今世缘：三季报点评：增长良性放缓，格局持续利好

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 9.941 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 18.86%, and a net profit attributable to shareholders of 3.086 billion yuan, with a year-on-year increase of 17.08% [3][4] - In Q3 2024, the company achieved a revenue of 2.636 billion yuan, reflecting a year-on-year growth of 10.12%, although this was a decline of 11.40 percentage points compared to Q2 [4] - The company maintains a positive outlook for growth in the domestic market, particularly in the Jiangsu province, with double-digit growth rates in certain regions [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 9.941 billion yuan and a net profit of 3.086 billion yuan, with respective year-on-year growth rates of 18.86% and 17.08% [3] - In Q3 2024, the revenue was 2.636 billion yuan, with a net profit of 624 million yuan, showing year-on-year growth rates of 10.12% and 6.61% respectively [3][4] Product and Regional Performance - The revenue growth for different product categories in the first three quarters of 2024 was as follows: Special A+ category grew by 18.86%, Special A category by 21.91%, and A category by 12.28% [4] - In Q3 2024, the revenue growth for Special A+ category was 11.70%, Special A category 9.55%, and A category 7.74% [4] - The company reported a revenue growth of 9.32% in the domestic market and 23.04% in the external market for Q3 2024 [4] Profitability and Cost Management - The gross profit margin for Q3 2024 was 75.59%, a decrease of 5.14 percentage points year-on-year, attributed to increased promotional efforts [4] - The selling expense ratio decreased by 3.90 percentage points to 20.56% in Q3 2024, indicating a reduction in promotional spending [4] Future Projections - The company expects revenues of 11.844 billion yuan, 13.479 billion yuan, and 15.074 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 3.649 billion yuan, 4.146 billion yuan, and 4.635 billion yuan [4][7]