Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential upside of over 20% within the next six months [4][11]. Core Views - The company has reported a revenue of 2.689 billion yuan for the first half of 2024, representing a year-on-year growth of 6.21%, and a net profit attributable to the parent company of 152 million yuan, up 1.14% year-on-year [1]. - The company is expanding its medical beauty segment through cash acquisitions of Beijing Lido and Hunan Yamei, aiming for nationwide growth in the medical beauty sector [1][3]. - The company has established a mature management and operational system in the high-growth medical beauty sector, combining both organic growth and external expansion strategies [1]. Financial Performance Summary - For the first half of 2024, the breakdown of revenue by business segment is as follows: Women's wear revenue of 1.01 billion yuan (up 11.41% YoY), Medical beauty revenue of 1.19 billion yuan (up 6.02% YoY), and Baby and children’s products revenue of 450 million yuan (down 4.13% YoY) [1]. - The projected net profits for the years 2024 to 2026 are 330 million yuan, 390 million yuan, and 450 million yuan, respectively, with corresponding P/E ratios of 17x, 15x, and 13x [1][2]. - The company’s revenue is expected to grow from 5.83 billion yuan in 2024 to 7.46 billion yuan in 2026, with a compound annual growth rate of approximately 12.70% [2][7]. Acquisition Details - The acquisition of Beijing Lido involves purchasing 80% and 20% stakes from two entities for a total of 330 million yuan, while the 70% stake in Hunan Yamei is acquired for 252 million yuan [3]. - Performance commitments for Beijing Lido include net profits of no less than 19.99 million yuan, 21.46 million yuan, and 24.75 million yuan for the years 2024 to 2026, totaling at least 66.20 million yuan [3]. - Hunan Yamei has performance commitments of no less than 17.23 million yuan, 24.47 million yuan, and 31.09 million yuan for the same period, totaling at least 72.79 million yuan [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][5]. Core Views - The company has achieved a revenue growth of 6.21% year-on-year in H1 2024, with a net profit of 1.52 billion yuan, reflecting a stable increase of 1.14% [1][2]. - The company's three main business segments, women's fashion, medical beauty, and green baby products, are all experiencing rapid growth, contributing to the overall revenue increase [2][5]. - The company is positioned in the mid-to-high-end women's fashion market, creating a synergistic ecosystem across its various business sectors [2][5]. Financial Summary - Revenue for 2023 is projected at 5,145 million yuan, with a year-on-year growth rate of 24.4% [1][6]. - The net profit for 2023 is expected to reach 225 million yuan, showing a significant increase of 953.4% compared to the previous year [1][6]. - The company's gross margin for H1 2024 is reported at 59.78%, with a net profit margin of 6.21% [2][5]. - The earnings per share (EPS) for 2024 is projected to be 0.72 yuan, with corresponding price-to-earnings (P/E) ratios of 17.6X for 2024, 14.9X for 2025, and 12.4X for 2026 [1][5][6]. Business Segment Performance - In H1 2024, the women's fashion segment generated revenue of 1.012 billion yuan, growing by 11.41% year-on-year, while the medical beauty segment achieved 1.194 billion yuan, with a growth of 6.02% [2][5]. - The company operates seven proprietary brands in the women's fashion market, catering to diverse consumer needs [2][5]. - The medical beauty segment is expanding through a combination of self-built and acquired institutions, enhancing its market presence [2][5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings growth and market performance [4][11]. Core Insights - The company reported steady growth in revenue and net profit for the first half of 2024, with total revenue reaching 2.689 billion yuan, a year-on-year increase of 6.21%, and a net profit attributable to shareholders of 152 million yuan, up 1.14% [2]. - The medical aesthetics segment showed robust growth, generating 1.194 billion yuan in revenue, a 6.02% increase year-on-year, with a gross margin of 54.23% [3]. - The women's clothing segment achieved a double-digit growth rate, with revenue of 1.012 billion yuan, reflecting an 11.41% year-on-year increase [3]. - The company is actively expanding its medical aesthetics business through acquisitions, including the purchase of 100% of Beijing Lido and 70% of Hunan Yamei, with respective valuations of 330 million yuan and 360 million yuan [3]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 2.689 billion yuan, with a net profit of 152 million yuan, and a non-recurring net profit of 140 million yuan, marking an 11.49% increase year-on-year [2]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.72 yuan, 0.84 yuan, and 0.98 yuan respectively, with corresponding price-to-earnings ratios (PE) of 18, 15, and 13 times [4]. - The company’s total revenue is expected to grow