LBX(603883) 东海证券·2025-05-15 10:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company is expected to gradually stabilize and improve its performance as it deepens its advantages in key regions [1][4]. - The company faced short-term performance pressure due to various factors, including losses from new store openings and store closures, as well as increased depreciation and amortization [4][5]. - The company is focusing on expanding its retail ecosystem and enhancing its new retail business, with significant growth in online sales channels [4][5]. Financial Performance Summary - In 2024, the company achieved total revenue of 22.36 billion yuan (down 0.36% year-on-year) and a net profit attributable to shareholders of 519 million yuan (down 44.13% year-on-year) [4][5]. - For Q1 2025, the company reported revenue of 5.43 billion yuan (down 1.88% year-on-year, down 11.27% quarter-on-quarter) and a net profit of 251 million yuan (down 21.98% year-on-year, up 325.63% quarter-on-quarter) [4][5]. - The company’s gross margin for 2024 was 33.17%, with a net margin of 3.06% [4][5]. Business Segment Performance - Retail business revenue in 2024 was 19.11 billion yuan (down 1.25% year-on-year), while franchise, alliance, and distribution revenue was 3.11 billion yuan (up 5.92% year-on-year) [4][5]. - The company’s online sales reached approximately 2.47 billion yuan in 2024, representing a year-on-year growth of about 24% [4][5]. - The company has increased its store count to 15,277 by the end of 2024, with a net increase of 1,703 stores (up 12.55% year-on-year) [4][5]. Future Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 692 million yuan, 799 million yuan, and 909 million yuan, respectively [4][5]. - The expected earnings per share (EPS) for the same years are 0.91 yuan, 1.05 yuan, and 1.20 yuan [4][5]. - The company is projected to achieve a revenue growth rate of 9.13% in 2025, 9.49% in 2026, and 9.39% in 2027 [5].