LANCY(SZ:002612) Tebon Securities·2024-04-24 11:00Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company's 2023 performance met expectations, with a net profit showing a recovery growth. The total revenue for 2023 was 5.145 billion, representing a year-on-year increase of 24.41%. The net profit attributable to shareholders was 225 million, aligning with the previous forecast [12] - The medical beauty business is experiencing high-quality growth driven by both internal growth and external acquisitions, with a revenue of 2.127 billion in 2023, up 27.75% year-on-year. The gross margin for the medical beauty segment was 53.15%, an increase of 3.27 percentage points [12] - The clothing business is positioned in the mid-to-high-end market, with a revenue of 1.984 billion in 2023, reflecting a growth of 29.27%. The online sales channel has seen significant growth, with online revenue reaching 739 million, up 45.29% [12] Financial Summary - Total revenue projections for 2024-2026 are 5.988 billion, 6.638 billion, and 7.238 billion respectively, with corresponding net profits of 308 million, 389 million, and 479 million [4][12] - The company is expected to maintain a net profit growth rate of 36.8%, 26.3%, and 23.2% for the years 2024, 2025, and 2026 respectively [12] - The projected P/E ratios for 2024, 2025, and 2026 are 23.2X, 18.4X, and 14.9X respectively, indicating a favorable valuation trend [12]