Investment Rating - The investment rating for the company is "Accumulate" [3][7]. Core Views - The company achieved a revenue of 10.098 billion yuan in 2023, representing a year-on-year increase of 28.07%, with a net profit attributable to shareholders of 3.136 billion yuan, up 25.30% year-on-year [2]. - The company has a clear path for high-quality development post the 100 billion yuan revenue milestone, with a target of 15 billion yuan in revenue by 2025 [3]. - The company is expected to maintain stable growth in performance due to the gradual recovery of the macro economy [7]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 1.735 billion yuan, a year-on-year increase of 27.76%, and a net profit of 500 million yuan, up 18.75% year-on-year [2]. - For Q1 2024, the company achieved a revenue of 4.671 billion yuan, reflecting a year-on-year growth of 22.84%, with a net profit of 1.533 billion yuan, up 22.12% year-on-year [2]. - The company's gross margin for 2023 was 78.34%, an increase of 1.75 percentage points year-on-year, while the net profit margin was 31.06%, a slight decrease of 0.68 percentage points year-on-year [2]. Product and Market Strategy Summary - The company optimized its product structure, with revenue from premium products (Special A+ and Special A) growing by 25.13% and 37.11% respectively in 2023 [2]. - The direct sales channel saw a revenue increase of 38.89% year-on-year, indicating a strong growth trajectory [2]. - Revenue growth was notable across various regions, with significant increases in Suzhong and outside the province, achieving growth rates of 38.78% and 40.18% respectively [2]. Future Earnings Forecast - The company is projected to generate revenues of 12.374 billion yuan, 15.029 billion yuan, and 18.037 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 3.801 billion yuan, 4.676 billion yuan, and 5.494 billion yuan [7][8]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 3.03 yuan, 3.73 yuan, and 4.38 yuan respectively, with price-to-earnings (P/E) ratios of 18.81, 15.29, and 13.01 [8].

食品饮料 | 证券研究报告 — 调整盈利预测 2024年5月7日 603369.SH 今世缘 买入 1Q24 业绩维持较快增长,公司步入后百亿时代 原评级：买入 公司公告2023年年报及2024年1季报。2023年公司实现营收101.0亿元，同比增长 市场价格:人民币 56.98 28.1%，归母净利31.4亿元，同比增长25.3%。1Q24公司营收及归母净利分别为46.7 亿元、15.3亿元，同比分别增22.8%、22.1%。1Q24公司合同负债9.7亿元，环比降 板 块评级:强于大市 14.3亿元，降幅大于去年同期。2023年公司现金分红比率为40%，上年同期37%。 支撑评级的要点 本报告要点  100-300元特A类产品表现亮眼，2023年及1Q24增速均快于公司整体增速。（1）2023  今世缘 2023 年年报及 2024 年 1 季报业 年公司营收突破百亿，同比增长28.1%，顺利收官。 1Q24公司核心单品升级换代， 2024年3月1日起执行新的价格体系，经销商提前备货，1Q24公司实现营收46.7亿 绩点评 元，同比增22.8%，整体维持较快增长。（2）分具体产品来看，2023年公司30 ...

[Table_Main] 证券研究报告 | 公司点评 今 世 缘(603369.SH) 2024年05月07日 增持（维持） 今世缘（603369.SH）：顺利跨越百 所属行业：食品饮料/白酒Ⅱ 亿，增长势能强劲 当前价格(元)：56.98 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布2023年年报，2023年公司实现营收101.0亿元，同比增长28.1%，  邮箱：xiongpeng＠tebon.com.cn 实现归母净利润31.4亿元，同比增长25.3%。根据计算，23Q4实现营收17.4亿 研究助理 元，同比增长26.7%，实现归母净利润5.0亿元，同比增长18.8%。24Q1公司实 现营收46.7亿元，同比增长22.8%，实现归母净利润15.3亿元，同比增长22.1%。 尤诗超 邮箱：yousc3＠tebon.com.cn 百亿目标顺利达成，经营势能向上。分产品看，23年特A+类/特A类/A类产品营  收分别同比增长25.1%/37.1%/26.7%，特A类产品增速继续领先整体。分区域看， 市场表现 省外苏中区域增速最快，同比增长38.8%，其他区域增速相差不 ...

