今世缘：Q2经营符合预期，后百亿势能仍具

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][9]. Core Insights - The company reported a revenue of 7.3 billion RMB for the first half of 2024, a year-on-year increase of 22.4%, and a net profit attributable to shareholders of 2.46 billion RMB, up 20.1% year-on-year [2]. - In Q2 2024, the company achieved a revenue of 2.63 billion RMB, reflecting a 21.5% year-on-year growth, with a net profit of 930 million RMB, which is a 16.9% increase year-on-year [2]. - The growth in revenue is driven by strong performance in specific product categories, particularly the "Special A" and "Special A+" categories, which saw revenue increases of 25% and 21% respectively in Q2 2024 [2]. - The company is focusing on enhancing its operational efficiency and maintaining momentum in its domestic market, with expectations for steady cash flow throughout the year [2]. Summary by Sections Financial Performance - The company expects revenues for 2024, 2025, and 2026 to grow by 22.8%, 21.4%, and 18.3% respectively, with net profits projected to increase by 20.6%, 22.2%, and 19.6% [5][6]. - Earnings per share (EPS) are forecasted to be 3.01 RMB, 3.68 RMB, and 4.40 RMB for the years 2024, 2025, and 2026 respectively [5][6]. Product Analysis - The "Special A" category continues to lead growth trends, while the "Elegant" category also shows solid performance [2]. - The "Special A+" category's revenue growth is attributed to effective inventory management and product upgrades [2]. Regional Performance - In Q2 2024, the company generated 2.38 billion RMB in revenue from its domestic market, a 20% increase year-on-year, with specific regions like Suzhong showing a remarkable 33% growth [2]. - The company also reported a 37% year-on-year revenue increase from its external markets, contributing to 9% of total revenue [2].