LANCY(SZ:002612) Guoxin Securities·2024-04-23 03:00Investment Rating - The report maintains an "Accumulate" rating for the company [9][11][21] Core Views - The company achieved a revenue of 5.145 billion yuan in 2023, representing a year-on-year growth of 24.41%, and a net profit attributable to shareholders of 225 million yuan, a significant increase of 953.37% [4][9][21] - The medical beauty segment showed strong performance with a revenue growth of 27.75%, increasing its revenue share to 41.33% [9][21][22] - The company has expanded its medical beauty chain, increasing the number of institutions to 38 by the end of 2023, up by 8 from the previous year [9][16][21] Financial Performance - The gross margin for 2023 was 57.44%, remaining stable year-on-year, with the medical beauty gross margin increasing by 3.61 percentage points [2][9][21] - Operating cash flow for 2023 reached 804 million yuan, a year-on-year increase of 200%, indicating improved cash flow conditions [2][9][21] - The company’s sales expense ratio and management expense ratio were 41.16% and 8.11%, respectively, both showing a year-on-year decrease [2][9][21] Business Segments - The fashion women's clothing and green baby products segments also performed well, with revenue growth of 29.27% and 11.13%, respectively, benefiting from the recovery in consumer spending [9][16][21] - The company completed acquisitions of 90% of Wuhan Wuzhou Plastic Surgery and 70% of Wuhan Hancheng, both meeting their performance commitments for 2023, which contributed to the overall revenue growth [9][21][22] Future Outlook - The report forecasts net profits of 312 million yuan for 2024 and 381 million yuan for 2025, with a new estimate of 450 million yuan for 2026, corresponding to price-to-earnings ratios of 23.1, 18.9, and 16 times, respectively [21][22]