LZLJ(000568) Tianfeng Securities·2025-05-12 07:45Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company is expected to achieve a revenue of 31.82 billion yuan and a net profit of 13.74 billion yuan in 2025, reflecting a year-on-year growth of 2% and 2% respectively [2]. - The company plans to maintain a cash dividend ratio of no less than 65% for 2024, 70% for 2025, and 75% for 2026, with an absolute amount not less than 8.5 billion yuan (including tax) [2]. - The company is focusing on digital transformation and has implemented six strategic shifts to enhance operational efficiency [2]. Financial Performance - In Q1 2025, the company reported a revenue of 9.35 billion yuan and a net profit of 4.59 billion yuan, showing a year-on-year increase of 1.78% and 0.41% respectively [1]. - The gross margin and net margin for Q1 2025 were 86.51% and 49.11%, respectively, with slight declines compared to the previous year [2]. - The company’s operating cash flow decreased by 24.12% year-on-year to 3.31 billion yuan [2]. Revenue and Profit Forecast - The revenue forecast for the company is projected to be 31.82 billion yuan in 2025, with a growth rate of 2% [4]. - The net profit forecast for 2025 is 13.74 billion yuan, with a growth rate of 2% [4]. - The company aims for steady revenue growth, with targets of 31.8 billion yuan, 33.7 billion yuan, and 36.4 billion yuan for 2025, 2026, and 2027 respectively [2]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 14X, 13X, and 12X respectively [2]. - The company’s market capitalization is approximately 185.99 billion yuan [6]. - The estimated EPS for 2025 is 9.33 yuan, with a projected growth rate of 1.97% [4].