LFX(SH:600612) Soochow Securities·2026-03-11 06:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a recovery in gold and jewelry demand, with Q4 performance showing significant growth despite challenges in the earlier quarters [1] - The company reported a projected revenue of 52.82 billion yuan and a net profit of 1.75 billion yuan for 2025, reflecting a year-on-year decline of 6.99% and 9.99% respectively, but Q4 is expected to show a revenue increase of 14.5% and a net profit increase of 82.5% [1][8] - The company is focusing on optimizing its channel structure and upgrading its brand to attract younger consumers, including collaborations with popular IPs [1] Financial Forecasts - For 2023A, total revenue is projected at 71.44 billion yuan, with a net profit of 2.21 billion yuan, showing a year-on-year growth of 13.37% and 30.23% respectively [1] - The earnings per share (EPS) for 2025 is estimated at 3.35 yuan, with a price-to-earnings (P/E) ratio of 12.51 based on the latest diluted EPS [1] - The company’s net profit forecasts for 2025-2027 have been adjusted upwards to 17.6 billion yuan, 20.0 billion yuan, and 21.4 billion yuan respectively, with corresponding P/E ratios of 13, 11, and 10 [1][8]