LANCY(002612) 光大证券·2024-10-29 06:15Investment 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].