研报掘金丨华鑫证券：莱绅通灵利润端扭亏为盈，首予“买入”评级

Core Viewpoint - The report from Huaxin Securities indicates that the company Laisentongling has turned a profit, primarily driven by the contribution from its gold business, which has seen revenue growth of over 30% year-on-year [1] Group 1: Financial Performance - The improvement in performance is mainly attributed to the expansion of the gold business, which has significantly increased the company's revenue [1] - The product structure has been continuously optimized, with a notable increase in the proportion of high-margin gold inlay business, leading to an enhancement in overall gross margin [1] - The company has also optimized its business processes and strengthened cost control, resulting in an improvement in operational efficiency and a year-on-year decrease in the comprehensive expense ratio [1] Group 2: Future Outlook - With the expansion of the gold business and optimization of operational costs, the company's performance is expected to continue improving [1] - The gold business, which started in 2023, is projected to see a significant increase in sales in 2024, stabilizing and recovering overall revenue, thus forming a second growth curve [1] - As the product matrix expands, store upgrades, and regional expansion occur, the company's performance is anticipated to keep rising [1] Group 3: Earnings Projections - According to the preliminary earnings announcement for the first half of 2025, the expected EPS for 2025-2027 are projected to be 0.18, 0.33, and 0.47 yuan respectively [1] - The current stock price corresponds to PE ratios of 54, 30, and 21 times for the years 2025, 2026, and 2027 respectively [1] - The report initiates coverage with a "Buy" investment rating [1]