LSR(SZ:002858) Southwest Securities·2025-06-26 09:15Investment Rating - The investment rating for the company is "Buy" with a target price not specified for the next six months [1]. Core Insights - The company has demonstrated long-term development confidence by repurchasing 1% of its shares, amounting to 1.6632 million shares at a total cost of approximately 21.5 million yuan [7]. - The launch of the "China Tour Lisheng Player Ranking" aims to promote high-level golf development in China, with a strategic focus on expanding event scale, increasing prize money, and enhancing international cooperation [2]. - The company is expected to achieve steady revenue growth, with projected revenues of 561.86 million yuan in 2025, 744.63 million yuan in 2026, and 973.92 million yuan in 2027, reflecting growth rates of 27.49%, 32.53%, and 30.79% respectively [3][9]. Financial Projections - The company is projected to achieve a net profit attributable to the parent company of 61.29 million yuan in 2025, 88.76 million yuan in 2026, and 112.99 million yuan in 2027, with significant growth rates of 257.70%, 44.83%, and 27.30% respectively [3][9]. - Earnings per share (EPS) are expected to improve from -0.24 yuan in 2024 to 0.37 yuan in 2025, 0.54 yuan in 2026, and 0.69 yuan in 2027 [3][9]. - The return on equity (ROE) is projected to rise from -2.45% in 2024 to 12.28% in 2025, reaching 19.37% by 2027 [3][9]. Market Position and Developments - The company is recognized as a leading operator in the automotive sports sector in China, with ongoing projects such as the Hainan International Circuit, which is expected to enhance profitability due to favorable climate conditions allowing for year-round operations [7]. - The company has a total market capitalization of 2.144 billion yuan and a total asset value of 1.057 billion yuan, indicating a solid financial foundation [4].