LANCY(SZ:002612) Xin Lang Cai Jing·2025-06-03 10:36Core Viewpoint - The company demonstrates efficient capital operation, with a combination of organic growth and acquisitions driving stable performance in the medical beauty sector, while the women's apparel inventory structure continues to improve, suggesting potential profit elasticity through cost reduction and efficiency enhancement in 2025 [1] Investment Highlights - Due to a slowdown in short-term growth for the medical beauty business, the EPS forecasts for 2025 and 2026 have been revised down to 0.70 yuan (-0.11pct) and 0.83 yuan (-0.1pct) respectively, with a new forecast for 2027 EPS set at 0.91 yuan [2] - The long-term outlook for women's apparel remains solid, with ongoing recovery in the medical beauty and children's products sectors expected to enhance profit elasticity, leading to a target price of 19.46 yuan based on a distribution valuation method, maintaining a "buy" rating [2] Financial Performance - In 2024, the company reported revenue of 5.691 billion yuan, a slight decrease of 0.24% year-on-year, with a net profit attributable to shareholders of 257 million yuan, an increase of 1.38% year-on-year, and a non-recurring net profit of 218 million yuan, up 11.30% year-on-year [3] - The overall gross margin improved to 58.85%, up 1.41 percentage points year-on-year, while the net profit margin increased to 4.52%, up 0.15 percentage points year-on-year [3] - Medical beauty revenue reached 2.784 billion yuan, a year-on-year increase of 3.47%, accounting for 48.92% of total revenue, with a segment gross margin of 54.42%, up 0.65 percentage points [3] - Women's apparel revenue was 1.925 billion yuan, down 2.97% year-on-year, representing 33.83% of total revenue, with a segment gross margin of 63.45%, up 3.28 percentage points [3] - Children's products revenue was 921 million yuan, down 5.53% year-on-year, accounting for 16.19% of total revenue, with a segment gross margin of 61.76%, up 1.09 percentage points [3] Q1 2025 Performance - In Q1 2025, the company achieved revenue of 1.399 billion yuan, a year-on-year decrease of 7.77%, with a net profit attributable to shareholders of 95 million yuan, an increase of 5.12% year-on-year [4] - The gross margin for Q1 2025 was 59.72%, up 0.17 percentage points year-on-year, and the net profit margin was 6.81%, up 0.94 percentage points year-on-year [4] - The company has been actively expanding its medical beauty business through both organic growth and acquisitions, with recent acquisitions contributing approximately 520 million yuan in revenue [4] - The company aims to capitalize on the growing "beauty economy" by accelerating the nationwide expansion of its medical beauty business [4]