LANCY(SZ:002612) Guoxin Securities·2024-08-29 02:15Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company achieved a revenue of 2.689 billion yuan in the first half of 2024, representing a year-on-year growth of 6.21%. The net profit attributable to shareholders was 152 million yuan, up 1.14% year-on-year, while the net profit excluding non-recurring items increased by 11.49% to 140 million yuan [1][4][10] - The fashion women's wear business saw a revenue increase of 11.41% to 1.012 billion yuan, accounting for 37.65% of total revenue. The medical beauty business generated 1.194 billion yuan, up 6.02%, maintaining a stable revenue share of 44.5%. The green baby and child business reported a revenue of 450 million yuan, down 4.13% [1][4][10] - The company plans to acquire 100% equity of Beijing Lido for 330 million yuan and 70% equity of Hunan Yamei for 252 million yuan, further expanding its medical beauty chain [6][10] Financial Performance - The gross profit margin increased by 0.71 percentage points to 59.78%. The gross profit margins for fashion women's wear and green baby and child segments rose by 1.94 percentage points and 1.8 percentage points, respectively, while the medical beauty segment saw a slight decline of 0.7 percentage points [1][8][10] - The operating cash flow net amount was 315 million yuan, down 29.72% year-on-year, with increased cash payments to employees and taxes [1][8][10] Earnings Forecast and Financial Metrics - The company forecasts net profits for 2024, 2025, and 2026 to be 312 million yuan, 381 million yuan, and 450 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.1, 14.8, and 12.5 [1][10][11] - Revenue projections for 2024, 2025, and 2026 are 5.944 billion yuan, 6.727 billion yuan, and 7.505 billion yuan, reflecting growth rates of 15.51%, 13.18%, and 11.57% respectively [2][11]