新股前瞻|乐摩物联：智能按摩椅龙头再递表，增长焦虑如何“破局”?

Core Viewpoint - The shared massage chair industry is experiencing stable market share after initial rapid expansion and subsequent market consolidation, with Fujian Lemo IoT Technology Co., Ltd. (Lemo) seeking to go public for the second time, indicating potential growth concerns for the future [1][2]. Group 1: Company Overview - Lemo was established in 2014 and launched the "Lemo Bar" brand in 2016, providing machine massage services in various public venues [2]. - The company has over 48,000 service points and more than 535,000 massage machines deployed across 339 cities in China, achieving a compound annual growth rate (CAGR) of approximately 45.49% in service points from 2022 to 2024 [2][9]. - As of the last feasible date, Lemo has served over 165 million identifiable users and has over 32 million registered members [2]. Group 2: Financial Performance - Lemo's revenue from machine massage services is projected to grow from 330 million RMB in 2022 to 798 million RMB in 2024, with a significant increase of 77.7% in 2023 [2][5]. - The company reported a net profit of 648.1 million RMB in 2022, which surged to 87.34 million RMB in 2023, but is expected to slightly decline to 85.81 million RMB in 2024 [5][6]. - The gross profit margin improved from 25.8% in 2022 to 41.8% in 2023, while the net profit margin increased from 2.0% to 14.9% during the same period [6]. Group 3: Market Position - Lemo ranked first among all smart massage service providers in mainland China from 2022 to 2024, with market shares of 33.9%, 37.3%, and 42.9% respectively [9]. - The company holds over 50% market share in the machine massage market as of 2024, indicating strong competitive positioning [9]. Group 4: Operational Insights - Lemo's revenue is primarily derived from machine massage services, accounting for 98.11% of total business by 2024, with the remaining revenue from home massage equipment and digital advertising [3]. - The company operates under two business models: direct operation (71% of service points) and partner model (29%), with the direct model contributing over 80% of revenue [4]. Group 5: Industry Trends and Challenges - The smart massage service market in China is expected to grow from 1.721 billion RMB in 2020 to 2.707 billion RMB in 2024, with a CAGR of 12.0% [7]. - The industry faces challenges such as high rental costs, intense competition for prime locations, and the need to cultivate consumer habits, as over 70% of users engage in occasional use [12]. - The focus is shifting towards refined operational strategies, with an emphasis on hygiene, maintenance, and profitability, while long-term growth will depend on technological innovation and cost control [12].