Core Viewpoint - The company is focusing on a dual-brand strategy through the acquisition and integration of Narier and Siyuanli, aiming to enhance operational efficiency and establish a strong presence in high-end commercial areas, with a significantly lower customer acquisition cost compared to industry averages [1] Event Summary - On October 15, the company announced a plan to acquire 100% equity of Siyuanli, the third-largest beauty service brand in China, for a consideration of 1.25 billion RMB [1] - On November 4, the company announced a commitment to distribute dividends of no less than 50% of the net profit attributable to shareholders for the next three complete fiscal years, barring any special circumstances [1] Business Integration - The acquisition of Siyuanli will enhance the company's mid-to-high-end market positioning, with Siyuanli projected to generate revenue of 849 million RMB in 2024 and operate 163 beauty service stores and 19 medical beauty clinics across 48 cities by mid-2025 [1] - The acquisition will consolidate the top three beauty service brands in the country, capturing 42% of high-end commercial properties in first and second-tier cities, thereby strengthening overall competitiveness and leveraging synergies [1] - Siyuanli's net profit is expected to reach 81 million RMB in 2024, with potential for profit margin improvement similar to Narier's post-acquisition performance [1] Financial Metrics - The acquisition price of 1.25 billion RMB corresponds to a TTM P/E ratio of approximately 17, which is lower than the valuation of listed companies, and the payment will be made through a combination of cash and share issuance [1] - The company has repurchased 605,500 shares recently, with plans to maintain a dividend payout ratio of at least 50% over the next three years, enhancing long-term return attractiveness [2] Profit Forecast - The company expects to optimize its business model further during the expansion process, with updated net profit projections for 2025-2027 at 372 million, 409 million, and 486 million RMB, corresponding to P/E ratios of 18X, 17X, and 14X respectively, maintaining a "buy" rating [2]
美丽田园医疗健康(2373.HK)：收购思妍丽完善布局 提升长期股东回报