今世缘2024年三季报点评：大本营稳固，省外表现良好

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company reported total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%, with a net profit of 3.086 billion yuan, up 17.08% year-on-year [2] - The growth is driven by premium products, with the special A+ and A categories leading the revenue growth [2] - The company has a solid domestic market base while experiencing rapid growth in external markets [2] - The wholesale channel remains the primary revenue source, with a continuous expansion of the distributor network [2] Financial Performance - The gross profit margin for the first three quarters of 2024 was 74.27%, with a net profit margin of 31.04%, showing slight declines compared to the previous year [3] - The company expects net profits of 3.607 billion, 4.091 billion, and 4.623 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.03%, 13.42%, and 12.98% [3][4] - The projected P/E ratios for 2024, 2025, and 2026 are 16, 14, and 12, respectively, based on a market capitalization of 56.3 billion yuan [3][4] Revenue Breakdown - For the first three quarters of 2024, revenue from the domestic market was 9.081 billion yuan, up 17.71% year-on-year, while revenue from external markets reached 804 million yuan, up 32.73% year-on-year [2] - In Q3 2024, domestic revenue was 2.423 billion yuan, a 9.32% increase, while external revenue was 204 million yuan, a 23.04% increase [2] Product Performance - Revenue from special A+ and A products reached 1.813 billion and 646 million yuan in Q3 2024, with year-on-year growth of 11.70% and 9.55%, respectively [2] - The company’s product categories showed varied performance, with lower-tier products experiencing declines in revenue [2]