LFX(SH:600612) CAITONG SECURITIES·2025-09-01 08:38Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has launched its first AI smart glasses, entering the "silver technology" sector, which aims to address the needs of the elderly population [7] - The AI glasses feature real-time voice navigation, translation, smart reading assistance, and emotional interaction, catering to the practical needs of older consumers while also appealing to younger demographics [7] - The company is expected to achieve revenue of 51.2 billion, 54.6 billion, and 57.7 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.66 billion, 1.82 billion, and 2.00 billion RMB [7] Financial Performance Summary - Revenue for 2023 is projected at 71.44 billion RMB, with a growth rate of 13.4%, followed by a decline of 20.5% in 2024 and a further decline of 9.8% in 2025 [6][8] - The net profit for 2023 is estimated at 2.21 billion RMB, with a growth rate of 30.2%, decreasing to 1.95 billion RMB in 2024 and 1.66 billion RMB in 2025, reflecting a decline of 11.9% and 14.9% respectively [6][8] - The earnings per share (EPS) is expected to decrease from 4.23 RMB in 2023 to 3.17 RMB in 2025, with a price-to-earnings (PE) ratio of 15.0 in 2025 [6][8] Market Performance - The company's stock performance over the last 12 months shows a decline of 5%, while the benchmark index, CSI 300, has seen an increase of 3% [4]