LANCY(002612) Minsheng Securities·2024-04-30 07:00Investment Rating - The report maintains a "Recommended" rating for the company [15]. Core Viewpoints - The company reported a revenue of 1.4 billion yuan in Q1 2024, representing a year-on-year increase of 11.42%. The net profit attributable to the parent company was 82 million yuan, up 15.83% year-on-year [15]. - The growth in revenue is primarily attributed to the fashion women's wear and green baby products, as the medical beauty business faced a high base effect from the previous year [15]. - The company's gross margin improved to 59.54%, an increase of 3.60 percentage points year-on-year, indicating enhanced profitability [15]. - The company is focusing on three main business segments: fashion women's wear, medical beauty, and green baby products, with significant growth expected in these areas [15]. - Future revenue projections for 2024-2026 are 5.993 billion, 6.833 billion, and 7.586 billion yuan, respectively, with corresponding net profits of 309 million, 380 million, and 443 million yuan [15]. Financial Summary - Total revenue for 2023 was 5.145 billion yuan, with a growth rate of 24.4%. The net profit attributable to the parent company was 225 million yuan, with a staggering growth rate of 953.4% [8][10]. - The company's earnings per share (EPS) for 2024 is projected to be 0.70 yuan, with a price-to-earnings (PE) ratio of 24 [8][10]. - The company's total assets are expected to grow from 7.309 billion yuan in 2023 to 8.519 billion yuan by 2026 [4].