LANCY(002612) 开源证券·2024-10-27 15:05Investment 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]