LBX(SH:603883) HUAXI Securities·2025-08-27 09:34Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company's revenue for H1 2025 reached 10.77 billion yuan, a year-over-year decrease of 1.5%, with a net profit attributable to shareholders of 400 million yuan, down 20.9% year-over-year [1] - The company has accelerated its store expansion, with a total of 15,385 stores nationwide as of H1 2025, including 9,784 direct-operated and 5,601 franchised stores, marking a net increase of 108 stores [2] - Online sales have shown significant growth, with total online channel sales (including franchises) reaching approximately 1.49 billion yuan, a year-over-year increase of 32% [2] - The company's proprietary brand sales reached 1.76 billion yuan in H1 2025, accounting for about 23% of total sales, reflecting a focus on product quality and consumer experience [3] Financial Performance - For H1 2025, the company's gross margin was 33.1%, down 1.2 percentage points, primarily due to the increased sales proportion of the new retail business [1] - The company expects revenues of 22.43 billion yuan, 23.71 billion yuan, and 25.17 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 0.3%, 5.7%, and 6.2% [7] - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 690 million yuan, 750 million yuan, and 850 million yuan, with growth rates of 33.3%, 9.0%, and 12.5% respectively [7]