证券代码：002612 证券简称：朗姿股份 编号：2024-007 朗姿股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|--------------------------|---------------------------------------------------------------------------------------------| | | | | | | 特定对象调研 □媒体采访 | □分析师会议 □业绩说明会 | | 投资者关系活 动类别 | □新闻发布会 | □路演活动 | | | 现场参观 | □其他（请文字说明其他活动内容） | | 活动参与人员 | 7 家机构 8 | 名人员参与，机构如下：山西证券、开源证券、中 泰证券、海通证券、中金公司、国金证券、富国基金 | | 时间 | 2024 年 11 月 4 | 日和 5 日 | | 地点 | 北京市朝阳区朗姿大厦 | | | 形式 | 现场会议 | | | 上市公司接待 人员姓名 | | 公司副总经理、董事会秘书：王建优； | | | 证券事务 ...

[Table_Main] 公司研究|可选消费|耐用消费品与服装 证券研究报告 [Table_TargetPrice] 朗姿股份(002612)公司点评报告 2024 年 10 月 30 日 [Table_Title]内生外延协同发展，布局医美上游 ——朗姿股份(002612)2024 年三季报点评 [Table_Summary] 事件： 公司发布 2024 年三季报。 点评： Q3 收入端略承压，扣非后净利润经调后双位数增长 2024Q1-3 公司实现营业收入 41.78 亿元，经调后同比增长 1.45%；实现归 属母公司净利润 2.09 亿元，经调后同比下滑 4.87%；实现扣非归母净利润 1.8 亿元，经调后同比增长 11.29%。单 Q3 公司实现营业收入 12.65 亿元， 经调后同比下滑 6.80%，归属母公司净利润 0.42 亿元，经调后同比下降 17.21%；实现扣非归母净利润 0.40 亿元，经调后同比增长 10.6%。非经损 益主要系公司当年同控合并收购郑州集美、北京米兰柏羽、长沙雅美控股 权，产生子公司期初至合并日的当期净损益 3570 万元。被合并方在合并前 实现的净利润为 2677 万 ...

证券代码：002612 证券简称：朗姿股份 公告编号：2024-078 朗姿股份有限公司 关于重签授信和接受关联方担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、关于重签授信和接受关联方担保的情况 朗姿股份有限公司（以下简称"公司"或"朗姿股份"）于 2024 年 3 月 19 日披 露公司向兴业银行股份有限公司北京金融街支行（以下简称"兴业银行"）申请最 高授信额度 10,000 万元，公司控股股东、实际控制人申东日先生及其配偶翁洁 女士为公司提供保证担保的相关事项，具体详见巨潮资讯网（www.cninfo.com.cn） （公告编号：2024-048）。 为进一步满足日常经营和业务发展资金需要，经公司与兴业银行协商，近日 重新签订授信额度合同，将授信到期日由 2025 年 1 月 25 日延期至 2025 年 10 月 16 日。担保合同随之重新签订，担保期限仍为主合同下债务履行期届满之日起 三年。 公司控股股东、实际控制人申东日先生及其配偶翁洁女士为公司提供本次保 证担保，该担保不向公司收取任何担保费用，也不需要公司提供反担保。 上述授信 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][5]. Core Views - The company's Q3 performance showed weakness, with revenue and net profit declining due to a challenging retail environment [2]. - The company is expanding its medical beauty business through acquisitions and investments, aiming to enhance its upstream supply chain and product offerings [2]. - The earnings forecast for 2024-2025 has been revised downwards, with net profit estimates reduced by 19% and 26% respectively [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 4.18 billion yuan, a year-on-year increase of 13.1%, while net profit was 210 million yuan, a decrease of 4.9% on a comparable basis [2]. - The gross profit margin for the first three quarters improved by 1.6 percentage points to 58.9%, while the net profit margin decreased by 0.3 percentage points to 5.0% [2]. - In Q3 alone, revenue was 1.26 billion yuan, down 6.8% year-on-year, and net profit was 42.25 million yuan, down 17.2% [2]. Business Segment Analysis - The company operates in three main business segments: fashion women's wear, medical beauty, and green baby products, with respective revenue contributions of 38%, 44%, and 17% in the first half of 2024 [2]. - The medical beauty segment is a focus area, with recent acquisitions aimed at expanding downstream operations and enhancing product development capabilities [2]. Earnings Forecast and Valuation - The revised earnings per share (EPS) estimates for 2024, 2025, and 2026 are 0.56 yuan, 0.63 yuan, and 0.71 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 28, 25, and 23 [2][3]. - The report provides a summary of key financial indicators, including projected revenue growth rates and net profit margins for the upcoming years [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 4.18 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 1.5%. The net profit attributable to the parent company was 210 million yuan, down 4.9% year-on-year [2] - The company has entered the upstream medical beauty equipment production sector with an investment of 10 million yuan, which is expected to enhance supply chain stability and overall profitability [2] - The gross margin improved year-on-year, with a gross margin of 58.9% for the first three quarters of 2024, up 1.3 percentage points year-on-year [2] - The company aims to build a pan-fashion ecosystem combining medical beauty and clothing, with projected net profits for 2024-2026 of 300 million, 344 million, and 391 million yuan, respectively, reflecting year-on-year growth rates of 33%, 15%, and 14% [2] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 5,145 in 2023 to 7,160 in 2026, with year-on-year growth rates of 32.64%, 10.00%, 12.41%, and 12.56% for the respective years [1][8] - The net profit attributable to the parent company is expected to increase from 225 million yuan in 2023 to 391 million yuan in 2026, with year-on-year growth rates of 953.37%, 33.34%, 14.63%, and 13.74% [1][8] - The latest diluted EPS is projected to rise from 0.51 yuan in 2023 to 0.88 yuan in 2026, with corresponding P/E ratios of 31.14, 23.35, 20.37, and 17.91 for the same years [1][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight operational pressure in Q3, with its medical beauty business expanding further. The revenue for Q1-Q3 2024 reached 4.178 billion yuan, a year-on-year increase of 1.45%, while the net profit attributable to shareholders was 209 million yuan, a decrease of 4.87% [3][4] - The company has integrated 40 medical beauty institutions into its operations, with a steady increase in gross margin to 58.9% for Q1-Q3 2024, reflecting a 1.6 percentage point increase [4] - The company is pursuing a comprehensive strategy to enhance its presence in the beauty industry through external expansion, vertical integration, and horizontal diversification [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 1.265 billion yuan, a decrease of 6.80%, and a net profit of 42 million yuan, down 17.21% [3] - The projected net profits for 2024-2026 are 316 million yuan, 389 million yuan, and 465 million yuan, respectively, with corresponding EPS of 0.71, 0.88, and 1.05 yuan [3][6] Business Expansion - The company has expanded its medical beauty business by acquiring institutions such as Beijing Lido and Hunan Yamei, and aims to enhance its supply chain stability and procurement capabilities through investments in upstream products [4][5] - The launch of the community-oriented beauty brand "Jingfu Meise" indicates the company's strategy to explore the dual beauty model of "medical beauty + lifestyle beauty" [5] Financial Metrics - The company’s gross margin for Q1-Q3 2024 was 58.9%, with stable operating expense ratios across sales, management, R&D, and financial costs [4] - The projected revenue growth rates for 2024-2026 are 16.6%, 11.7%, and 10.3%, respectively, indicating a robust growth trajectory [6]