from 5.902 billion yuan in 2024 to 7.212 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 7.84% [5][10]. Business Segments Overview - The medical aesthetics segment is expanding with a focus on community-based services, having established 38 medical beauty institutions by the end of the reporting period [3]. - The women's clothing segment continues to perform well, contributing significantly to overall revenue growth [3]. - The infant and child segment experienced a decline in revenue, amounting to 450 million yuan, a decrease of 4.13% year-on-year [3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 13.18 CNY [3]. Core Views - The company achieved a revenue of 2.689 billion CNY in H1 2024, representing a year-on-year increase of 6.21%. The net profit attributable to shareholders was 152 million CNY, up 1.14% year-on-year [1]. - The company plans to acquire 100% of Beijing Lido and 70% of Hunan Yamei, which will enhance its medical beauty business and contribute to future growth [1]. - The company is positioned as a regional leader in the medical beauty sector, with expected revenue growth driven by both organic growth and acquisitions [1]. Financial Performance Summary - **Revenue Breakdown**: In H1 2024, the women's clothing segment generated 1.012 billion CNY (up 11.41% YoY), medical beauty segment 1.194 billion CNY (up 6.02% YoY), and the infant segment 450 million CNY (down 4.13% YoY) [1]. - **Gross Margin**: The overall gross margin for H1 2024 was 59.78%, an increase of 0.79 percentage points YoY. The gross margins for women's clothing, medical beauty, and infant segments were 64.29%, 54.23%, and 63.52%, respectively [1]. - **Net Profit Margin**: The net profit margin for H1 2024 was 6.21%, a decrease of 0.27 percentage points YoY [1]. Future Projections - The company is projected to achieve revenues of 5.993 billion CNY, 6.833 billion CNY, and 7.586 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.5%, 14.0%, and 11.0% [2][4]. - The net profit attributable to shareholders is expected to reach 309 million CNY, 380 million CNY, and 443 million CNY for the same years, with growth rates of 37.3%, 22.8%, and 16.7% [2][4]. - The company’s PE ratios are projected to be 19, 15, and 13 for 2024, 2025, and 2026, respectively [2][4].

F源证券 纺织服饰/服装家纺 上半年医美稳健，拟再收购两家医院拓宽外延布局 朗姿股份（002612.SZ） 2024 年 08 月 29 日 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 杨柏炜（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 yangbowei@kysec.cn 证书编号：S0790524050001 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/28 | | 当前股价 ( 元 ) | 12.72 | | 一年最高最低 ( 元 ) | 24.68/12.40 | | 总市值 ( 亿元 ) | 56.28 | | 流通市值 ( 亿元 ) | 32.25 | | 总股本 ( 亿股 ) | 4.42 | | 流通股本 ( 亿股 ) | 2.54 | | 近 3 个月换手率 (%) | 79.35 | 事件：公司 2024Q2 营收同增 1.1%，经营略显承压 公司发布半年报：2024H1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company achieved a revenue of 2.689 billion yuan in the first half of 2024, representing a year-on-year growth of 6.21%. The net profit attributable to shareholders was 152 million yuan, up 1.14% year-on-year, while the net profit excluding non-recurring items increased by 11.49% to 140 million yuan [1][4][10] - The fashion women's wear business saw a revenue increase of 11.41% to 1.012 billion yuan, accounting for 37.65% of total revenue. The medical beauty business generated 1.194 billion yuan, up 6.02%, maintaining a stable revenue share of 44.5%. The green baby and child business reported a revenue of 450 million yuan, down 4.13% [1][4][10] - The company plans to acquire 100% equity of Beijing Lido for 330 million yuan and 70% equity of Hunan Yamei for 252 million yuan, further expanding its medical beauty chain [6][10] Financial Performance - The gross profit margin increased by 0.71 percentage points to 59.78%. The gross profit margins for fashion women's wear and green baby and child segments rose by 1.94 percentage points and 1.8 percentage points, respectively, while the medical beauty segment saw a slight decline of 0.7 percentage points [1][8][10] - The operating cash flow net amount was 315 million yuan, down 29.72% year-on-year, with increased cash payments to employees and taxes [1][8][10] Earnings Forecast and Financial Metrics - The company forecasts net profits for 2024, 2025, and 2026 to be 312 million yuan, 381 million yuan, and 450 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.1, 14.8, and 12.5 [1][10][11] - Revenue projections for 2024, 2025, and 2026 are 5.944 billion yuan, 6.727 billion yuan, and 7.505 billion yuan, reflecting growth rates of 15.51%, 13.18%, and 11.57% respectively [2][11]

