外延扩张+纵向深化+异业拓展，全方位加码泛美业布局除了通过收并购医美机构外延扩张以外，公司也通过其他方式持续加码泛美业布局，（1）纵向延展深化：公司9 月发布公告，拟参股“朗曦姿颜”正式进军医美上游产品领域，以期及时掌握医美上游产品的研发创新和技术迭代信息，同时提高供应链稳定性、集团采购议价能力；（2）横向异业拓展：另外公司旗下晶肤医美推出更加社区化、生活化的生活美容子品牌“晶肤美瑟”，未来有望在“医美+生美”的双美模式上进一步探索。我们认为，公司已建立从“衣美”到“医美”的时尚业务方阵，医美业务全国化布局已现雏形，并进一步通过“外延扩张+纵向深化+异业拓展”加码泛美业布局，未来有望持续打开成长空间。Incident: Leading medical and aesthetic chain operations were under slight pressure in the third quarter
The company released three quarterly reports: 2024Q1-Q3 achieved revenue of 4.178 billion yuan (YoY +1.45%, same below), net profit of 0.209 billion yuan (-4.87%), net profit of 0.18 billion yuan (+11.29%) after deducting non-return to mother net profit of 0.18 billion yuan (+11.29%); of these, 2024Q3 achieved revenue of 1.265 billion yuan (-6.80%), net profit attributable to mother of 0.042 billion yuan (-17.21%), net profit of 0.04 The billion yuan (+10.60%) is expected to be under pressure due to low consumer spending intentions. We keep our profit forecast unchanged. We expect the company's net profit to be 0.316/0.389/0.465 billion yuan for 2024-2026, the corresponding EPS is 0.71/0.88/1.05 yuan, and the PE corresponding to the current stock price is 22.2/18.0/15.1 times, maintaining a “buy” rating.
The medical and aesthetic business landscape was further expanded. The gross margin for the first three quarters increased steadily. As of 2024Q3, Beijing Lido and Hunan Yamei were included in the company's consolidated statements. As of 2024Q3, the company had 40 medical and aesthetic institutions (4 Milan Baiyu, 29, Han Chen Medical and Aesthetic, 2, Gao Sheng, 1, Wuhan Wuzhou, 1, Zhengzhou Jimei, 1, and Hunan Yamei), distributed in cities such as Chengdu, Xi'an, Shenzhen, and Beijing. In terms of profitability, 2024Q1-Q3's consolidated gross margin increased steadily at 58.9% (+1.6pct). In terms of expenses for the period, 2024Q1-Q3's sales/management/R&D/finance expenses ratio was 39.8%/8.7%/1.9%/1.7%, respectively, and remained flat year-on-year at -0.4 pct/+0.7 pct/+0.3 pct/, respectively, and was relatively stable overall.
Epitaxial expansion+vertical deepening+cross-industry expansion. Comprehensive expansion of the Pan-American industry layout In addition to epitaxial expansion through mergers and acquisitions of medical and aesthetic institutions, the company also continued to increase the Pan-American industry layout through other methods. (1) Vertical expansion and deepening: The company issued an announcement in September to officially enter the upstream medical and aesthetic product field, with a view to promptly grasping R&D innovation and technology iterative information on upstream medical and aesthetic products, while improving supply chain stability and group procurement bargaining power; (2) Horizontal cross-industry expansion: In addition, Crystal Skin is a subsidiary of the Pharmaceutical Company Beauty launches a more community-based, lifestyle and beauty sub-brand “Crystal” “Skin Beauty” is expected to be further explored in the future under the “medical aesthetic+beauty” dual beauty model. We believe that the company has established a fashion business phalanx from “beauty” to “medical beauty”, the national layout of the medical and aesthetic business has now taken shape, and further strengthened the Pan-American industry layout through “epitaxial expansion+vertical deepening+cross-industry expansion”, which is expected to continue to open up room for growth in the future.
Risk warning: Store expansion falls short of expectations, loss of human resources, increased competition, medical accidents, weak consumption.
