The Layout Of The "Pan Fashion Industry Interconnected Ecosystem" Has Been Formed.

The company intends to buy 6 medical beauty hospitals by 327 million yuan, and the layout of medical beauty is officially landed. "

"Four + baby + cosmetics + medical beauty"

The industrial interconnected ecosystem has basically taken shape.

We believe that the company has clear thinking, the layout of the three new fields of baby, medical beauty and cosmetics has broad prospects for development, the customer synergy effect between businesses is relatively high, and the investment and acquisition targets can bring thickening performance to the company. In the future, the strategy of the ecosystem will be gradually improved through the constant promotion of the Internet based gold consumption and the upgrading of consumption between China and South Korea.

On the whole, the company has many layouts in the industry and has great potential in the field of growth, and its resources are excellent. Its market value is 15 billion 100 million, corresponding to 16 years PE 123X, and its short-term valuation is slightly higher. Taking into account the company's suspension in December of last year, the market was down 22%. It is expected that there will be a possibility of making up after the resumption. But in the long run, we are optimistic about the synergy and development prospects of the four businesses of the company, and maintain the "highly recommended -A" rating.

327 million yuan to buy 6 medical beauty hospital, "women's clothing + baby + cosmetics + medical beauty" four major industrial sectors of the "Pan fashion industry interconnected ecosystem" layout.

The company announced that it would purchase 70% stake in Milan, Sichuan, and 70% stake in Shenzhen Milan, Sichuan crystal skin, Xi'an crystal skin, Changsha crystal skin and Chongqing crystal skin with 327 million 200 thousand yuan of its own funds. It should be calculated by Target Corp's 16 annual net profit, corresponding to PE as 20X, and the average net profit of the next three years will be PE 16.5X.

"Milan Bai Yu + Jing Ye Mei Mei + Korea dream medical group", to create a multi-dimensional, multi-level multi-level medical beauty service brand system.

Milan Bai Yu is a high-end comprehensive medical beauty hospital adhering to the "quality medical beauty", which covers plastic surgery, micro plastic surgery, skin beauty, dental cosmetology and so on.

Among them, Milan, Sichuan was founded in 13 September, the business area of more than 7600 square, the existing medical and technical team of more than 100 people, 15 years to achieve operating income of 153 million yuan, net profit 7 million 314 thousand and 100 yuan; Shenzhen Milan was established in November 13, the business area more than 1100 flat, the existing medical and technical team 25 people, 15 years of business income 26 million 356 thousand and 400 yuan, net profit 15 yuan.

Crystal skin is a focus on young market segments, standardized fast replication of the medical beauty chain brand, mainly providing laser beauty, injection beauty, anti-aging, SPA anti-aging beauty services, etc., has opened chain stores in Chengdu, Xi'an, Chongqing and Changsha, operating area of about 1000 square meters.

Compared with the comprehensive medical cosmetology organization, the product and management of crystal skin are easy to realize standardization, relatively less in terms of equipment and manpower input, shorter preparatory period, obvious cost control advantages and faster replication and expansion capabilities.

At the same time, in April 16, the company completed the agreement to purchase the 30% stake of the dream group, which is the strategic medical beauty service group of Korea. The acquisition of the medical beauty hospital and specialist in China has helped Korea dream group's plastic technology, skin care products and management experience to be introduced into the country to escort the development of the domestic medical beauty business, and the specific cooperation mode is still under discussion.