今世缘：主动控制节奏，成长势能仍在

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company actively controls its delivery rhythm, with growth momentum still present despite a challenging consumption environment [4][5] - Revenue for the first three quarters of 2024 reached 9.94 billion yuan, a year-on-year increase of 18.9%, while net profit attributable to the parent company was 3.09 billion yuan, up 17.1% year-on-year [3] - In the third quarter of 2024, revenue was 2.64 billion yuan, reflecting a year-on-year growth of 10.1%, and net profit was 620 million yuan, a 6.6% increase year-on-year [3] Summary by Sections Revenue and Profitability - The company reported a gross margin of 75.6% in Q3 2024, down 5.1 percentage points year-on-year, attributed to discounts and channel rebates [4] - The net profit margin for Q3 2024 was 23.7%, a decrease of 0.8 percentage points year-on-year [4] - The company’s revenue forecast for 2024-2026 has been adjusted to 3.64 billion, 4.08 billion, and 4.49 billion yuan respectively [5] Product and Market Performance - Revenue by product in Q3 2024 was as follows: Special A+ 1.81 billion yuan (+12%), Special A 650 million yuan (+10%), A class 110 million yuan (+8%), B class 40 million yuan (-12%), and C+D class 20 million yuan (-18%) [4] - Regional revenue growth was stronger in Suzhong and outside the province, with notable increases in Huai'an, Nanjing, and Suzhou [4] Financial Metrics - The company’s total assets are projected to grow from 21.63 billion yuan in 2023 to 31.93 billion yuan by 2026 [9] - The net profit for 2023 is reported at 3.14 billion yuan, with projections of 3.64 billion yuan for 2024 and 4.49 billion yuan for 2026 [11] - The company maintains a healthy financial position with a debt-to-asset ratio of 38.6% in 2023, expected to decrease to 34.5% by 2026 [11]