LBX(SH:603883) Guolian Minsheng Securities·2025-09-01 12:03Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's online retail business is experiencing rapid growth, leading to stabilization in retail operations for Q2 2025 [6] - In H1 2025, the company reported revenue of 10.774 billion yuan (down 1.51% year-on-year) and a net profit attributable to shareholders of 398 million yuan (down 20.86% year-on-year) [4][12] - The increase in online business proportion has resulted in changes in overall gross margin [12] Financial Performance Summary - For H1 2025, the gross margin was 33.08% (down 1.24 percentage points year-on-year), with a net profit margin of 3.69% (down 0.90 percentage points year-on-year) [12] - In Q2 2025, the gross margin was 31.91% (down 1.50 percentage points year-on-year), with a net profit margin of 2.76% (down 0.60 percentage points year-on-year) [12] - The company's revenue from pharmaceutical retail in H1 2025 was 8.815 billion yuan (down 2.30% year-on-year), with a corresponding gross margin of 37.34% (down 1.07 percentage points year-on-year) [12] - The company expects revenues of 24.213 billion yuan, 26.867 billion yuan, and 30.323 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.30%, 10.96%, and 12.86% [12][15] Cost Structure and Efficiency - The overall expense ratio has shown a declining trend under refined management, with a sales expense ratio of 21.88% (up 0.07 percentage points year-on-year) and a management expense ratio of 4.62% (down 0.29 percentage points year-on-year) for H1 2025 [13] - The total expense ratio for the period was 27.49% (down 0.04 percentage points year-on-year) [13] Market Position and Future Outlook - The company is focusing on enhancing its market position by leveraging its strengths in the pharmaceutical retail ecosystem [10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.93 yuan, 1.09 yuan, and 1.36 yuan respectively [12][15]