罗莱生活（002293）：双线业务回升开启新增长周期，高分红彰显红利本色

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has entered a new growth cycle with a recovery in dual-line business and high dividend payouts reflecting its profit nature [1] - The company's revenue for 2024 was 45.6 billion yuan, a year-on-year decrease of 14.2%, while the net profit attributable to the parent company was 4.33 billion yuan, down 24.4% year-on-year [7] - The first quarter of 2025 showed a revenue of 10.9 billion yuan, a slight increase of 0.6% year-on-year, and a net profit of 1.13 billion yuan, up 26.3% year-on-year, indicating a significant recovery in profitability [7][10] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 48.84 billion yuan, with a year-on-year growth rate of 7.1% [6] - The net profit attributable to the parent company is expected to be 5.23 billion yuan in 2025, reflecting a year-on-year growth of 20.9% [6] - The gross profit margin is projected to be 48.5% in 2025, with a return on equity (ROE) of 12.4% [6] Business Performance - The company has maintained its position as the leading brand in the home textile industry for 20 consecutive years, indicating strong market presence [7] - The domestic home textile business has seen a significant reduction in franchise operations, allowing for a rebound in inventory levels [7] - The U.S. furniture business is expected to stop being a drag on profits in 2025, with proactive adjustments in personnel and capacity [7]