LANCY(002612) 新浪财经·2025-04-07 10:31Core Viewpoint - In 2024, the company achieved operating revenue of 5.691 billion yuan, a slight decrease of 0.24% after retrospective adjustments, while the net profit attributable to the parent company was 257 million yuan, an increase of 1.38% [2] Financial Performance - The company reported a net cash flow from operating activities of 567 million yuan, with cash on hand increasing to 556 million yuan, and a dividend payout ratio exceeding 60%, indicating a healthy overall cash flow level [1] - The medical beauty segment generated operating revenue of 2.784 billion yuan, up 3.47%, with the segment's contribution to total revenue rising to 48.9% [1][3] - The company plans to distribute profits of 177 million yuan, accounting for 68.81% of the net profit attributable to the parent company for 2024 [2] Medical Aesthetics Segment - The medical beauty segment's gross profit margin improved to 54.42%, an increase of 0.7 percentage points, with the proportion of non-surgical services rising from 82.96% in 2023 to 85.58% [3] - Major institutions such as Sichuan Milan Baiyu reported revenue of 579 million yuan, down 1.7%, while net profit increased by 2.0% to 617 million yuan, indicating effective profit margin improvement [3] - The operating profit margin for the medical beauty segment reached 6.87%, a significant increase of 3.5 percentage points compared to 2023 [3] Apparel and Children's Products - The women's clothing segment achieved operating revenue of 1.925 billion yuan, a decrease of 2.97%, with an operating profit margin of 6.79% [4] - The online sales proportion for women's clothing increased to 39.94%, up 2.7 percentage points, with significant growth in various e-commerce channels [4] - The children's products segment reported operating revenue of 921 million yuan, down 5.53%, but remains a leader in the Korean market [4] Future Outlook - The company expects net profits attributable to the parent company to reach 305 million yuan, 370 million yuan, and 448 million yuan in 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 23, 19, and 16 times [5] - The recovery of demand in the medical aesthetics industry, along with the gradual improvement in profitability from new and recently acquired institutions, is anticipated to drive profit growth in the segment [5] - The company is actively expanding new channels and enhancing operational capabilities in the apparel segment while consolidating its core brand [5]