LANCY(SZ:002612) KAIYUAN SECURITIES·2025-04-30 08:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve stable performance in 2024, with a focus on both organic growth and external expansion in the medical aesthetics sector [4] - The company reported a slight decline in revenue for 2024, with total revenue of 56.91 billion yuan, a year-on-year decrease of 0.2%, while net profit attributable to the parent company increased by 1.4% to 2.57 billion yuan [4][5] - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 2.84 billion yuan, 3.20 billion yuan, and 3.64 billion yuan respectively, with corresponding EPS of 0.64, 0.72, and 0.82 yuan [4] Financial Performance Summary - In 2024, the medical aesthetics segment generated revenue of 27.84 billion yuan, up 3.5%, with a gross margin of 54.4% [5] - The women's clothing segment saw revenue of 19.25 billion yuan, down 3.0%, while the children's clothing segment reported revenue of 9.21 billion yuan, down 5.5% [5] - The overall gross margin for the company improved to 58.8%, with surgical and non-surgical gross margins at 47.1% and 55.6% respectively [5] Business Expansion Strategy - The company is actively expanding its medical aesthetics footprint through acquisitions, having integrated several medical beauty institutions into its financial reports [6] - The company has invested in upstream medical aesthetics equipment research and production, indicating a strategic move towards vertical integration [6] - The women's clothing and children's clothing segments are focusing on enhancing their online sales channels and operational efficiency [6] Financial Projections - Revenue projections for 2025-2027 are set at 61.12 billion yuan, 64.80 billion yuan, and 68.16 billion yuan respectively, with a compound annual growth rate expected [7] - The projected net profit for 2025-2027 is 284 million yuan, 320 million yuan, and 364 million yuan, reflecting a steady growth trajectory [7] - The company's P/E ratio is projected to decrease from 24.8 in 2025 to 19.3 in 2027, indicating an improving valuation [7]