[Table_Stock] 今世缘（603369） 营收超百亿，迈入高质量发展新时期 证 券 研 ——2023年报及 2024年一季报点评 究 报 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 告 事件概述 [行Ta业bl:e _Indu食 st品ry]饮 料 4月29日，今世缘发布2023年年度报告及2024年第一季度报告。2023 日期: s 20h2z4q年da0t5e月m0a6r日k 年公司实现营收101.00亿元，同比+28.05%；实现归母净利润31.36亿 元，同比+25.30%。24Q1公司实现营收46.71亿元，同比+22.84%； [T分ab析le师_A: utho王r]慧 林 归母净利润15.33亿元，同比+22.12%。 Tel: 15951919467 E-mail: wanghuilin@shzq.com 产品结构持续优化，中高端品类增速亮眼。23年公司特A+/特A/A类/B SAC编号: S0870524040001 类/C、D类产品分别实现营收65.04/28.70/4.11/1.60/0.86亿元，分别同 联系人: 袁家岗 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is on a high-quality development path towards achieving a revenue target of 10 billion yuan, with significant growth in its core products, particularly V3 and淡雅, which are expected to see growth rates exceeding 50% [2][3] - The company has successfully penetrated the Jiangsu market, particularly in the Suzhong and Sunan regions, and is actively expanding into mid-range and next-high-end price segments to capture market share from competitors [3] Financial Performance Summary - For Q1 2024, the company reported total revenue of 4.671 billion yuan, a year-on-year increase of 22.82%, with a net profit attributable to the parent company of 1.533 billion yuan, up 22.12% [2] - In 2023, the company achieved total revenue of 10.1 billion yuan, representing a 28.05% increase, and a net profit of 3.136 billion yuan, up 25.30% [2] - The company’s gross margin for 2023 was 78.3%, with a slight increase in operating expenses leading to a net profit margin decrease of 0.68 percentage points [2][3] Revenue and Profit Forecast - The company forecasts total revenues of 12.409 billion yuan, 15.041 billion yuan, and 17.976 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 22.9%, 21.2%, and 19.5% [3][4] - The net profit attributable to the parent company is expected to reach 3.821 billion yuan, 4.693 billion yuan, and 5.646 billion yuan for the same years, with growth rates of 21.9%, 22.8%, and 20.3% respectively [3][4] Market Position and Strategy - The company is actively developing sample markets outside its home province and is focusing on promoting its business model to prepare for the next phase of growth [3] - The company has reported a significant increase in market share within Jiangsu, with notable growth in the Huai'an, Nanjing, and Suzhong regions [2][3]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company achieved a revenue of 10.098 billion yuan in 2023, representing a year-on-year increase of 28.07%, with a net profit of 3.136 billion yuan, up 25.30% year-on-year [2][3]. - In Q4 2023, the revenue was 1.735 billion yuan, a year-on-year increase of 26.76%, and the net profit was 500 million yuan, up 18.75% year-on-year [2]. - For Q1 2024, the company reported a revenue of 4.671 billion yuan, a year-on-year increase of 22.84%, and a net profit of 1.533 billion yuan, up 22.12% year-on-year [2][3]. Financial Performance Summary - The company's revenue and net profit forecasts for 2024-2026 are as follows: - 2024: Revenue of approximately 12.429 billion yuan, net profit of approximately 3.853 billion yuan - 2025: Revenue of approximately 15.027 billion yuan, net profit of approximately 4.607 billion yuan - 2026: Revenue of approximately 18.071 billion yuan, net profit of approximately 5.467 billion yuan [4][5]. - The gross margin for 2023 was 78.34%, with a net profit margin of 31.06% [3][4]. - The company aims to challenge a revenue target of 15 billion yuan by 2025, indicating strong growth potential [3][4]. Product and Regional Performance - In 2023, the revenue breakdown by product category showed significant growth, with the V series brands continuing to gain momentum [2][3]. - Revenue from different regions in 2023 indicated strong performance, particularly in areas like Huai'an and Nanjing, with year-on-year growth rates of 25.84% and 21.17%, respectively [2][3].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 今世缘(603369)公司点评报告 2024年05月03日 [Table_TitlQe] 1 业绩增 22%，势能持续向上 [Table_Inves 买t] 入|维持 ——今世缘 2023年报及 2024一季报点评 [ Table_Summary] [基Ta本bl数e_据Ba se]  事件 52周最高/最低价（元）： 65.05 / 42.12 公司公告 2023 年报及 2024 一季报。23 年，公司实现总营收 101.00 亿元 （+28.05%），归母净利31.36亿元（+25.30%）。23Q4，公司实现总营收17.35 A股流通股（百万股）： 1254.50 亿元（+26.67%），归母净利 5.00 亿元（+18.75%）。24Q1，公司实现总营收 A股总股本（百万股）： 1254.50 46.71亿元（+22.82%），归母净利15.33亿元（+22.12%）。公司拟每股派发现 流通市值（百万元）： 72033.39 金红利1.00元（含税），分红率39.76%。 总市值（百万元）： 72033.39  产品结 ...

