LFX(SH:600612) Soochow Securities·2025-03-16 13:03Investment Rating - The investment rating for the company is "Buy" (maintained) [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 [1][7] - The company reported a revenue of 56.79 billion yuan for 2024, a year-on-year decrease of 20.5%, and a net profit attributable to shareholders of 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 starting in the second quarter of 2025 [7][8] Financial Performance Summary - 2024 Financials: Revenue of 56.79 billion yuan, net profit of 1.95 billion yuan, and a diluted EPS of 3.73 yuan [1][7] - 2025 and 2026 Projections: Expected net profits of 2.13 billion yuan and 2.28 billion yuan respectively, with a P/E ratio of 13.4 and 12.5 for 2025 and 2026 [1][7] - Market Position: The company has a total of 5,838 marketing outlets, including 197 direct stores, and is actively expanding its market presence despite current challenges [7][8]