LANCY(002612) 申万宏源证券·2025-04-03 13:11Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company continues to consolidate its medical aesthetics institutions, with an increasing proportion of online sales in its clothing segment [1] - The 2024 revenue is projected at 5.691 billion yuan, showing a slight decline of 0.2% year-on-year, while the net profit attributable to the parent company is expected to be 257 million yuan, a growth of 1.4% year-on-year [6] - The medical aesthetics segment is a key driver of performance, with revenue from this sector reaching 2.78 billion yuan, accounting for 48.9% of total revenue [6] - The fashion apparel business faces challenges, with a revenue decline of 3.0% to 1.93 billion yuan, while online sales in this segment grew by 4.0% [6] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027 is as follows: - 2023: 5.145 billion yuan - 2024: 5.691 billion yuan - 2025E: 5.963 billion yuan - 2026E: 6.404 billion yuan - 2027E: 7.057 billion yuan - Net profit attributable to the parent company is projected to grow from 225 million yuan in 2023 to 312 million yuan in 2027 [5][7] - The gross margin is expected to improve from 57.4% in 2023 to 58.8% in 2024, with a slight decline to 58.8% by 2027 [5][6]