今世缘：业绩符合预期，后百亿时代稳中有进

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 70.15, compared to the last closing price of 42.99 [1][3] Core Views - The company's performance aligns with expectations, indicating steady progress in the post-100 billion era [1][3] - Revenue for H1 2024 reached 7.305 billion, a year-on-year increase of 22.35%, while net profit attributable to shareholders was 2.461 billion, up 20.08% year-on-year [2][3] - The company aims for total revenue of approximately 12.2 billion in 2024, representing a 21% year-on-year growth, and a net profit of around 3.7 billion, reflecting an 18% increase [2][3] Financial Summary - For H1 2024, the company reported a gross margin of 73.79%, with a slight decrease of 0.68 percentage points year-on-year, while the net profit margin was 33.70%, down 0.64 percentage points year-on-year [2][5] - The company expects revenue growth rates of 23%, 21%, and 19% for 2024, 2025, and 2026 respectively, with corresponding net profit growth rates of 22%, 21%, and 19% [3][4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.05, 3.69, and 4.40 respectively, with price-to-earnings (PE) ratios of 14x, 12x, and 10x [3][4] Market Performance - The company has seen strong growth in high-end products, with significant revenue contributions from various product categories [2][3] - The company is expanding its market presence, particularly in key regions outside its home province, with notable growth in areas such as Anhui and Shandong [2][3]