Investment Rating - The report maintains a "Hold" rating for the company, with an expected stock price increase of 5% to 15% relative to the industry index over the next six months [17]. Core Insights - The company achieved a revenue of 5.145 billion yuan in 2023, representing a year-on-year growth of 24.41%, and a net profit attributable to shareholders of 225 million yuan, a significant increase of 953.37% [2][19]. - The company's medical beauty segment is expanding rapidly, with an increase of 8 new stores, bringing the total to 38, and aims to become a leading player in the industry through both organic growth and acquisitions [8][23]. - The women's clothing segment saw a revenue increase of 29.27% in 2023, while the medical beauty and children's wear segments grew by 27.75% and 11.13%, respectively [20][23]. Financial Performance - The gross profit margin for 2023 was 57.44%, with a net profit margin of 4.90%, reflecting a significant improvement of 4.01 percentage points year-on-year [4]. - The company reported a basic earnings per share (EPS) of 0.51 yuan for 2023, up from 0.05 yuan in the previous year [2][19]. - The report forecasts EPS for 2024, 2025, and 2026 to be 0.72 yuan, 0.85 yuan, and 0.94 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 22.7X, 19.0X, and 17.3X [23]. Business Segments - The women's clothing business is expected to accelerate growth due to enhanced brand image and channel optimization, while the medical beauty segment is identified as a key growth driver [23]. - The company has established a multi-layered fashion brand ecosystem that includes women's fashion, medical beauty, and children's wear, aiming for collaborative development across these sectors [23].

证券代码：002612 证券简称：朗姿股份 公告编号：2024-036 朗姿股份有限公司 关于为全资子公司提供担保并接受关联方担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、朗姿股份有限公司（以下简称"朗姿股份"或"公司"）第五届董事会 第三次会议和 2022 年度股东大会分别审议通过了《关于 2023 年度对外担保额度 的议案》，同意 2023 年度公司及其控股子公司的对外担保总额不超过 40.6 亿 元（以下除非特别注明，所称"元"均指"人民币元"），其中对资产负债率未 超过 70%的控股子公司担保额度为 40 亿元，对资产负债率超过 70%的控股子公 司担保额度为 0.6 亿元。截止本公告披露日，公司及控股子公司对外担保总余额 为 80,794 万元，占公司 2023 年度经审计净资产的 26.82%；其中，实际被担保方 北京莱茵服装有限公司资产负债率超过 70%，对资产负债率超过 70%的控股子 公司担保余额为 2,000 万元。 2、公司及控股子公司未对合并报表范围外的公司提供担保。 3、公司及控股子公司未发生逾期担保、涉 ...

王越，美护&社服高级分析师。上海交通大学金融学硕士，南京大学经济学学士，2018 年 7 月研究生毕业后加入兴业证券社会服务小组，2022 年 11 月加入信达新消费团队。 主要覆盖化妆品、医美、社会服务行业。 李汶静，伊利诺伊大学香槟分校理学硕士，西南财经大学经济学学士，2022 年 11 月加 入信达新消费团队。主要覆盖化妆品、医美。 分析师声明 信达证券股份有限公司(以下简称"信达证券")具有中国证监会批复的证券投资咨询业务资格。本报告由信达证券制作并发布。 在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到客户特殊的投资目标、财务状况或 需求。客户应考虑本报告中的任何意见或建议是否符合其特定状况，若有必要应寻求专家意见。本报告所载的资料、工具、意见 及推测仅供参考，并非作为或被视为出售或购买证券或其他投资标的的邀请或向人做出邀请。 如未经信达证券授权，私自转载或者转发本报告，所引起的一切后果及法律责任由私自转载或转发者承担。信达证券将保留随时 追究其法律责任的权利。 风险提示 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 4 [Tabl ...

Investment Rating - The report maintains a "Recommended" rating for the company [15]. Core Viewpoints - The company reported a revenue of 1.4 billion yuan in Q1 2024, representing a year-on-year increase of 11.42%. The net profit attributable to the parent company was 82 million yuan, up 15.83% year-on-year [15]. - The growth in revenue is primarily attributed to the fashion women's wear and green baby products, as the medical beauty business faced a high base effect from the previous year [15]. - The company's gross margin improved to 59.54%, an increase of 3.60 percentage points year-on-year, indicating enhanced profitability [15]. - The company is focusing on three main business segments: fashion women's wear, medical beauty, and green baby products, with significant growth expected in these areas [15]. - Future revenue projections for 2024-2026 are 5.993 billion, 6.833 billion, and 7.586 billion yuan, respectively, with corresponding net profits of 309 million, 380 million, and 443 million yuan [15]. Financial Summary - Total revenue for 2023 was 5.145 billion yuan, with a growth rate of 24.4%. The net profit attributable to the parent company was 225 million yuan, with a staggering growth rate of 953.4% [8][10]. - The company's earnings per share (EPS) for 2024 is projected to be 0.70 yuan, with a price-to-earnings (PE) ratio of 24 [8][10]. - The company's total assets are expected to grow from 7.309 billion yuan in 2023 to 8.519 billion yuan by 2026 [4].

