LANCY(SZ:002612) KAIYUAN SECURITIES·2024-02-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][26]. Core Views - The company is expected to achieve a significant increase in net profit for 2023, with estimates ranging from 836% to 1070% growth, driven by the successful acquisition of a hospital [4]. - The acquisition of Zhengzhou Jimei, a specialized beauty hospital, is part of the company's ongoing expansion strategy, which is expected to enhance its medical beauty business and overall competitiveness [5][13]. - The company is projected to see steady growth across its three main business segments, with a dual growth strategy of "internal growth + external expansion" in the medical beauty sector [13][27]. Financial Summary - The company’s revenue is forecasted to grow from 5,111 million yuan in 2023 to 6,896 million yuan by 2025, reflecting a year-on-year growth rate of 31.8% in 2023, 18.1% in 2024, and 14.3% in 2025 [28]. - The net profit attributable to the parent company is expected to rise from 242 million yuan in 2023 to 410 million yuan in 2025, with a remarkable year-on-year increase of 1407.1% in 2023 [28]. - The company's gross margin is projected to remain stable, with estimates of 58.4% in 2023, 58.2% in 2024, and 58.0% in 2025 [28]. - Earnings per share (EPS) are expected to increase from 0.55 yuan in 2023 to 0.93 yuan in 2025, indicating a positive trend in profitability [28].