Workflow
今世缘:2024年三季报点评:主动调整,势能延续

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][7] Core Views - The company reported a total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%. The net profit attributable to shareholders was 3.086 billion yuan, up 17.08% year-on-year [1] - In Q3 2024, the company achieved a revenue of 2.637 billion yuan, a year-on-year increase of 10.11%, while the net profit attributable to shareholders was 624 million yuan, up 6.61% year-on-year [1][2] - The company is actively adjusting its delivery and payment rhythm to alleviate pressure on distributors and maintain a healthy channel [2] Summary by Sections Recent Performance - For Q3 2024, the company's revenue and net profit growth rates have slowed significantly compared to previous quarters, primarily due to a challenging macro consumption environment and an increase in discount proportions [2] - The revenue from the company's premium A+ products in Q3 2024 was 1.813 billion yuan, a year-on-year increase of 11.70%, but the growth rate has decreased by 9.37 percentage points compared to Q2 [2] - The company has seen a slight decrease in the proportion of revenue from its home province, which now accounts for 92.23% of total revenue, while revenue from outside the province increased by 23.04% year-on-year [2] Financial Metrics - The company’s gross profit margin decreased by 5.13 percentage points to 75.59% in Q3 2024, primarily due to increased discount-related expenses [2] - The net profit margin for Q3 2024 was 23.68%, down 0.78 percentage points year-on-year [2] - The company’s cash flow from operations showed stability, with a net operating cash flow of 3.064 billion yuan, although it decreased by 16.85% year-on-year [2] Future Projections - The company is expected to continue expanding its revenue scale, with projected revenues of 11.653 billion yuan, 13.086 billion yuan, and 14.552 billion yuan for 2024, 2025, and 2026 respectively [4][5] - The projected net profits for the same years are 3.585 billion yuan, 3.963 billion yuan, and 4.391 billion yuan, with corresponding EPS of 2.86 yuan, 3.16 yuan, and 3.50 yuan [4][5]