LANCY(SZ:002612) Tebon Securities·2024-09-11 06:23Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company's performance in H1 2024 is stable, with a revenue of 2.689 billion yuan, a year-on-year increase of 6.21%, and a net profit attributable to the parent company of 152 million yuan, up 1.14% year-on-year [3] - The medical beauty business shows robust growth, with revenue reaching 1.194 billion yuan in H1 2024, a year-on-year increase of 6.02% [3] - The women's clothing segment continues to grow, with revenue of 1.012 billion yuan in H1 2024, a year-on-year increase of 11.41% [3] - The company is actively expanding its national footprint through acquisitions and partnerships in the medical beauty sector [3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 2.689 billion yuan, with a year-on-year growth of 6.21%. The net profit attributable to the parent company was 152 million yuan, reflecting a 1.14% increase year-on-year. The net profit after deducting non-recurring items was 140 million yuan, up 11.49% year-on-year [3] - For Q2 2024, the revenue was 1.289 billion yuan, a year-on-year increase of 1.07%, while the net profit was 70 million yuan, down 12.03% year-on-year [3] Medical Beauty Business - The medical beauty segment generated 1.194 billion yuan in revenue in H1 2024, with a year-on-year increase of 6.02%. The segment's gross margin was 54.23%, a decrease of 0.70 percentage points year-on-year [3] - The company has established 38 medical beauty institutions and completed the acquisition of Zhengzhou Jimei, contributing 57 million yuan to the medical beauty revenue in H1 2024 [3] - The company has set up seven medical beauty acquisition funds with a total scale of 2.837 billion yuan [3] Clothing Business - The women's clothing segment achieved a revenue of 1.012 billion yuan in H1 2024, with a year-on-year increase of 11.41%. The online sales channel contributed 385 million yuan, a year-on-year increase of 13.41% [3] - The children's clothing segment reported a revenue of 450 million yuan in H1 2024, a year-on-year decrease of 4.13% [3] Investment Outlook - The company is expected to see revenue growth from 5.988 billion yuan in 2024 to 7.238 billion yuan in 2026, with net profit projected to increase from 302 million yuan to 445 million yuan during the same period [3][5] - The report anticipates a compound annual growth rate (CAGR) of 34.3% for net profit from 2024 to 2026 [3]