LANCY(SZ:002612) Great Wall Securities·2024-09-04 03:11Investment Rating - The report maintains a rating of "Accumulate" for the company [1][5]. Core Views - The company has achieved a revenue growth of 6.21% year-on-year in H1 2024, with a net profit of 1.52 billion yuan, reflecting a stable increase of 1.14% [1][2]. - The company's three main business segments, women's fashion, medical beauty, and green baby products, are all experiencing rapid growth, contributing to the overall revenue increase [2][5]. - The company is positioned in the mid-to-high-end women's fashion market, creating a synergistic ecosystem across its various business sectors [2][5]. Financial Summary - Revenue for 2023 is projected at 5,145 million yuan, with a year-on-year growth rate of 24.4% [1][6]. - The net profit for 2023 is expected to reach 225 million yuan, showing a significant increase of 953.4% compared to the previous year [1][6]. - The company's gross margin for H1 2024 is reported at 59.78%, with a net profit margin of 6.21% [2][5]. - The earnings per share (EPS) for 2024 is projected to be 0.72 yuan, with corresponding price-to-earnings (P/E) ratios of 17.6X for 2024, 14.9X for 2025, and 12.4X for 2026 [1][5][6]. Business Segment Performance - In H1 2024, the women's fashion segment generated revenue of 1.012 billion yuan, growing by 11.41% year-on-year, while the medical beauty segment achieved 1.194 billion yuan, with a growth of 6.02% [2][5]. - The company operates seven proprietary brands in the women's fashion market, catering to diverse consumer needs [2][5]. - The medical beauty segment is expanding through a combination of self-built and acquired institutions, enhancing its market presence [2][5].