LANCY(002612) Xinda Securities·2024-04-23 10:30Investment Rating - The report maintains a positive outlook on the company, indicating a strong growth trajectory in its medical aesthetics business and overall performance [10]. Core Insights - The company reported a revenue of 5.145 billion yuan in 2023, representing a year-on-year increase of 24.41%, and a net profit attributable to shareholders of 225 million yuan, up 953% year-on-year [10]. - The medical aesthetics segment achieved a revenue of 2.127 billion yuan, growing by 27.75% year-on-year, contributing 41% to total revenue with a gross margin of 53.15% [10]. - The women's apparel segment generated 1.98 billion yuan in revenue, reflecting a 29.3% increase year-on-year, while the green baby products segment reached 980 million yuan, up 11.1% year-on-year [10]. - The company is expanding its national footprint in the medical aesthetics sector through acquisitions, including the recent purchase of Zhengzhou Jimei, which is expected to enhance growth in the central region [10]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 5.145 billion yuan, with a net profit of 225 million yuan, marking a significant recovery from previous years [10]. - The gross margin for the company was reported at 57.44%, with a net profit margin of 4.90% [10]. Medical Aesthetics Business - The medical aesthetics segment's revenue was 2.127 billion yuan, with a gross margin of 53.15%. Non-surgical procedures accounted for 84% of the segment's revenue, indicating a shift in consumer preference [10]. - The company plans to continue its expansion in the medical aesthetics market through strategic acquisitions and partnerships [10]. Women's Apparel and Baby Products - The women's apparel segment reported a revenue of 1.98 billion yuan, with a gross margin of 60.7%. The online sales channel saw a significant increase, with a 54% growth in total payments [10]. - The green baby products segment maintained steady growth, with revenue reaching 980 million yuan, supported by a strong market presence in South Korea [10]. Profitability and Future Outlook - The report forecasts net profits of 303 million yuan, 363 million yuan, and 415 million yuan for 2024, 2025, and 2026, respectively, indicating a positive growth trend [10]. - The company is expected to benefit from economies of scale and improved profitability in its medical aesthetics business as new institutions become profitable [10].