红旗连锁（002697）：主业盈利平稳，积极探索技术赋能全链条运营

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business profitability remains stable while actively exploring technology to empower the entire operational chain [6] - The company reported a revenue of 10.123 billion yuan in 2024, a slight decrease of 0.09% year-on-year, and a net profit attributable to shareholders of 521 million yuan, down 7.12% year-on-year [6] - The company is focusing on digital transformation and cost reduction, achieving a significant decrease in period expenses [6] - The company plans to distribute a cash dividend of 1.15 yuan per 10 shares, totaling 156 million yuan, with a cash dividend ratio of 30% [6] - The company is expected to improve operational efficiency and profitability due to the application of AI technology and supportive domestic demand policies [6] Financial Summary - In Q1 2025, the company achieved a revenue of 2.479 billion yuan, down 7.17% year-on-year, and a net profit of 157 million yuan, down 4.15% year-on-year [6] - The projected net profit for 2025 is 532 million yuan, with a corresponding PE ratio of 16 [5][6] - The company’s gross profit margin for 2024 was 29.35%, slightly down from the previous year [6]