公 司 研 究 一季度整体实现稳健增长，医美全国化布局持续推进 朗姿股份（002612.SZ） 2024 年 04 月 29 日 ——公司信息更新报告 | --- | --- | |----------------------|---------------------------| | | | | 黄泽鹏（分析师） | 杨柏炜（联系人） | | huangzepeng@kysec.cn | yangbowei@kysec.cn | | S0790519110001 | 证书编号： S0790122040052 | 事件：公司 2024Q1 营收+11.4%、归母净利润+15.8%，实现稳健增长 公司发布一季报：2024Q1 实现营收 14.00 亿元（同比+11.4%，下同）、归母净利 润 0.82 亿元（+15.8%）、扣非归母净利润 0.79 亿元（+25.0%），整体实现稳健增 长。公司是区域医美机构龙头，"内生+外延"增长持续加速，全国化连锁布局雏 形已现。我们维持盈利预测不变，预计公司 2024-2026 年归母净利润为 3.16/3.89/4.65 亿元，对应 EPS 为 0.71/0.88/1 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥1,399,924,809.17, representing an increase of 11.42% compared to ¥1,256,386,872.51 in the same period last year[17]. - Net profit attributable to shareholders was ¥82,171,699.62, up 15.83% from ¥70,940,701.73 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was ¥78,696,979.55, reflecting a 25.02% increase from ¥62,947,666.58 in the previous year[17]. - Total operating revenue for the first quarter reached ¥1,399,924,809.17, an increase of 11.4% compared to ¥1,256,386,872.51 in the previous period[29]. - Net profit attributable to the parent company was ¥82,171,699.62, up from ¥70,940,701.73, reflecting a growth of 15.5%[30]. - The company reported a total comprehensive income of ¥57,668,666.96, compared to ¥33,034,869.39 in the previous period, indicating a significant increase[30]. - The basic earnings per share increased to ¥0.1857 from ¥0.1603, representing a growth of 23.5%[30]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,632,940,211.89, a 1.49% increase from ¥7,520,537,141.78 at the end of the previous year[17]. - The total assets increased to ¥7,632,940,211.89 from ¥7,000,000,000, indicating a growth of approximately 9%[28]. - Total liabilities rose to ¥3,866,506,479.94 from ¥3,702,230,307.96, representing an increase of around 4.43%[42]. - Non-current liabilities totaled ¥1,328,880,721.06, up from ¥1,142,555,934.50, reflecting a growth of approximately 16.3%[42]. - The total equity stood at ¥3,766,433,731.95, compared to ¥3,818,306,833.82, showing a decrease of about 1.36%[42]. - The equity attributable to shareholders was ¥3,062,527,473.89, showing a decrease of 1.09% from ¥3,096,227,961.02 at the end of the previous year[17]. Cash Flow - The net cash flow from operating activities decreased by 12.78% to ¥213,985,160.52 from ¥245,337,026.57 in the same period last year[17]. - Operating cash inflow from sales reached ¥1,411,932,174.18, compared to ¥1,278,284,630.95 in the previous period, marking an increase of about 10.4%[47]. - The net cash flow from operating activities was ¥213,985,160.52, down from ¥245,337,026.57, indicating a decrease of approximately 12.7%[47]. - The net cash inflow from financing activities was CNY 77,803,792.02, a significant improvement compared to a net outflow of CNY 81,904,562.72 in the previous period[32]. - The company reported a cash inflow from financing activities totaling CNY 558,673,730.03, compared to CNY 616,001,014.04 in the previous period[32]. - Cash outflows from financing activities amounted to CNY 480,869,938.01, a decrease from CNY 697,905,576.76 in the previous period[32]. - The company reported a decrease in accounts payable to ¥248,311,570.24 from ¥270,579,926.98, a reduction of about 8.2%[42]. - The net cash flow from investing activities was negative at -¥25,521,981.28, an improvement from -¥86,259,825.42 in the previous period[47]. Investments and Acquisitions - The company completed the acquisition of Zhengzhou Jimei, with the total transfer price for the 100% equity valued at ¥15,515.00 million[13]. - The company plans to acquire 70%, 18%, and 12% equity stakes in Zhengzhou Jimei Medical Beauty Hospital from various investors for cash, indicating a strategic move to expand its market presence[38]. - The company's cash outflow from investing activities was ¥86,969,321.40, compared to ¥28,795,514.46 in the previous period, indicating a significant increase in investment spending[47]. Other Financial Metrics - The company's weighted average return on equity was 2.72%, up from 2.22% in the previous year[17]. - The company reported a significant increase in prepayments, which rose by 178.58% to ¥77,580,399.59 due to increased material procurement[19]. - The company received government subsidies amounting to ¥1,671,454.04, contributing to an 89.56% increase in other income[19]. - Research and development expenses rose to ¥27,516,377.00, compared to ¥23,045,991.84, marking an increase of 19.5%[30]. - Cash received from other operating activities was ¥13,046,058.50, slightly down from ¥14,112,225.30, a decrease of approximately 7.5%[47]. - The cash and cash equivalents at the end of the period were ¥683,984,862.22, up from ¥427,570,588.37, showing a growth of 60%[28]. - The total cash and cash equivalents at the end of the period reached CNY 675,413,862.22, up from CNY 492,766,887.79 at the end of the previous period, indicating a net increase of CNY 258,414,273.85[32]. - The impact of exchange rate changes on cash and cash equivalents was a decrease of CNY 7,852,697.41[32]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 64,311, with the largest shareholder holding 47.82% of the shares[36]. - The largest shareholder, Shen Dongri, holds 211,559,098 shares, of which 158,669,323 are pledged[36]. - The company has a total of 9,420,000 shares held under the third employee stock ownership plan, representing 2.13% of total shares[36]. - The company has not disclosed any related party transactions or financing activities involving the top 10 shareholders[37].