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with a total revenue of RMB 1.2 billion, representing a year-on-year growth of 15%[3]. - The company's operating revenue for the reporting period was ¥2,688,923,889.57, representing a year-on-year increase of 6.21% compared to ¥2,531,716,988.59 after adjustments[12]. - The net profit attributable to shareholders was ¥151,743,006.58, showing a slight increase of 1.14% from ¥150,029,576.83 after adjustments[12]. - The net profit after deducting non-recurring gains and losses was ¥139,923,796.82, which is an increase of 11.49% compared to the previous year's adjusted figure of ¥125,500,391.91[12]. - The total revenue for the first half of 2024 was 119,448.46 million, with a year-on-year increase of 6.8% compared to 112,669.78 million in the same period of 2023[65]. - The medical beauty segment achieved revenue of 1,194.48 million yuan, a year-on-year increase of 6.02%[62]. - The infant business segment achieved revenue of 450.33 million yuan, a decrease of 4.13% compared to the same period last year, with a gross profit of 286.04 million yuan and a gross margin of 63.52%[79]. Market Expansion and Customer Base - User data indicates that the company has expanded its customer base by 20%, reaching a total of 1.5 million active users by the end of the reporting period[3]. - Market expansion efforts have led to the opening of 50 new retail locations across major cities, increasing the total number of stores to 300[3]. - The company has established a strong online sales system, leveraging platforms like Xiaohongshu and Douyin to enhance user acquisition and retention[51]. - The company is targeting high-end markets in first-tier cities, aiming to reach younger consumers and expand its market presence[48]. Product Development and Innovation - New product launches contributed to 30% of total sales, with the introduction of three new product lines in the medical beauty sector[3]. - The company is investing RMB 200 million in R&D for new technologies aimed at enhancing product efficacy and customer experience[3]. - The company has launched 14 Class III injection products and over 60 photonic medical devices in the first quarter of 2024, reflecting a rich supply side in the medical beauty market[25]. - The company has established a comprehensive supply chain and production system, focusing on "sales-driven production" to reduce inventory and improve turnover time[27]. Marketing Strategies - The company has implemented a new marketing strategy leveraging KOLs and KOCs, which has resulted in a 25% increase in online sales[3]. - The company continues to enhance its brand power with the new core brand philosophy "Bringing Love and Power to the World" aimed at empowering women[45]. - The company is focusing on marketing strategies that leverage partnerships with celebrities and influencers to increase brand visibility and engagement[45]. - The company has developed a comprehensive marketing strategy that integrates online and offline channels, enhancing brand visibility and customer engagement[51]. Financial Management and Investments - The company plans to maintain its dividend policy, opting not to distribute cash dividends or issue bonus shares for this fiscal year[2]. - The company has established seven medical beauty acquisition funds with a total scale of 2.837 billion, aimed at enhancing the scale of its medical beauty business[66]. - The company reported a significant increase in income from financing activities, amounting to ¥3,492,111.71, compared to a negative cash flow of ¥158,692,458.63 in the previous year, marking a 102.20% improvement[98]. - The company has invested significantly in digital systems, including SAP, POS, WMS, and CRM, to support its operations[141]. Risks and Challenges - The management has identified key risks including market competition and supply chain disruptions, with strategies in place to mitigate these risks[2]. - The company faces risks from rising labor costs due to its labor-intensive nature, which could impact profitability and competitiveness; measures include improving management efficiency and increasing the proportion of online business[136]. - The medical beauty sector is at risk of medical accidents and personnel turnover; the company implements strict standards and training programs to mitigate these risks[135]. - The company has identified rapid changes in consumer demand in the mid-to-high-end women's wear market as a risk, and is enhancing design innovation to adapt to these trends[138]. Corporate Social Responsibility - As of June 30, 2024, the Sichuan Milan Baiyu has helped reconstruct 423 ears and assisted over 400 children with a total charity reduction of over 8 million yuan since the launch of the ear reconstruction charity program in 2013[152]. - The company has organized various charity events, including a donation activity providing necessary musical instruments and learning supplies to special children in Jiangxia District, demonstrating a commitment to social responsibility[153]. - The "For Love Climbing" charity event has raised funds to help over 100 children recover their health, with a pledge of 1 yuan for every meter climbed[153]. - The company has initiated the "Sunshine Scholarship Action" to support outstanding impoverished students in Yunnan, reflecting its dedication to educational philanthropy[153].

