Investment Rating - The report assigns a rating of "Buy" to the company, with a target price raised to HKD 22.88, reflecting a 16x PE for 2025 [9][17]. Core Insights - The company is expected to complete the integration of the second-largest beauty service brand, Nairui, by 2024, enhancing its "Double Beauty + Double Health" business model and accelerating market consolidation [3][9]. - The company reported a revenue of RMB 1.138 billion in H1 2024, a year-on-year increase of 9.7%, with beauty and health service revenue growing by 13.6% [9]. - The integration of Nairui is projected to significantly expand the customer base, with a total of 150 stores expected to be consolidated [9]. Financial Summary - Revenue for 2023 is reported at RMB 2,153.25 million, with a projected increase to RMB 2,608.26 million in 2024, reflecting a growth rate of 21.1% [7]. - The net profit for 2023 is RMB 215.66 million, with an expected increase to RMB 249.24 million in 2024, indicating a growth of 15.6% [7]. - The company’s gross margin for H1 2024 is reported at 47.0%, an increase of 0.9 percentage points year-on-year [9].
美丽田园医疗健康（02373）：更新报告：升级“双美双保健”模式，持续扩张版图