LSR(SZ:002858) Hua Yuan Zheng Quan·2025-10-29 03:45Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's profitability improved year-on-year in Q3 2025, with a significant increase in net profit margin [7] - The company is deeply engaged in the sports industry, leveraging its strong sports event IP and venue resources [7] - The company has launched major racing and golf events, enhancing its media presence and public engagement [7] - The establishment of the first electric vehicle racing event in the Asia-Pacific region demonstrates the company's commitment to innovation in the sports sector [7] - The ongoing construction of the Hainan International Circuit is expected to further expand the company's business capabilities [7] - Future profit forecasts indicate substantial growth, with net profits expected to reach 0.61 billion RMB in 2025, 0.87 billion RMB in 2026, and 1.20 billion RMB in 2027 [7] Financial Summary - Revenue projections for the company are as follows: 405 million RMB in 2023, 441 million RMB in 2024, 560 million RMB in 2025, 699 million RMB in 2026, and 892 million RMB in 2027, with a growth rate of 56.86% in 2023 and 27.06% in 2025 [6][9] - The company is expected to achieve a net profit of 61 million RMB in 2025, with a year-on-year growth rate of 257.01% [6][9] - The company's return on equity (ROE) is projected to improve from -7.41% in 2024 to 10.42% in 2025 [8]