LHG(600186) 华鑫证券·2025-04-07 02:25Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported better-than-expected performance, with 2024 revenue reaching 2.659 billion yuan, a year-on-year increase of 27%, and net profit attributable to shareholders of 207 million yuan, up 59% [4][5] - The company is benefiting from a recovery in industry demand and a continuous release of brand effects, leading to an increase in market share in the MSG sector [5] - The company's high-margin computing power business is progressing steadily, with a focus on cost control and efficiency improvements [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 724 million yuan, a 49% increase year-on-year, and a net profit of 42 million yuan, an 18% increase [4] - For Q1 2025, the expected net profit is between 100 to 120 million yuan, representing a year-on-year growth of 103% to 144% [4] Market Position - The MSG market in 2024 grew by 13.7%, with the company holding over 25% market share, ranking first among top brands [5] - The company is the only one among the top five MSG brands to see a year-on-year increase in market share [5] Profitability Forecast - The report adjusts the EPS forecasts for 2024-2026 to 0.12, 0.22, and 0.29 yuan respectively, with corresponding PE ratios of 54, 28, and 21 times [7] - The company is expected to maintain strong growth in profitability due to internal reforms and expansion of the computing power business [7]