开源证券：维持美丽田园医疗健康(02373)“买入”评级 内生+外延重塑美业价值新空间

Core Viewpoint - The company, Meili Tianyuan Healthcare (02373), is expected to reshape the beauty industry value space through a robust "internal + external" dual-driven strategy, leading to an upward revision of profit forecasts by Open Source Securities [1] Group 1: Financial Performance - The company has issued a positive profit forecast, expecting a net profit growth of no less than 34% in 2025 [1] - For 2025, the company anticipates revenue of at least 3 billion yuan (a year-on-year increase of 16% or more) and an adjusted net profit of no less than 380 million yuan (a year-on-year increase of 40% or more) [1] - The revised net profit estimates for 2025-2027 are 342 million yuan, 436 million yuan, and 491 million yuan respectively, with corresponding EPS of 1.36, 1.73, and 1.95 yuan [1] Group 2: Growth Strategy - The company is accelerating external expansion by acquiring high-quality brands such as Beili Shi and Nairui Er, successfully integrating them to enhance its "dual beauty + dual healthcare" business layout [2] - The adjusted net profit margin for Nairui Er increased significantly from 6.5% before acquisition to 10.4%, demonstrating the company's resource integration and operational empowerment capabilities [2] - A strategic acquisition of Siyuanli on October 15, 2025, solidifies the company's leading position, with the number of stores exceeding 734, covering 456 high-end commercial locations in first-tier and new first-tier cities [2] Group 3: Strategic Initiatives - The company has launched a "super brand, super chain, super digitalization" strategy to reshape the beauty industry [3] - The "super brand" initiative focuses on building a differentiated competitive edge through brand recognition and consumer experience [3] - The "super chain" strategy aims to overcome the highly fragmented industry landscape by establishing "1 billion revenue Clubs" in 20 core cities in China, enhancing supply chain control [3] - The "super digitalization" approach leverages low customer acquisition costs (below 2%) to achieve an 80% retention rate for new members in the following year, with ongoing efforts to integrate AI capabilities into product innovation [3]