LFX(600612) 东吴证券·2025-03-16 14:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2024 performance is under pressure due to a sharp rise in gold prices, with expectations for a performance turnaround in 2025 [7] - The report highlights a significant decline in revenue and net profit for 2024, with total revenue expected to be 56.79 billion yuan, down 20.5% year-on-year, and net profit projected at 1.95 billion yuan, down 11.95% year-on-year [7][8] - The report anticipates that consumer demand for gold jewelry will gradually recover if gold prices stabilize, with a potential improvement in performance expected from Q2 2025 [7] Financial Summary - Total revenue for 2024 is projected at 56.79 billion yuan, with a year-on-year decrease of 20.5% [7] - The net profit for 2024 is expected to be 1.95 billion yuan, reflecting a year-on-year decline of 11.95% [7] - The report forecasts earnings per share (EPS) of 3.73 yuan for 2024, with a projected P/E ratio of 14.62 based on the latest diluted EPS [1][8] - The company plans to expand its market presence, with a total of 5,838 marketing outlets by the end of 2024, including 197 direct stores [7]