朗姿股份有限公司董事会 关于评估机构的独立性、评估假设前提的合理性、评估方法与 评估目的相关性以及评估定价公允性的说明 朗姿股份有限公司（以下简称"朗姿股份"或"公司"）下属全资子公司北 京朗姿医疗管理有限公司（以下简称"北京朗姿医管"）拟以现金方式收购芜湖 博辰五号股权投资合伙企业（有限合伙）、丽都整形美容医院股份有限公司分别 持有的北京米兰柏羽丽都医疗美容医院有限公司（以下简称"北京丽都"）80%、 20%的股权，以及芜湖博辰九号股权投资合伙企业（有限合伙）持有的湖南雅美 医疗美容医院有限公司（以下简称"湖南雅美"） 70%的股权。（以下统称"本次 交易"）。公司聘请银信资产评估有限公司（以下简称"银信评估"）对本次交易 标的资产进行了评估。根据《中华人民共和国公司法》《中华人民共和国证券法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》等法律、法规、规章及规范性文件的相关规定，公司董 事会在充分了解本次交易的前提下，就评估机构的独立性、评估假设前提的合理 性、评估方法与评估目的的相关性、评估定价的公允性事项作出如下说明： 1、评估机构的独立性 2、评估 ...

| 郑州韩辰华领医疗美 | 同一控制 下非合并关 | 其他应收 | | | | | | 经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 容医院有限公司 | | 款 | 600,000.00 | 300,000.00 | - | - | 900,000.00 | 来 | | | 联方 | | | | | | | | | 湖南雅美医疗美容医 | 同一控制 | 其他应收 | | | | | | 经营性往 | | 院有限公司长沙雅美医 | 下非合并关 | 款 | 300,000.00 | 600,000.00 | - | 300,000.00 | 600,000.00 | 来 | | 疗美容医院 | 联方 | | | | | | | | | 衡阳雅美医疗美容医 | 同一控制 | 其他应收 | | | | | | 经营性往 | | 院有限公司 | 下非合并关 | 款 | 75,000.00 | 150,000.00 | - | 75,000.00 | 150,000.00 | 来 | | | 联方 | | | | | | | | | 成都 ...

湖南雅美医疗美容医院有限公司 审计报告及模拟合并财务报表 2023 年１月１日至 2024 年 6 月 30 日 信会师报字[2024]第 ZB51042 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（htp://zec.mof.gov.cn）"进行益 报告编刊:沪24JW5G70 湖南雅美医疗美容医院有限公司 审计报告及模拟合并财务报表 (2023 年 01 月 01 日至 2024 年 6 月 30 日止) | | 目录 | 页次 | | --- | --- | --- | | 审计报告 | | 1-3 | | 模拟合并财务报表 | | | | 模拟合并资产负债表 | | 1-4 | | 模拟合并利润表 | | 5-6 | | 模拟合并现金流量表 | | 7-8 | | 模拟合并财务报表附注 | | 1-66 | 立信会计师事务所(特殊普通合伙) DO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS I 审计报告 信会师报字[2024]第 ZB51042 号 湖南雅美医疗美容医院有限公司全体股东: 一、审计意见 我们审计了湖南雅美医疗美容医院有 ...