LZLJ(000568) Guoxin Securities·2025-03-04 02:05Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company has shown steady growth in various indicators for 2024, with digital transformation yielding initial results. Key products, membership assets, and strategic terminal quality have all improved. The company aims to focus on market cultivation and enhance profitability through digital empowerment [2][3] - For 2025, the company will emphasize sales and implement six major shifts in marketing strategy, focusing on consumer-centric approaches and digitalization to drive growth [4][5] - The management's strengths and marketing execution capabilities are highlighted as core advantages in a competitive industry landscape, with a strategic focus on long-term digital transformation [5][6] Financial Projections - Revenue projections for 2024-2026 are estimated at 31.805 billion, 33.491 billion, and 36.898 billion yuan, representing year-on-year growth of 5.2%, 5.3%, and 10.2% respectively. Net profit is projected at 13.883 billion, 14.817 billion, and 16.619 billion yuan, with growth rates of 4.8%, 6.7%, and 12.2% [7][10] - The earnings per share (EPS) for 2024-2026 are forecasted to be 9.43, 10.07, and 11.29 yuan, with corresponding price-to-earnings (PE) ratios of 13.4, 12.6, and 11.2 [2][10] - The company is expected to maintain a dividend payout ratio of 60%, leading to a projected dividend yield of 4.5% in 2024, providing strong valuation support [7]