今世缘：公司季报点评：Q3营收双位数增长，省外市场表现亮眼

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Insights - 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 18.8%, with a net profit attributable to shareholders of 3.086 billion yuan, up 17.1% year-on-year [5] - In Q3 2024, the company achieved a revenue of 2.637 billion yuan, reflecting a 10.1% year-on-year growth, and a net profit of 624 million yuan, which is a 6.6% increase year-on-year [5] - The product structure continues to improve, with the revenue from the Special A+ category increasing by 11.7% year-on-year, accounting for 68.8% of total revenue [5] - The company has seen significant growth in its out-of-province market, with a 23.0% year-on-year increase in revenue, reaching 204 million yuan [6] Financial Performance Summary - The company’s revenue is projected to grow from 10.1 billion yuan in 2023 to 15.221 billion yuan by 2026, with a compound annual growth rate (CAGR) of 12.1% [8] - Net profit is expected to increase from 3.136 billion yuan in 2023 to 4.682 billion yuan in 2026, with a CAGR of 12.7% [8] - The earnings per share (EPS) are forecasted to rise from 2.50 yuan in 2023 to 3.73 yuan in 2026 [10] Valuation and Price Target - The company is assigned a price-to-earnings (P/E) ratio of 20-25 times for 2024, leading to a fair value range of 57.60 to 72.01 yuan per share [7]