LANCY(002612) Huachuang Securities·2024-05-23 04:01Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 22.9 yuan, indicating a potential upside from the current price of 18.12 yuan [14]. Core Insights - The company achieved a revenue of 5.145 billion yuan in 2023, representing a year-on-year growth of 32.7%. The net profit attributable to the parent company was 225 million yuan, with a staggering year-on-year growth of 1,300.1% [16]. - The medical beauty business saw significant growth, with non-surgical revenue increasing by 36.19% to 1.78 billion yuan, while the surgical segment experienced a decline of 3.04% [2]. - The women's clothing segment also performed well, with revenue reaching 1.98 billion yuan, a year-on-year increase of 29.3% [2]. - The company is actively pursuing acquisitions to enhance its medical beauty business, having acquired control of multiple institutions, which contributed positively to its net profit [2]. Financial Performance Summary - In 2023, the company reported total revenue of 5.145 billion yuan, with a projected increase to 5.914 billion yuan in 2024, reflecting a growth rate of 14.9% [16]. - The net profit attributable to the parent company is expected to grow from 225 million yuan in 2023 to 305 million yuan in 2024, indicating a growth rate of 35.6% [16]. - The gross margin for the medical beauty business was reported at 53.15%, with a notable increase in the non-surgical segment's gross margin to 54.08% [2]. Business Segment Analysis - The medical beauty segment accounted for 41.3% of total revenue in 2023, with a strong focus on non-surgical procedures [2]. - The women's clothing segment's online sales accounted for 37.3% of its total revenue, showcasing the company's successful transition to new retail strategies [2]. - The children's clothing segment maintained stable performance with a revenue of 980 million yuan, reflecting a year-on-year growth of 11.1% [2]. Future Projections - The company is expected to continue its growth trajectory, with projected net profits of 3.05 billion yuan, 3.71 billion yuan, and 4.38 billion yuan for 2024, 2025, and 2026, respectively [2]. - The report anticipates a steady increase in the company's market valuation, with a target market value of 10.2 billion yuan based on segmented valuations [2].