LFX(600612) 国信证券·2024-03-04 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [3][6]. Core Views - The company reported a 2023 performance with operating revenue of 71.436 billion yuan, a year-on-year increase of 13.37%, and a net profit attributable to shareholders of 2.214 billion yuan, up 30.23% year-on-year [3][4]. - The fourth quarter showed a revenue of 9.37 billion yuan, down 1.08% year-on-year, and a net profit of 250 million yuan, down 27.41% year-on-year, primarily impacted by provisions for bad debt related to a subsidiary's lawsuit [3][4]. - The company has expanded its network by adding 385 new outlets in 2023, bringing the total to 5,994 marketing outlets globally by the end of the year [3][4]. - Future prospects include channel expansion through franchising, enhancing product R&D capabilities, and internal governance reforms to improve operational efficiency [6]. Financial Performance Summary - For 2023, the company achieved a net profit of 2.214 billion yuan, with revised profit forecasts for 2023-2025 being 2.214 billion, 2.632 billion, and 2.993 billion yuan respectively, with corresponding P/E ratios of 17.4, 14.6, and 12.9 times [3][6]. - The overall performance is supported by a recovery in national consumer markets and a significant increase in gold consumption, which rose by 8.78% year-on-year to 1,089.69 tons in 2023 [4].