LFX(600612) Changjiang Securities·2025-05-20 05:41Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - The company's revenue for 2024 reached 56.79 billion yuan, a year-on-year decline of 20.5%, with a net profit attributable to shareholders of 1.95 billion yuan, down 11.9% year-on-year [2][6] - In Q1 2025, the revenue was 17.52 billion yuan, a year-on-year decline of 31.6%, and the net profit attributable to shareholders was 610 million yuan, down 23.6% year-on-year [2][6] - The company is experiencing pressure on performance but is accelerating strategic upgrades to adapt to market changes [12] Financial Performance Summary - The company's total revenue for 2024 was 56.79 billion yuan, with a gross profit margin of 8.9%, an increase of 0.6 percentage points year-on-year [12] - The company's gold sales volume was 83 tons in 2024, a decline of 43% year-on-year, which is weaker than the industry average [12] - The company plans to expand its online business and develop new products that appeal to younger consumers [12] Future Outlook - The company expects to see improvements in performance as it transitions to a more refined and differentiated growth phase [12] - EPS is projected to reach 3.06, 3.41, and 3.73 yuan for the years 2025, 2026, and 2027 respectively [12]