LFX(600612) Guoxin Securities·2024-10-30 01:41Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company's overall performance in the third quarter was under pressure, with a revenue of 52.582 billion yuan, a year-on-year decrease of 15.28%, and a net profit attributable to shareholders of 1.776 billion yuan, down 9.6% year-on-year. The third quarter alone saw a revenue of 12.623 billion yuan, down 41.89% year-on-year, and a net profit of 372 million yuan, down 46.2% year-on-year [1][5] - The company is actively promoting comprehensive reform plans, optimizing the tenure system and contractual management of subordinate enterprise managers, and advancing the implementation of the professional manager system [1][5] - The product structure changes have impacted the gross profit margin, which was 6.52% in the third quarter, down 0.98 percentage points year-on-year, primarily due to the increased proportion of low-margin gold trading business [1][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 52.582 billion yuan, a decrease of 15.28% year-on-year, and a net profit of 1.776 billion yuan, down 9.6% year-on-year. The net profit after deducting non-recurring items was 1.698 billion yuan, down 14.2% year-on-year [1][5] - In the third quarter, the company reported a revenue of 12.623 billion yuan, a decline of 41.89% year-on-year, and a net profit of 372 million yuan, down 46.2% year-on-year, with a non-recurring net profit of 239 million yuan, down 65.2% year-on-year [1][5] - The gross profit margin for the third quarter was 6.52%, impacted by the higher proportion of low-margin gold trading business [1][5] - The company’s operating cash flow for the first three quarters was 6.547 billion yuan, a decrease of 8.36% year-on-year [1][5] Future Outlook - The investment suggestion indicates that the gold category, with its advantages of value preservation and fashion attributes, is expected to gradually release terminal demand after gold prices stabilize. The company is also pushing for deeper state-owned enterprise reform to enhance operational efficiency [1][5][9] - The net profit forecasts for 2024-2026 have been adjusted to 1.989 billion yuan, 2.181 billion yuan, and 2.395 billion yuan, respectively, with corresponding P/E ratios of 14.8, 13.5, and 12.2 times [1][9]