LANCY(002612) 国信证券·2025-04-29 07:36Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company's Q1 2025 revenue reached 1.399 billion, a year-on-year decrease of 7.77%, while the net profit attributable to the parent company was 95 million, an increase of 5.12% year-on-year. The medical beauty business is steadily advancing, with a revenue contribution of 48.92% from this segment by the end of 2024 [1][3][6] - The medical beauty industry has significant growth potential due to increasing consumer penetration and the enhancement of quality product supply. The company is actively pursuing mergers and acquisitions to expand its national medical beauty ecosystem, which will enhance its overall scale and brand influence [3][12][4] Financial Performance - In Q1 2025, the company achieved a gross margin of 59.72%, an increase of 0.17 percentage points year-on-year, benefiting from cost control and improved brand strength. The sales expense ratio was 39.63%, down 0.42 percentage points year-on-year, while the management expense ratio remained stable at 8.14% [2][10] - The company forecasts a net profit of 292 million for 2025, down from a previous estimate of 381 million, with projected profits of 327 million in 2026 and 370 million in 2027, corresponding to P/E ratios of 34.1, 30.5, and 26.9 respectively [3][4][12] Revenue and Profit Forecast - The company expects to generate revenues of 6.327 billion in 2025, with a growth rate of 11.18%, and a net profit of 292 million, reflecting a growth rate of 13.56% [4][14] - The projected revenue for 2026 is 7.059 billion, with a net profit of 327 million, and for 2027, the revenue is expected to reach 7.827 billion with a net profit of 370 million [4][14]