Financial Performance - The corrected operating revenue for Q1 2024 is CNY 1,399,924,809.17, representing an increase of 11.42% compared to the adjusted revenue of CNY 1,256,386,872.51 from the same period last year[6] - The net profit attributable to shareholders for Q1 2024 is CNY 82,171,699.62, reflecting a growth of 15.83% from the adjusted net profit of CNY 70,940,701.73 in the previous year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses is CNY 78,696,979.55, which is a 25.02% increase compared to the previous year's adjusted figure[6] - The basic earnings per share for Q1 2024 is CNY 0.1857, up 15.85% from the adjusted figure of CNY 0.1603 from the previous year[6] - The diluted earnings per share for Q1 2024 is also CNY 0.1857, reflecting a 15.85% increase compared to the adjusted figure of CNY 0.1603 from the same period last year[6] - The weighted average return on equity for Q1 2024 is 2.72%, which is an increase of 0.50% from the adjusted figure of 2.22% in the previous year[6] Cash Flow and Assets - The net cash flow from operating activities for Q1 2024 is CNY 213,985,160.52, showing a decrease of 12.78% from the adjusted amount of CNY 245,337,026.57 in the same period last year[6] - The total assets at the end of Q1 2024 amount to CNY 7,632,940,211.89, representing a 1.49% increase from the adjusted total of CNY 7,520,537,141.78 at the end of the previous year[6] - The equity attributable to shareholders at the end of Q1 2024 is CNY 3,062,527,473.89, which is a decrease of 1.09% from the adjusted figure of CNY 3,096,227,961.02 at the end of the previous year[6] Investor Communication - The company expresses regret for the inconvenience caused to investors due to the correction and emphasizes the commitment to improving the quality of information disclosure[3]

[Table_Page] 年报点评|纺织服饰 [Table_Title] 朗姿股份（002612.SZ） [Table_Summary] 核心观点： | --- | --- | |----------------------------|------------| | | | | [ 公司评级 Table_Invest] | 买入 | | 当前价格 | 元 | | | 16.25 | | 合理价值 | 27.58 元 | | 前次评级 | 买入 | | 报告日期 | 2024-04-28 | -41% -32% -22% -12% -3% 7% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 朗姿股份 沪深300 盈利预测与投资建议：预计 2024-2026 年 EPS 分别为 0.74 元/股、 0.87 元/股、1.00 元/股。采取分部估值法，公司合理价值为 27.58 元/ 股，对应 24 年 37XPE。维持"买入"评级。 盈利预测： [分析师： Table_Author]糜韩杰 SFC CE No. BPH764 mihanjie@gf.com.cn 分析师： ...

上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 04 月 24 日 朗姿股份 (002612) ——业绩符合市场预期，服装稳健医美高增成就复苏 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 24 日 | | 收盘价（元） | 16.14 | | 一年内最高 / 最低（元） | 27.87/14.58 | | 市净率 | 2.4 | | 息率（分红/股价） | - | | 流通 A 股市值（百万 | 4092 | | 元） 上证指数 / 深证成指 | 3044.82/9251.13 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2023 年 12 月 31 日 | | 每股净资产（元） | 6.81 | | 资产负债率 % | 48.78 | ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company's 2023 performance met expectations, with a net profit showing a recovery growth. The total revenue for 2023 was 5.145 billion, representing a year-on-year increase of 24.41%. The net profit attributable to shareholders was 225 million, aligning with the previous forecast [12] - The medical beauty business is experiencing high-quality growth driven by both internal growth and external acquisitions, with a revenue of 2.127 billion in 2023, up 27.75% year-on-year. The gross margin for the medical beauty segment was 53.15%, an increase of 3.27 percentage points [12] - The clothing business is positioned in the mid-to-high-end market, with a revenue of 1.984 billion in 2023, reflecting a growth of 29.27%. The online sales channel has seen significant growth, with online revenue reaching 739 million, up 45.29% [12] Financial Summary - Total revenue projections for 2024-2026 are 5.988 billion, 6.638 billion, and 7.238 billion respectively, with corresponding net profits of 308 million, 389 million, and 479 million [4][12] - The company is expected to maintain a net profit growth rate of 36.8%, 26.3%, and 23.2% for the years 2024, 2025, and 2026 respectively [12] - The projected P/E ratios for 2024, 2025, and 2026 are 23.2X, 18.4X, and 14.9X respectively, indicating a favorable valuation trend [12]