上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 10 月 26 日 朗姿股份 (002612) —— 业绩低于预期，布局医美上游器械生产 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 15.84 | | 一年内最高/最低（元） | 22.77/12.20 | | 市净率 | 2.4 | | 息率（分红/股价） | 2.84 | | 流通 A 股市值（百万元） | 4,016 | | 上证指数/深证成指 | 3,299.70/10,619.85 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 7.04 | | | | | 资产 ...

一、董事会会议召开情况 朗姿股份有限公司（以下简称"公司"或"朗姿股份"）第五届董事会第二十四 次会议通知于 2024 年 10 月 22 日以传真、邮件等通知方式发出，经 5 位董事一 致同意，于 2024 年 10 月 25 日以通讯及现场会议方式召开。会议由董事长申东 日先生主持，会议应出席董事 5 人，实际出席 5 人。公司监事会及高级管理人员 列席了本次会议。本次会议的召开符合《中华人民共和国公司法》《朗姿股份有 限公司章程》《朗姿股份有限公司董事会议事规则》的有关规定，合法有效。 二、董事会会议审议情况 审议并通过了公司《2024 年第三季度报告》 证券代码：002612 证券简称：朗姿股份 公告编号：2024-075 董事会认为：公司《2024 年第三季度报告》符合法律、行政法规、中国证 监会和深圳证券交易所的相关规定，报告内容真实、准确、完整，不存在任何虚 假记载、误导性陈述或者重大遗漏。 朗姿股份有限公司 《 2024 年第三季度报告 》 详 见 公 司 同 日 刊 登 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上的公告。 第五届董事会第二十四次会议决议公告 本公司及董事 ...

证券代码：002612 证券简称：朗姿股份 公告编号：2024-076 朗姿股份有限公司 第五届监事会第十二会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 朗姿股份有限公司（以下简称"公司"或"朗姿股份"）第五届监事会第十二次 会议通知于 2024 年 10 月 22 日以传真、电子邮件等方式发出，并于 2024 年 10 月 25 日以通讯及现场会议方式召开。会议由监事会主席李婷女士主持，会议应 出席监事 3 名，实际出席监事 3 名，公司董事会秘书王建优先生列席本次会议。 会议的召集和召开符合《中华人民共和国公司法》《朗姿股份有限公司章程》和 《朗姿股份有限公司监事会议事规则》等有关规定，会议合法有效。 二、监事会会议审议情况 审议并通过了《2024 年第三季度报告》 监事会认为：公司《2024 年第三季度报告》符合法律、行政法规、中国证 监会和深圳证券交易所的相关规定，报告内容真实、准确、完整，不存在任何虚 假记载、误导性陈述或者重大遗漏。 《 2024 年第三季度报告 》 详 见 公 司 同 日 刊 登 在 巨 潮 ...

