今世缘2024半年报点评：符合预期，优势扩大

Investment Rating - The report maintains a "Buy" rating with a target price of 78.26 CNY [3][5][14]. Core Views - The company's Q2 2024 performance met expectations, with a revenue increase of 21.5% year-on-year, driven by strong growth in the Guo Yuan V series and Guo Yuan Dan Ya products [3][14]. - The company is expected to continue expanding its market share in Jiangsu province, supported by solid channel foundations and product lifecycle advantages [3][14]. - The report emphasizes the company's stable profitability, with a net profit margin of 35.3% in Q2 2024, despite a slight decrease in gross margin and sales expense ratio [3][14]. Summary by Sections Financial Performance - Q2 2024 revenue and net profit increased by 21.5% and 16.86% year-on-year, respectively [14]. - The company forecasts EPS of 3.04 CNY, 3.67 CNY, and 4.26 CNY for 2024, 2025, and 2026 [3][14]. Market Position - The company is positioned to benefit from a deep product structure that caters to high-end demand, with significant growth potential in both domestic and emerging markets [3][14]. - The report highlights the company's ability to leverage its channel advantages and product lifecycle benefits to achieve further market share expansion [3][14]. Profitability - The company's profitability remains stable, with a net profit margin of 35.3% in Q2 2024, despite a slight decline in gross margin [3][14]. - The report notes that the company's contract liabilities decreased to 627 million CNY, reflecting a strategic recognition of prepayments [3][14].