朗姿股份2023年年报点评：业绩符合预期，公司持续高质量增长

Investment Rating - The investment rating for Lancy Group (002612) is "Buy" with a target price of 21.60 CNY, maintaining the previous rating of "Buy" [5][19]. Core Views - The company's performance meets expectations, with continuous high-quality growth. In 2023, all three major business segments achieved rapid growth, with net profit attributable to shareholders increasing by 953% year-on-year [5][19]. - The company is expected to continue its internal and external expansion, with performance elasticity likely to persist [5][19]. Summary by Sections Financial Performance - In 2023, the company's revenue reached 51.5 billion CNY, net profit attributable to shareholders was 2.3 billion CNY, and net profit after deducting non-recurring gains and losses was 2.0 billion CNY, representing year-on-year increases of 24.4%, 953%, and 16846% respectively [5][19]. - The revenue for Q4 2023 was 14.5 billion CNY, with a year-on-year growth of 30.8% [5][19]. Business Segments - The three major business segments (women's wear, children's wear, and medical beauty) all showed rapid growth. The revenue from women's wear, children's wear, and medical beauty was 19.8 billion CNY, 9.8 billion CNY, and 21.3 billion CNY respectively, with year-on-year growth rates of +29.3%, +11.1%, and +27.8% [5][19]. - The company plans to enhance its influence in the high-end women's wear and children's consumption sectors, expecting steady growth in these areas in 2024 [5][19]. Earnings Forecast - The EPS forecast for 2024 is 0.71 CNY, and for 2025 it is 0.91 CNY, with a target price based on a PE ratio of 30 times the industry average, maintaining the target price at 21.60 CNY [5][19]. - The projected revenue for 2024 is 6.187 billion CNY, with a year-on-year growth of 20% [19]. Valuation Metrics - The company is currently trading at a PE ratio of 22.77 for 2024, which is expected to decrease to 17.80 by 2025 [19]. - The net profit margin is projected to improve from 4.4% in 2023 to 5.1% in 2024 [19].