LANCY(SZ:002612) Tebon Securities·2024-02-28 16:00Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [12] Core Views - The company has demonstrated strong growth in its medical aesthetics business, with a significant increase in revenue and profitability. The acquisition of Zhengzhou Jimei Medical Institution is expected to enhance its national presence and operational scale [14][15] - The company is focusing on high-margin self-developed products in the medical aesthetics sector, which is expected to improve overall profitability [4] - Revenue projections for the company are optimistic, with expected revenues of 4.88 billion, 5.89 billion, and 6.63 billion yuan for 2023, 2024, and 2025 respectively, alongside substantial growth in net profit [15] Summary by Sections Medical Aesthetics Business - The non-surgical medical aesthetics revenue reached 743 million yuan in H1 2023, representing a year-on-year growth of 32.84%, accounting for 81.98% of total revenue [4] - The company has launched new products, including a high-end hyaluronic acid series and a self-developed regenerative material injection, enhancing its product portfolio and market positioning [4] Financial Performance - The company reported a net profit of 769 million yuan in 2023, recovering from a loss of 17.18 million yuan in 2022, indicating a significant turnaround [2][4] - Forecasted net profits for 2023, 2024, and 2025 are 246 million, 341 million, and 439 million yuan respectively, with growth rates of 1431.9%, 38.5%, and 28.7% [15] Acquisition Strategy - The company plans to acquire 100% of Zhengzhou Jimei Medical Institution for 155 million yuan, which is expected to further its national expansion strategy [14] - The acquisition is projected to contribute a minimum of 10.54 million yuan in net profit for 2024, with cumulative profits of at least 38.65 million yuan by 2026 [2][14]