美丽田园医疗健康：内生外延驱动，业绩亮眼高增-20260330

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company has achieved rapid revenue and adjusted profit growth in 2025, completing the integration of Narier and continuing the acquisition of Siyuanli, indicating a strong outlook for market share expansion through both organic and external growth strategies [2][9] - The company reported a revenue of 30.01 billion RMB in 2025, representing a year-on-year increase of 16.7%, and an adjusted net profit of 3.81 billion RMB, up 41.0% year-on-year [9] - The gross profit margin improved by 2.8 percentage points to 49.1%, with all major business segments showing enhanced profitability [9] Financial Summary - Total revenue projections for the company are as follows: - 2024: 25.72 billion RMB - 2025: 30.01 billion RMB - 2026E: 40.13 billion RMB - 2027E: 47.02 billion RMB - 2028E: 53.15 billion RMB - Net profit projections are: - 2024: 2.28 billion RMB - 2025: 3.18 billion RMB - 2026E: 4.50 billion RMB - 2027E: 5.75 billion RMB - 2028E: 7.08 billion RMB - The company’s PE ratio is projected to decrease from 17.34 in 2025 to 6.36 in 2028, indicating increasing valuation attractiveness [4][10] Business Performance - The "Double Beauty + Double Health" model has effectively enhanced member value, with beauty and health services generating 16.58 billion RMB in revenue, accounting for 55% of total revenue, and a gross margin of 41.9% [9] - The medical beauty service segment achieved a revenue of 10.17 billion RMB, up 9.6% year-on-year, with a gross margin of 55.9% [9] - The acquisition of Narier has shown positive results, with single-store revenue increasing from 5.75 million RMB to 8.10 million RMB post-acquisition, and adjusted net profit margin rising from 6.5% to 10.5% [9]