LFX(600612) 国投证券·2024-11-01 03:53Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 57.12 CNY over the next six months, corresponding to a 15x PE for 2024 [6][7]. Core Insights - The company reported a revenue of 52.582 billion CNY for the first three quarters of 2024, a decrease of 15.28% year-on-year, and a net profit attributable to shareholders of 1.776 billion CNY, down 9.60% [3]. - In Q3 alone, the company achieved a revenue of 12.623 billion CNY, a significant decline of 41.89%, and a net profit of 372 million CNY, down 46.20%, primarily due to a decrease in gold jewelry consumption caused by rising gold prices [3]. - The gross margin for the first three quarters of 2024 was 8.56%, an increase of 0.44 percentage points year-on-year, while the net profit margin was 3.38%, up 0.21 percentage points [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 8.56% and a net profit margin of 3.38% [4]. - The Q3 gross margin was 6.52%, a decrease of 0.98 percentage points year-on-year, with a net profit margin of 2.95%, down 0.24 percentage points [4]. - The company is expected to achieve revenues of 63.383 billion CNY, 67.590 billion CNY, and 73.163 billion CNY for 2024, 2025, and 2026 respectively, with a projected net profit of 1.992 billion CNY, 2.201 billion CNY, and 2.442 billion CNY for the same years [6][12]. Market Activities and Innovations - The company participated in significant events showcasing its brand heritage and innovative spirit, including the Hong Kong Jewelry Exhibition and the International Jewelry Culture Festival in Shanghai [5]. - It launched various products, including customized gold jewelry in collaboration with popular anime characters, demonstrating its commitment to innovation [5].