LBX(603883) 兴业证券·2024-11-10 05:59Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" recommendation based on the expected performance relative to market indices [2][4]. Core Insights - The company reported a revenue of 16.232 billion yuan for Q1-Q3 2024, reflecting a year-on-year increase of 1.19%, while the net profit attributable to shareholders was 630 million yuan, down 12.06% year-on-year [2]. - The decline in profit is attributed to the ongoing performance growth phase of new stores and the previous year's asset disposals [2]. - The gross margin for Q1-Q3 2024 was 33.87%, an increase of 1.36 percentage points year-on-year, indicating continuous improvement in product structure through the "Torch" project [2]. - The company added 2,368 new stores in Q1-Q3 2024, with a total of 15,591 stores by the end of Q3, which has temporarily impacted net profit due to the losses from newly opened stores [2][3]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 22.854 billion yuan, with a year-on-year growth of 1.9% [3]. - The net profit for 2024E is expected to be 800 million yuan, reflecting a decrease of 13.9% compared to 2023 [3]. - The earnings per share (EPS) for 2024 is forecasted at 1.05 yuan, with corresponding price-to-earnings (PE) ratios of 19.3X for 2024, 16.9X for 2025, and 14.7X for 2026 [2][3].