增持（维持） 公 司 研 究 / 美 容 护 理 / 证 券 研 究 报 告 美丽田园医疗健康（02373）动态点评 收购思妍丽，继续巩固高端美容龙头地 位 2025 年 10 月 20 日 【事项】 公司公告：公司以 12.5 亿元人民币对价，战略收购上海思妍丽实业股 份有限公司 100%股权。思妍丽创立于 1996 年，是中国高端美容服务 标杆品牌。据弗若斯特沙利文数据，以 2024 年收入规模计，思妍丽是 中国第三大美容服务品牌。2024 年思妍丽实现收入 8.5 亿元，净利润 8100 万元。 【评论】 挖掘价值 投资成长 东方财富证券研究所 证券分析师：刘嘉仁 证书编号：S1160524090001 相对指数表现 -10% 20% 50% 80% 110% 140% 2024/10 2025/4 2025/10 美丽田园医疗健康 恒生指数 | 基本数据 | | --- | | 总市值（百万港元） | 7,641.73 | | --- | --- | | 流通市值（百万港元） | 7,641.73 | | 52 周最高/最低（港元） 38.52/16.00 | | | 52 周最高/最低（PE） | ...

Core Viewpoint - The company is expected to achieve a revenue of no less than 1.45 billion yuan in 25H1, representing a year-on-year increase of 27%, and an adjusted net profit of no less than 175 million yuan, reflecting a year-on-year growth of 33% [1] Group 1: Performance and Growth - The company maintains strong performance growth despite a complex industry backdrop, showcasing resilience as a market leader [1] - The core business segments, beauty and health, show stable internal growth and external market share expansion, with a year-on-year increase in internal customer flow of 10% in 25H1 [1] - The health management segment is experiencing robust growth driven by functional medicine and women's health services [1] Group 2: Business Model and Strategy - The company employs a "Double Beauty + Double Health" model, providing customers with both emotional and functional value throughout their lifecycle, indicating significant potential for customer base expansion and value enhancement [1] - The board attributes performance improvement to the refinement of the "Double Beauty + Double Health" business model, which has increased the proportion of high-margin business revenue, thereby optimizing the revenue structure and improving gross margin levels [1] Group 3: Shareholder Value and Market Confidence - The company has executed a share buyback, purchasing 60,500 shares for a total transaction amount of 1.762 million HKD, with an average transaction price of approximately 29.12 HKD, reflecting management's confidence in the company's long-term development [1] - The share buyback is expected to enhance the company's market value and shareholder return capabilities [1] Group 4: Profit Forecast and Valuation - The company's net profit forecasts for 25-27 are adjusted to 320 million, 369 million, and 420 million yuan respectively, with a compound annual growth rate (CAGR) of 22% [2] - The target price for the company is set at 37.36 HKD, based on a 25x price-to-earnings ratio for 25, reflecting its status as a leading brand in beauty and health [2]