Financial Performance - The company's revenue for Q3 2024 was ¥1,264,518,550.01, a decrease of 6.80% compared to ¥1,356,840,503.00 in the same period last year[2] - Net profit attributable to shareholders was ¥42,253,078.39, down 17.21% from ¥51,037,261.72 year-on-year[2] - The net profit excluding non-recurring gains and losses increased by 10.60% to ¥39,716,427.48 from ¥35,910,433.83 in the previous year[2] - Cash flow from operating activities for the year-to-date was ¥356,334,763.58, a decline of 45.51% compared to ¥653,890,668.14 last year[2] - Total operating revenue for the period reached RMB 4,177,866,888.21, a slight increase of 1.4% compared to RMB 4,118,243,275.40 in the previous period[21] - Net profit for the period was RMB 232,258,584.37, down 5.6% from RMB 246,071,065.66 in the previous period[22] - Operating profit increased to RMB 310,135,872.94, compared to RMB 299,861,637.77 in the previous period, reflecting a growth of 3.8%[22] - The total comprehensive income for the period was RMB 206,184,543.79, down from RMB 223,941,918.08 in the previous period[23] - Basic earnings per share decreased to 0.4729 from 0.4971 in the previous period, reflecting a decline of 4.4%[23] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥8,270,571,244.59, reflecting a decrease of 1.11% from the previous year[4] - The company's total current liabilities increased to RMB 3.07 billion from RMB 2.87 billion, marking an increase of approximately 7%[19] - The company's total liabilities increased to RMB 4,479,993,596.72, up from RMB 4,128,326,339.99, indicating a growth of 8.5%[20] - The company's total equity decreased to RMB 3,790,577,647.87 from RMB 4,234,698,594.25, a decline of 10.5%[20] Cash and Cash Equivalents - The company's cash and cash equivalents increased by 36.97% to ¥601,591,952.95, primarily due to cash flow from operating activities[4] - As of the reporting date, the company’s cash and cash equivalents increased to RMB 601.59 million from RMB 439.23 million at the beginning of the period, representing a growth of approximately 37%[18] - The net increase in cash and cash equivalents was $144,362,648.52, contrasting with a decrease of -$109,961,493.65 in the prior period, demonstrating improved liquidity[25] - The ending balance of cash and cash equivalents stood at $573,020,952.95, up from $329,194,682.19, reflecting a stronger cash position[25] Investments and Acquisitions - The company plans to acquire 100% equity of Zhengzhou Jimei Medical Beauty Hospital, with a total transaction price of 154.92 million RMB[13] - The assessed value of Zhengzhou Jimei's total equity is 155.15 million RMB as of December 31, 2023[13] - The acquisition will be completed in the first quarter of 2024 and will be included in the company's consolidated financial statements[13] - The company approved the cash acquisition of 100% equity in Beijing Lidu and 70% equity in Hunan Yamei, with valuations of RMB 330 million and RMB 360 million respectively as of June 30, 2024[14] - The transfer prices for the equity stakes were set at RMB 264 million for 80% and RMB 66 million for 20% of Beijing Lidu, and RMB 252 million for 70% of Hunan Yamei[14] - The total cash investment for establishing Langxi Ziyan Medical Device Co., Ltd. is RMB 100 million, with contributions of RMB 15 million from the company, RMB 20 million from Wuhu Boheng No. 3, and RMB 65 million from Langxi Aesthetics[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 59,498[7] - The largest shareholder, Shen Dongri, holds 47.82% of the shares, totaling 211,559,098 shares, with 42,340,000 shares pledged[7] - Shen Dongri and Shen Jinhua, who hold 47.82% and 6.76% of the shares respectively, are siblings and have a close relationship[9] - The company has a total of 1.12% of shares held by Hong Kong Central Clearing Limited, totaling 4,953,372 shares[9] - The company has a total of 2.13% of shares held by the third-phase employee stock ownership plan, totaling 9,420,000 shares[7] Other Financial Activities - Investment income decreased by 58.52% to ¥21,730,450.68, mainly due to reduced returns from associated companies[6] - The company reported a significant increase in other income, which rose by 521.92% to ¥6,196,136.54, primarily from the settlement of historical payables[6] - The company has engaged in financing and securities lending activities, with specific details on the shares involved[12] - Cash inflow from investment activities totaled $1,061,299,988.82, a significant increase from $243,540,174.63 in the previous period, indicating strong investment performance[25] - Net cash outflow from investment activities was -$142,536,959.02, an improvement compared to -$381,761,472.97 in the prior period, reflecting better cash management[25] - Cash inflow from financing activities reached $1,297,414,297.36, slightly up from $1,227,073,789.55, showing stable financing operations[25] - Net cash outflow from financing activities was -$63,188,161.91, a notable improvement from -$376,768,292.62 in the previous period, indicating reduced financing costs[25] Audit and Compliance - The company did not undergo an audit for the third quarter report, which may affect investor confidence in the reported figures[26]