Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company, Meili Tianyuan Medical Health, reported a revenue of 2.145 billion yuan in 2023, representing a year-on-year growth of 31.2%. The net profit attributable to the parent company was 216 million yuan, a significant increase of 109.2%. The adjusted net profit reached 241 million yuan, up by 53.2%. The diluted EPS was 0.94 yuan, and the operating cash flow net amount was 626 million yuan, reflecting a growth of 63.9% [4][5][9]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.145 billion yuan, with a year-on-year increase of 31.2%. The net profit was 216 million yuan, marking a 109.2% increase. The adjusted net profit was 241 million yuan, up 53.2%. The diluted EPS was 0.94 yuan, and the operating cash flow net amount was 626 million yuan, reflecting a growth of 63.9% [4][5][7]. Business Segments - The beauty and health business generated revenue of 1.194 billion yuan, a growth of 26.1%, accounting for 55.6% of total revenue. The medical beauty business achieved 850 million yuan in revenue, up 37.1%, while the sub-health medical business reached 101 million yuan, growing by 47.6% [5][9]. Cost and Profitability - The gross margin increased by 1.7 percentage points to 45.6%, while the expense ratio decreased by 3.5 percentage points to 34.1%. The net profit margin rose by 3.8 percentage points to 10.1% [5][9]. Growth Drivers - The company has seen steady growth in new customer acquisition and repurchase rates, driven by its medical beauty services. The number of active members and customer traffic increased significantly, with a 41.5% growth in customer visits and a 30.6% rise in active members for medical beauty services [5][6]. Future Outlook - The company plans to expand its store network, having surpassed 400 stores, including 201 direct-operated and 199 franchised stores. It has also engaged in strategic acquisitions to enhance market share and service offerings [9][10]. The revenue forecast for 2024-2026 is projected to be 2.741 billion yuan, 3.391 billion yuan, and 3.774 billion yuan, respectively, with expected growth rates of 27.8%, 23.7%, and 11.3% [9][12].
公司年报点评：双美协同继续强化，并购夯实龙头成长