从“衣美”到“医美”，持续推进“泛时尚产业互联生态圈”建设公司已建立从“衣美”到“医美”的时尚业务方阵，展望2024 年来看，（1）女装：随着中台专业化和数据化能力增强、全渠道销售网络完善，有望延续稳健增长。（2）婴童：依托品牌及产业平台优势，持续发力优化运营效率，国内外市占率同步提升可期。（3）医美：内生方面，公司精耕细作、发力定制化产品提升盈利能力；外延方面，借力体外基金兼收并购潜力标的医院，并通过自身成熟体系实现医美机构管控及运营的可复制性；截至2024 年3 月公司旗下合计拥有39家医美机构（米兰柏羽4 家、晶肤医美30 家、韩辰医美2 家、高一生1 家、武汉五洲1 家、郑州集美1 家），分布于成都、西安、深圳等10 个城市，全国化连锁雏形已现，规模效应、品牌效应有望持续增强，助力公司长期成长。Event: The company achieved steady growth with revenue +11.4% and net profit to mother +15.8% in 2024Q1
The company released a quarterly report: 2024Q1 achieved revenue of 140 billion yuan (+11.4% year-on-year, same below), net profit to mother of 82 million yuan (+15.8%), net profit after deducting non-return to mother of 79 million yuan (+25.0%), and achieved steady overall growth. The company is a leading regional medical and aesthetic institution. “endogenous+extension” growth continues to accelerate, and a prototype national chain layout has taken shape. We keep our profit forecast unchanged. We expect the company's net profit to be 3.16/3.89/465 million yuan for 2024-2026, corresponding EPS of 0.71/0.88/1.05 yuan, and the current stock price corresponding PE is 23.9/19.4/16.2 times, maintaining a “buy” rating.
The medical and aesthetic business is expected to grow steadily in 2024Q1, and the overall gross margin will increase by business segment. Due to the high base due to the concentrated release of a backlog of medical and aesthetic demand in 2023Q1, we expect the revenue growth of the medical and aesthetic business to be relatively stable in 2024Q1. It is expected that the revenue growth of the fashion women's clothing and green baby business will be relatively good. In terms of profitability, 2024Q1's comprehensive gross margin was 59.5% (+3.1 pct year on year). It is expected that customized product promotion+scale effects will drive an increase in the gross margin of the medical and aesthetic business. In terms of expenses, the 2024Q1 sales/management/ financial/ R&D expenses rates were 40.0%/8.1%/1.3%/2.0%, respectively, and +1.8pct/+0.0pct/-0.5pct/+0.1pct, respectively. The company is expected to increase marketing and promotion efforts for various businesses.
From “beauty” to “medical beauty”, the construction company that continues to promote the “Pan-Fashion Industry Interconnection Ecosystem” has established a fashion business phalanx from “beauty” to “medical beauty”. Looking ahead to 2024, (1) women's clothing: As the specialization and data capabilities of China and Taiwan increase, and the omni-channel sales network is improved, it is expected to continue to grow steadily. (2) Infants: Relying on the advantages of brands and industrial platforms, continuous efforts to optimize operational efficiency can be expected to increase domestic and foreign market share simultaneously. (3) Medicine and aesthetics: On the endogenous side, the company works intensively and invests in customized products to improve profitability; on the epitaxial side, it uses external funds to acquire hospitals with potential targets for mergers and acquisitions, and achieves replicability in the management and operation of medical and aesthetic institutions through its own mature system; as of March 2024, the company has a total of 39 medical and aesthetic institutions (4 Milan Baiyu, 30 Jingskin Medical and Aesthetic companies, 1 in Wuhan and Jimei, Zhengzhou), distributed in Chengdu, Xi'an, Shenzhen, etc. In 10 cities, the prototype of a national chain has emerged, scale effects, The brand effect is expected to continue to increase, helping the company grow in the long term.
Risk warning: Store expansion falls short of expectations, loss of human resources, increased competition, medical accidents, weak consumption.