今世缘2024Q3业绩点评：主动调控节奏，业绩表现稳健

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 52.73 CNY from the previous 78.26 CNY, reflecting adjustments in profit forecasts for 2024-2026 [3][4][11]. Core Views - The company's performance in Q3 2024 met expectations, with proactive adjustments leading to stable revenue and high profitability. The industry is experiencing a trend of squeezed growth, but the company maintains a strong performance outlook [2][3][11]. - Revenue for Q3 2024 was 2.637 billion CNY, a year-on-year increase of 10.11%, while net profit was 624 million CNY, up 6.24% year-on-year [14]. Summary by Sections Investment Recommendations - The report suggests maintaining a "Buy" rating and revises the target price to 52.73 CNY, corresponding to a 17X dynamic PE for 2025 [3][4][11]. Financial Performance - Q3 2024 revenue and profit performance were in line with expectations, with revenue showing resilience despite a sequential slowdown. The company adopted a focused strategy, with significant growth in specific regions [11][12]. - The company’s gross margin and sales expense ratio decreased by 5.14 percentage points and 3.90 percentage points year-on-year, respectively, while the net profit margin remained high at 23.68% [12]. Market Position and Risk Resilience - The company exhibits strong channel capabilities and high market share, which enhances its risk resilience amid industry challenges. The report anticipates that the company's performance will remain superior to its peers during the adjustment phase [12].