LFX(SH:600612) Ge Long Hui A P P·2025-10-30 09:21Core Viewpoint - The report from Guosheng Securities indicates that Laofengxiang's revenue grew by 16% in Q3 2025, while the net profit after deducting non-recurring items decreased by 7.5% [1] Group 1: Financial Performance - In Q3 2025, Laofengxiang achieved a revenue growth of 16% [1] - The company's net profit, excluding non-recurring items, declined by 7.5% year-on-year [1] Group 2: Store Expansion and Strategy - As of the end of Q3 2025, Laofengxiang had a total of 5,625 stores, with a net closure of 213 stores since the beginning of the year and a net opening of 75 stores in Q3 [1] - The company continues to open new stores despite fluctuations in the consumer environment, focusing on enhancing store image and layout [1] - The number of direct-operated stores is 187, with a net closure of 10 stores since the beginning of the year and a net closure of 1 store in Q3 [1] - The franchise store count stands at 5,438, with a net closure of 203 stores since the beginning of the year and a net opening of 76 stores in Q3 [1] Group 3: Store Concepts and Themes - Laofengxiang is adjusting its store image according to its actual situation and annual plans, emphasizing the layout of themed stores such as "Treasure Gold" and "Fengxiang Celebration" [1] - As of the end of September 2025, there are 133 "Treasure Gold" stores, with a net opening of 3 stores in Q3, and 40 "Fengxiang Celebration" stores, also with a net opening of 3 stores in Q3 [1] Group 4: Future Outlook - Laofengxiang is expected to optimize channel and product operational efficiency as a leading player in the gold and jewelry industry [1] - The projected net profit attributable to the parent company for 2025-2027 is estimated to be 1.594 billion, 1.738 billion, and 1.887 billion yuan respectively [1] - The current price corresponds to a PE ratio of 17 times for 2025, maintaining a "buy" rating [1]