LANCY(002612) 国元证券·2025-04-08 06:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of more than 15% compared to the benchmark index [4]. Core Insights - The company reported a stable growth in net profit attributable to the parent company, with a 1.38% year-on-year increase, while the net profit excluding non-recurring items grew by 11.3% [1][2]. - The medical beauty segment showed a revenue increase of 3.47% year-on-year, contributing significantly to the overall performance, while the women's clothing and children's segments faced slight pressure [2][3]. - The company is actively expanding its medical beauty business through acquisitions and investments, with a total of 9.5 billion yuan planned for capital increase in its medical management subsidiary [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 56.91 billion yuan, with a gross margin of 58.85%, up by 1.41 percentage points year-on-year [1]. - The net profit for 2024 was reported at 2.57 billion yuan, with a net profit margin of 5.19%, reflecting a year-on-year increase of 0.29 percentage points [1]. - The company’s operating expenses showed a decrease in sales expense ratio to 40.43%, while management expenses increased slightly to 8.93% [1]. Segment Performance Summary - The medical beauty segment generated 27.84 billion yuan in revenue, with a gross margin of 54.42% [2]. - The women's clothing segment reported a revenue of 19.25 billion yuan, down by 2.97% year-on-year, while the children's segment saw a decline of 5.53% with revenues of 9.21 billion yuan [2]. Future Earnings Forecast - The company forecasts earnings per share (EPS) of 0.62 yuan, 0.66 yuan, and 0.69 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 26x, 24x, and 23x [4].