莱绅通灵(603900)：盈利能力显著提升 产品渠道双轮驱动

Core Viewpoint - The company has successfully turned around its profitability in the first half of 2025, with significant revenue growth driven by strategic product optimization and a focus on high-margin gold embedded products [1][2]. Financial Performance - Total revenue for H1 2025 reached 870 million yuan, a 37% increase year-on-year, with a net profit of 61 million yuan compared to a loss of 37 million yuan in H1 2024 [1]. - In Q2 2025, total revenue was 499 million yuan, up 27% year-on-year, with a net profit of 32 million yuan, reversing a loss of 18 million yuan in Q2 2024 [1]. Profitability Improvement - The company's gross margin increased by 5 percentage points to 32.37%, attributed to the strategic increase in the proportion of high-margin gold embedded products [2]. - The net profit margin improved by 11 percentage points to 6.44%, indicating a significant enhancement in profitability [2]. Product Performance - Revenue from embedded gold products surged by 200%, contributing to a total revenue increase of 37% [3]. - Revenue from various product lines in H1 2025 included embedded diamonds at 479 million yuan (up 68%), traditional gold at 322 million yuan (up 11%), and other products at 40 million yuan (up 46%) [3]. Channel Performance - Revenue from direct sales, franchise, and online channels in H1 2025 was 573 million yuan (up 47%), 98 million yuan (up 109%), and 195 million yuan (up 1%), respectively [3]. - The company aims to establish 50 million-level direct stores and 15 million-level franchise stores, indicating a solid foundation for growth [3]. Future Outlook - The company is focusing on the "artistic gold worth collecting" strategy, which is expected to stabilize and enhance overall revenue as the product matrix expands and the store network grows [4]. - EPS forecasts for 2025-2027 have been adjusted to 0.24, 0.39, and 0.52 yuan, with corresponding PE ratios of 51, 31, and 23 times [4].