Lancy Co.Ltd(002612) Lancy Co.Ltd(002612) follow up comments: reach strategic cooperation with Meibai to further build a medical beauty ecological chain

\u3000\u3000 Lancy Co.Ltd(002612) (002612)

Reach strategic cooperation with the medical and American Internet platform and continue to promote the layout of medical and American business.

1) partners: Meibai is one of the two major Internet Medical Beauty platforms in China. Its business covers all provinces of China and overseas. It has reached cooperation with more than 2000 strictly selected institutions and can provide users with consulting services, compare institutional prices, customize medical beauty solutions, etc.

2) cooperation direction: Meibai will provide fine empowerment for the ports of the company's regional institutions, help the development of the company's medical and American business from the dimensions of regional differentiation ability training, item building, doctor IP establishment, real-time data sharing and operation efficiency improvement, and in information sharing, talent training, brand building Deepen cooperation in the creation of medical and American industry standards and the development of new medical and American racetracks.

Linkage of upstream and downstream resources to further build the industrial ecological chain.

As of 21h1, the number of langzi medical and American institutions has increased to 22, and the medical and American business has entered a period of rapid expansion. The cooperation and upgrading with Meibai, the downstream medical beauty Internet platform, will effectively help the company refine the management and integration of its rapidly expanding institutions through the linkage of upstream and downstream resources, so as to escort the company's horse racing enclosure. At the same time, with the upgrading of this cooperation, the company will further build the industrial ecological chain and establish a customer ecosystem from platform to institution, which is expected to achieve breakthrough growth under the dilemma of epidemic flow.

Medical beauty physician training is strengthened to help quality service and professional medical treatment.

Since this year, the company has made significant efforts in the training of medical and American doctors. In January, the first medical and American doctor training base was launched to provide doctors in various institutions with a platform for systematic learning and improving their professional quality; In February, the first photoelectric therapy technology comprehensive training camp was held, and many skin beauty clinical experts were hired to comprehensively empower doctors to upgrade their technology, innovation and multi-dimensional solution skills. Medical beauty physician training will effectively improve the quality of the company's medical beauty business and practice the concept of "safety medical beauty, quality medical beauty and word-of-mouth medical beauty".

Profit forecast and Valuation:

We expect that the revenue scale of Lancy Co.Ltd(002612) 21 / 22 / 23 will reach 36.2/42.2/4.83 billion yuan, a year-on-year increase of + 26% / + 17% / + 15%, and the net profit attributable to the parent company will reach 210 / 30 / 410 million yuan, an increase of 47% / 44% / 35%. The current market value of the company is 11.9 billion yuan, corresponding to 57, 39 and 29 times of PE in 21-23 years respectively. We believe that the industry in which its medical beauty business is located is developing rapidly. The medical beauty assets of Lanzi are of high quality and scarce in a shares. Considering the valuation and growth, we maintain the "overweight" rating.

Risk tips: 1) the epidemic affects the retail environment and weakens the consumption ability of customer groups; 2) The cultivation progress of new medical and American institutions was less than expected.

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