美丽田园医疗健康（02373）：业绩高增，内生外延双轮驱动

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][6]. Core Insights - The company achieved a revenue of 3.001 billion RMB in 2025, representing a year-over-year growth of 16.65%, with an adjusted net profit of 381 million RMB, up 40.96% year-over-year [2]. - The company's growth is driven by both organic and external factors, with three main business segments contributing to revenue: beauty and wellness services, medical beauty services, and sub-health medical services [3][5]. - The gross margin for 2025 was 49.05%, an increase of 2.79 percentage points year-over-year, driven by cost optimization and a shift towards higher-margin consumer medical services [4]. Revenue Breakdown - Beauty and wellness services generated 1.658 billion RMB, up 14.88% year-over-year, with direct store sales contributing 1.512 billion RMB, reflecting a 15.82% increase due to increased customer traffic and active membership [3]. - Medical beauty services accounted for 1.017 billion RMB, growing 9.56% year-over-year, supported by the "Double Beauty + Double Wellness" business model [3]. - Sub-health medical services saw significant growth of 62.16%, reaching 326 million RMB, attributed to an expanding membership base and a diversified product service matrix [3]. Financial Metrics - The adjusted net profit margin for 2025 was 12.69%, an increase of 2.19 percentage points year-over-year, reflecting improved operational efficiency [4]. - The company plans to continue its growth strategy through a combination of internal development and acquisitions, with expected revenues of 4.008 billion RMB in 2026, representing a 33.6% increase [5][6]. Future Projections - Revenue forecasts for 2026-2028 are 4.008 billion RMB, 4.519 billion RMB, and 4.897 billion RMB, with respective growth rates of 33.6%, 12.8%, and 8.4% [6]. - Adjusted net profits are projected to be 500 million RMB, 600 million RMB, and 693 million RMB for the same period, with growth rates of 31.2%, 20.1%, and 15.5% [6].