2024年05月01日 公 司点评 公 买入 / 维持 司 今世缘(603369) 研 究 目标价: 70.15 昨收盘:57.42 今世缘：一季度开门红顺利收官，开启后百亿征程 事件：今世缘发布2023年年报和2024年一季报，2023年实现营 ◼ 走势比较 收101.00亿元，同比+28.05%，归母净利润31.36亿元，同比+25.30%， 扣非归母净利润 31.36 亿元，同比+25.57%。2023Q4 实现营收 17.35 10% 亿元，同比+26.67%，归母净利润5.00亿元，同比+18.75%。2024Q1实 太 0% 现营收 46.71 亿元，同比+22.82%,归母净利润 15.33 亿元，同比 平 (10%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 +22.12%，扣非归母净利润15.25亿元，同比+22.08%。 洋 2023 年营收破百亿，一季度顺利实现开门红。公司 2023 年顺利 (20%) 证 迈入百亿俱乐部，一季度开门红表现稳健，业绩符合预期。分产品， (30%) 2023 年 公 司 特 A+/ 特 A/A/B/C&D ...

今世缘（603369.SH） 买入 一季度收入增长 23%，国缘品牌势能延续 2023 年收入百亿收官，2024Q1 稳健开局。公司 2023 年实现收入 101.0 亿元， 同比+28.05%；归母净利润 31.36 亿元，同比+25.30%。其中，2023Q4 实现收 入 17.35 亿元，同比+26.67%；归母净利润 5.00 亿元，同比+18.75%。2024Q1 实现收入 46.71 亿元，同比+22.8%；归母净利润 15.33 亿元，同比+22.12%。 国缘品牌势能较强，产品结构如期升级。2023Q4 特 A+/特 A 类产品收入同比 +24.61%/+34.92%，大众价位主导产品单开、淡雅延续前三季度动销势能， 收入快于整体。2023 全年销售量/吨价分别同比+19.87%/+6.62%，产品结构 升级下毛利率同比+1.75ppt 至 78.3%。24Q1 特 A+/特 A 类产品收入分别同比 +22.39%/+26.49%，国缘 V3、四开、对开、淡雅四大刀尖产品均实现稳健增 长，特 A 类及以上产品收入占比同比+0.73pct 至 94.19%。24Q1 毛利率同比 -1.2pct ...

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[今ITnaf 世bol]e 缘_Ti(tl6e]0 3369) [评Tab级le_：Inv est] 增持 上次评级： 增持 实现百亿，蓄力新目标 目标价格： 79.80 上次预测： 79.80 公 ——今世缘2023 年报、2024年一季报点评 当前价格： 57.42 司 訾猛(分析师) 李耀(分析师) 2024.05.01 更 021-38676442 8621-38675854 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com liyao022899@gtjas.com 证书编号 S0880513120002 S0880520090001 52周内股价区间（元） 42.12-65.05 报 总市值（百万元） 72,033 告 本报告导读： 总股本/流通A股（百万股） 1,254/1,254 流通 B股/H股（百万股） 0/0 公司2023Q4、2024Q1业绩符合预期，南下战略突破，百亿目标完成；展望后续，公 流通股比例 100% 司渠道基础扎实，具备产品线纵深优势，业绩确 ...