LANCY(002612) 东吴证券·2024-10-27 23:00Investment 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]