今世缘：24H1业绩维持高增，合同负债降低

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.85 CNY based on a 17x P/E ratio for 2024 [2][4][6]. Core Insights - The company reported a revenue of 7.3 billion CNY for the first half of 2024, representing a year-on-year growth of 22.4%, and a net profit of 2.46 billion CNY, up 20.1% year-on-year [1]. - The performance in the domestic market is strong, with significant growth expected from products like "Danyan" and "V3" [1]. - The gross margin slightly decreased to 73.8% in the first half of 2024, while the net profit margin was 33.7% [1]. - The company is focusing on expanding its V series products, which currently account for 8-9% of total revenue, with V3 expected to contribute significantly to revenue growth [1]. Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.05 CNY, 3.70 CNY, and 4.40 CNY respectively [2][6]. - Revenue is expected to grow from 12.31 billion CNY in 2024 to 17.53 billion CNY by 2026, with a compound annual growth rate (CAGR) of 21.9% [3]. - The gross margin is projected to improve gradually from 79.1% in 2024 to 80.5% in 2026 [3].