LuoLai Lifestyle Technology (002293) 国盛证券·2025-04-25 05:44Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to show exceptional growth performance in 2025, with a projected revenue increase of 5.6% to 48.12 billion yuan and a net profit growth of 20% to 5.2 billion yuan [8] - The company faced a revenue decline of 14.2% in 2024, primarily due to losses in its U.S. furniture business, but domestic home textile operations are expected to improve [7][8] - The company maintains a healthy inventory quality and continues to improve operational efficiency, setting a solid foundation for growth in 2025 [7][8] Summary by Sections Financial Performance - In 2024, the company's revenue decreased by 14.2% to 45.6 billion yuan, with a net profit decline of 24.4% to 4.3 billion yuan [1] - The gross margin improved by 0.7 percentage points to 48% due to effective cost control [1] - The company declared a total dividend of 0.6 yuan per share for the year, resulting in a dividend payout ratio of 115.48% and a dividend yield of 7.2% based on the closing price on April 24 [1] Direct Sales Channel - Revenue from direct sales decreased by 1.48% to 400 million yuan in 2024, but the gross margin increased by 0.3 percentage points to 67.55% [2] - The average annual sales per direct store fell by 19.7% to 976,500 yuan, indicating pressure on customer traffic [2] Franchise Channel - Franchise revenue dropped by 19.03% to 1.45 billion yuan in 2024, while the gross margin increased by 1.42 percentage points to 48.84% [3] - The company closed 168 underperforming franchise stores, reducing the total to 2,227 [3] E-commerce Channel - E-commerce revenue declined by 14.12% to 1.38 billion yuan, but the gross margin improved by 1.11 percentage points to 53.32% [3] - The company is focusing on maintaining profitability in e-commerce by controlling discounts [3] U.S. Business - The U.S. business saw a revenue decline of 21.54% to 820 million yuan, resulting in a loss of approximately 28.71 million yuan [7] - The company anticipates that the current economic environment and tariff policies in the U.S. will remain uncertain [7] Future Outlook - The company expects to gradually launch its smart industrial park in 2025, which will enhance production efficiency and overall operational capabilities [8] - The projected earnings for 2025-2027 are 5.2 billion yuan, 5.75 billion yuan, and 6.22 billion yuan respectively, with a price-to-earnings ratio of 13 times for 2025 [8][9]