今世缘2024年三季报点评：核心品系引领增长，看好品牌地位持续突破

Investment Rating - The report maintains a "Buy" rating for the company [7][6]. Core Views - The company achieved a total revenue of 9.942 billion yuan in 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 [5][6]. - In Q3 2024, the company reported a revenue of 2.637 billion yuan, reflecting a 10.11% year-on-year growth. The net profit for the same period was 624 million yuan, an increase of 6.61% year-on-year [5][6]. - The core product lines, particularly the Special A+ and Special A categories, are driving growth, with Q3 revenues of 1.813 billion yuan and 646 million yuan respectively [5][6]. - The company is focusing on reducing channel burdens and expanding into potential markets to support its goals for the 14th Five-Year Plan [6]. Financial Performance Summary - For the first three quarters of 2024, the company reported: - Total revenue: 9.942 billion yuan (up 18.85% year-on-year) - Net profit attributable to shareholders: 3.086 billion yuan (up 17.08% year-on-year) - Net profit excluding non-recurring items: 3.074 billion yuan (up 16.59% year-on-year) [5][6]. - In Q3 2024: - Total revenue: 2.637 billion yuan (up 10.11% year-on-year) - Net profit attributable to shareholders: 624 million yuan (up 6.61% year-on-year) - Net profit excluding non-recurring items: 628 million yuan (up 7.33% year-on-year) [5][6]. - The company expects EPS for 2024 and 2025 to be 2.92 yuan and 3.30 yuan respectively, corresponding to a PE ratio of 16 and 14 times [6].