朗姿股份(002612)：营收承压 盈利改善

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 1.399 billion yuan, a year-on-year decrease of 7.77% [1] - The net profit attributable to shareholders was 95 million yuan, reflecting a year-on-year increase of 5.12% [1] - The overall gross margin improved to 59.7%, an increase of 0.61 percentage points year-on-year [1] Group 2: Business Operations - The company operates 41 medical beauty institutions and has brands such as "Milan Baiyu," "Hancheng Medical Beauty," and "Jingfu Medical Beauty" [1] - The medical beauty acquisition fund has a total scale of 2.837 billion yuan, which supports the continuous growth of the company's medical beauty business [1] - The company is focusing on a multi-business collaborative development strategy, leveraging its strong women's fashion brand advantages and extensive marketing network [2] Group 3: Future Projections - Revenue forecasts for 2025-2027 are 6.248 billion, 6.792 billion, and 7.304 billion yuan, with growth rates of 9.8%, 8.7%, and 7.5% respectively [3] - Net profit attributable to shareholders is projected to be 277 million, 303 million, and 340 million yuan for the same period, with growth rates of 7.6%, 9.5%, and 12.1% respectively [3] - The company maintains an "overweight" rating due to its position as a leading regional medical beauty chain and steady expansion [3]