] - The company aims to capitalize on the "alternative to big brands" trend, with a projected revenue growth of 20% to 61.88 billion yuan from 2024 to 2026 [42][43] - The light luxury brand launched by the company has shown promising sales performance, indicating strong market potential [42][43] Group 7 - The report on Focus Media discusses the acquisition of New潮传媒, which is expected to enhance the company's market position and revenue potential [44][45] - The acquisition is projected to optimize the competitive landscape of the outdoor advertising industry, potentially increasing the company's market share [46] - Historical acquisitions by Focus Media have led to significant revenue growth, suggesting a positive outlook for this acquisition [47]

证券研究报告 美丽田园医疗健康 (2373 HK) 24 年业绩彰显强韧性 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 08 日│中国香港 | 零售 | 2024 年公司营收 25.72 亿/yoy+19.9%，归母净利润 2.28 亿/yoy+5.9%。归 母净利率 8.9%/yoy-1.2pct，经调整净利润 2.52 亿/yoy+4.6%。2H24 奈瑞 儿正式并表，贡献收入 2.87 亿/利润 0.2 亿。内生方面，公司业务基石美容 与保健业务强韧性，医美客户渗透率持续提升，亚健康医疗服务板块快速放 量。外延方面，奈瑞儿 24 年已贡献业绩增量，后续公司有望凭借自身优势 持续整合市场提份额。宣派末期股息 1.13 亿，对应分红率 50%，并宣布未 来 3 年除特殊情况外分红率将不低于 50%。未来将引入长期战略投资者构 建健康多元股东生态体系。展望长期，公司仍有望持续积累优质客户，并通 过三美业务矩阵深度挖潜用户价值。维持"买入"评级。 美容与保健服务基本盘发展良好，亚健康医疗服务增速亮眼 24 年美容与保健服务营收 1 ...

请务必阅读正文后的声明及说明 [Table_Info1] 美丽田园医疗健康(02373.HK) 医疗美容/美容护理 [Table_Date] 发布时间：2025-03-28 [Table_Title] 证券研究报告 / 港股公司报告 内生外延双轮驱动，市场领导地位持续强化 美丽田园医疗健康公布 2024 年度业绩，2024 年公司实现营业收入 25.72 亿元/+19.91%，归母净利润 2.28 亿元/+5.94%。2024H2 公司实现营业收 入 14.35 亿元/+29.44%，归母净利润 1.13 亿元/+8.87%。拟每股派发现金 红利 0.48 元。 点评： 内生+外延双轮驱动，收入维持快速增长。2024 年公司实现营业收入 25.72 亿元/+19.91%，分项目看：1）美容和保健服务营收 14.43 亿元/占 比 56.11%/+20.91% ； 包 括 高 端 美 容 直 营 收 入 11.44 亿 元 / 占 比 44.46%/+5.91%；高端智能美养服务直营收入 1.62 亿元/占比 6.30%；加 盟商及其他收入 1.38 亿元/占比 5.35%/+20.87%；高端美容服务单店继续 ...

2025 年 3 月 28 日 公司研究 深化"内生+外延"双轮驱动，"双美+双保健"业务模式焕发光彩 ——美丽田园医疗健康（2373.HK）2024 年年报点评 买入（维持） 当前价：18.10 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 2.36 | | --- | --- | | 总市值(亿港元)： | 42.68 | | 一年最低/最高(港元)： | 13.03/19.88 | | 近 3 月换手率： | 11.66% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.60 | -12.75 | 24.88 | | 绝对 | 2.77 | 7.61 | 25.30- | | 资料来源：Wind | | | - | 相关研报 中国双美模式龙头企业，稳扎稳打开拓美与 健康大市场——美丽田园医疗健康 （2373.HK）首次覆 ...