Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a strong potential for investment returns exceeding the benchmark index by more than 15% over the next six months [1][6]. Core Views - The company successfully achieved over 10 billion yuan in revenue for the year 2023, with a year-on-year growth of 28.05%, and a net profit of 3.136 billion yuan, reflecting a 25.3% increase [1]. - The company has set ambitious revenue and profit targets for 2024, aiming for approximately 12.2 billion yuan in revenue and 3.7 billion yuan in net profit [2]. - The report highlights the company's strategic focus on high-end and nationwide expansion, with a clear roadmap for achieving a dual 10 billion yuan target by 2025-2030 [2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 10.1 billion yuan, with a net profit of 3.136 billion yuan, both showing significant year-on-year growth [1][3]. - The first quarter of 2024 saw a revenue of 4.671 billion yuan, up 22.82% year-on-year, with a net profit of 1.533 billion yuan, reflecting a 22.12% increase [1][2]. Revenue Analysis - The company exceeded its initial revenue target for 2023, entering the 10 billion yuan club, with strong performance across various product categories [1]. - The revenue breakdown for 2023 shows significant contributions from different product lines, with notable growth in premium products [1]. Profitability Metrics - The report indicates a slight decline in profit margins, with a net profit margin of 31.05% for 2023, down 0.68 percentage points year-on-year [1][2]. - The company’s gross margin for 2023 was reported at 78.35%, reflecting a year-on-year increase of 1.74 percentage points [1]. Future Outlook - The company plans to stabilize market pricing and continue its growth momentum, with product upgrades and strategic pricing adjustments expected to enhance performance [2]. - The mid-term outlook includes a clear strategy for high-end product development and market expansion, with a target of 15 billion yuan in revenue by 2025 [2]. Valuation Metrics - The report provides projected earnings per share (EPS) of 3.05 yuan for 2024, with a price-to-earnings (P/E) ratio of 18.6x, indicating a favorable valuation compared to historical performance [3][5].

证券研究报告 公 2024年05月08日 司 报 告 今世缘(603369) │ 行 业： 食品饮料/白酒Ⅱ 公 投资评级： 买入（维持） 司 季 年报及一季报点评：收入利润符合预期，省内重点市场逐步突破 当前价格： 58.17元 目标价格： 75.25元 报 点 事件： 评 公司发布2023年报及2024年一季报，2023年/2024Q1公司分别实现收入 基本数据 100.98/46.71 亿元，分别同比增长 28.07%/22.84%；分别实现归母净利润 总股本/流通股本(百万股) 1,254.50/1,254.50 31.36/15.33亿元，分别同比增长25.30%/22.12%。 流通A股市值(百万元) 72,974.26 ➢ 收入利润符合预期，顺利实现开门红 每股净资产(元) 11.81 2023 年/2024Q1 公司分别实现收入 100.98/46.71 亿元，分别同比增长 28.07%/22.84%；分别实现归母净利润 31.36/15.33 亿元，分别同比增长 资产负债率(%) 33.82 25.30%/22.12%。2023Q4+2024Q1实现收入64.05亿元，同比增长23.88%， ...

食品饮料 公 2024年04月30日 司 报 今世缘(603369.SH) 告 跨越百亿，迈向新征程 推荐 ( 维持 ) 事项： 今世缘发布2023年年报与2024年1季报，2023年营业收入101亿元，同比增长 股价:59.51元 28%，符合前期预告（100.5亿元），归母净利31亿元，同比增长25%。1Q24 公 主要数据 公司营业收入47亿元，同比增加23%，归母净利15亿元，同比增加22%。 行业 食品饮料 司 2023年拟每10股派发现金股利10元（含税），合计分红12.5亿元。 ...

证券研究报告：食品饮料 | 公司点评报告 2024年5月7日 股票投资评级 今世缘(603369) 23 年成功突破百亿，24 年开门红稳健、利润略超 买入|维持 预期 个股表现 ⚫ 事件 公司发布2023年年报、2024年一季报。公司2023年实现营收/ 今世缘 食品饮料 归母净利润/扣非归母净利润 100.98/31.36/31.36 亿元，同比 6% 2% +28.07%/+25.3%/+25.57%。2023年公司成功突破百亿，整体表现符合 -2% 预期。2023 年单 Q4 实现营收/归母净利润/扣非归母净利润 -6% -10% 17.35/5/4.99 亿元，同比+26.76%/+18.75%/+17.35%。2024 年 Q1 公 -14% -18% 司实现营收/归母净利润/扣非归母净利润46.71/15.33/15.25亿元， -22% 同比+22.84%/+22.12%/+22.08%。公司2024年稳步实现开门红、利润 -26% -30% 表现略好于预期。 2023-05 2023-07 2023-09 2023-12 2024-02 2024-05 资料来源：聚源，中邮证券研究所 ⚫ 核 ...

公司报告 | 季报点评 今世缘（603369） 证券研究报告 2024年05月 07日 投资评级 量驱动业绩增长，24 年目标有望达成 行业 食品饮料/白酒Ⅱ 6个月评级 买入（维持评级） 当前价格 58.17元 业绩：2023 年公司营业收入/归母净利润/扣非归母净利润分别为 101.00/31.36/31.36 亿元（同+28.05%/+25.30%/+25.57%）；23Q4 公司营业 目标价格 元 收入/归母净利润/扣非归母净利润分别为 17.35/5.00/4.99 亿元（同 +26.67%/+18.75%/+17.35%）；24Q1公司营业收入/归母净利润/扣非归母净 基本数据 利润分别为46.71/15.33/15.25亿元（同+22.82%/+22.12%/22.08%）。 A股总股本(百万股) 1,254.50 流通A股股本(百万股) 1,254.50 A 类以上产品维持高增，结构持续上行。23 年：公司白酒收入 100.32 亿 A股总市值(百万元) 72,974.27 元（同+27.86%），其中特 A+类/特 A类/A类分别实现收入 65.04/28.70/4. 流通A股市值(百万元) ...

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]