罗莱生活（002293）：业绩回暖，加大分红

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a revenue of 1.1 billion in Q1 2025, a year-on-year increase of 1%, and a net profit attributable to shareholders of 110 million, up 26% year-on-year [1] - The company plans to distribute a cash dividend of 4 yuan per 10 shares (including tax) and aims for a dividend payout ratio of 115% for 2024 [1] - The revenue for 2024 was 4.6 billion, a decrease of 14% year-on-year, primarily due to weak terminal consumption and a decline in U.S. furniture sales [1] Financial Performance Summary - Q1 2025 gross margin was 46%, an increase of 2.4 percentage points year-on-year, while the net profit margin was 10%, up 2.1 percentage points year-on-year [2] - In 2024, the gross margin was 48%, with a net profit margin of 9%, down 1.3 percentage points year-on-year [2] - The company experienced a decrease in revenue across various markets, with East China revenue at 1.9 billion, down 12% year-on-year, and U.S. revenue at 800 million, down 22% year-on-year [2] Channel Performance - Offline sales were 3.2 billion, down 14% year-on-year, while direct sales were 400 million, down 1% year-on-year [3] - The company opened 76 new direct stores, bringing the total to 411, with a store efficiency of 980,000, down 20% year-on-year [3] - Online sales were 1.4 billion, down 14% year-on-year, with a significant decline in Tmall transactions, which totaled 690 million, down 33% year-on-year [3] Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 530 million, 610 million, and 690 million respectively [4] - The earnings per share (EPS) is projected to be 0.6, 0.7, and 0.8 yuan for 2025-2027 [4] - The price-to-earnings (PE) ratio is expected to be 14x, 12x, and 11x for the respective years [4]