LZLJ(SZ:000568) Guohai Securities·2024-11-01 14:17Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Views - The company has shown a revenue growth of 10.76% year-on-year for the first three quarters of 2024, reaching 24.304 billion yuan, with a net profit of 11.593 billion yuan, reflecting a 9.72% increase [1]. - In Q3 2024, the company achieved a revenue of 7.399 billion yuan, a slight increase of 0.67% year-on-year, while the net profit was 3.566 billion yuan, up by 2.58% [1]. - The company is focusing on controlling inventory and maintaining price stability amid a weak macroeconomic recovery, which has led to a decrease in revenue growth rate compared to Q2 2024 [2]. - The company is actively expanding its marketing channels and optimizing profit distribution to enhance long-term growth potential [2]. - The gross profit margin slightly decreased to 88.12%, attributed to changes in product mix, while the net profit margin increased to 48.19% [2]. - The company maintains a strong competitive position in the market, with expectations for steady growth in its premium product lines [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 7.399 billion yuan and a net profit of 3.566 billion yuan, with year-on-year growth rates of 0.67% and 2.58% respectively [1]. - The gross profit margin for Q3 2024 was 88.12%, a slight decline of 0.53 percentage points year-on-year [2]. - The company’s operating expenses were well-controlled, with sales, management, and financial expense ratios showing improvements [2]. Future Outlook - The revenue forecasts for 2024, 2025, and 2026 are projected to be 31.8 billion yuan, 34.239 billion yuan, and 36.478 billion yuan respectively, with growth rates of 5%, 8%, and 7% [3][6]. - The net profit forecasts for the same years are 13.867 billion yuan, 14.762 billion yuan, and 15.752 billion yuan, with growth rates of 5%, 6%, and 7% [3][6]. - The company is expected to maintain a strong brand and channel foundation, supporting its long-term growth trajectory [5].