今世缘：理性务实，稳扎稳打

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has rationally set its operational goals, prioritizing quality and market share. Despite external pressures affecting sales performance in 2024, there is an expectation for marginal recovery in consumption following recent policy measures. The company aims to maintain price stability and channel health while focusing on fundamental growth and market share enhancement [2][3] - The company is focusing on both total growth and structural improvement within its domestic market, particularly in the 100-500 RMB price range, while also developing high-end products above 500 RMB. The strategy includes creating model markets in surrounding provinces to drive growth [3] - Organizational optimization is underway to enhance efficiency and support a multi-brand strategy. The company plans to further adjust its organizational structure to adapt to this strategy and strengthen its marketing team [3] Financial Forecasts and Valuation - The company’s revenue is projected to grow from 10,100 million RMB in 2024 to 15,448 million RMB by 2026, with year-on-year growth rates of 17.15%, 12.41%, and 16.13% respectively [1] - The net profit attributable to the parent company is expected to increase from 3,607 million RMB in 2024 to 4,814 million RMB in 2026, with growth rates of 15.03%, 12.02%, and 19.12% respectively [1] - The latest diluted EPS is forecasted to rise from 2.89 RMB in 2024 to 3.86 RMB in 2026, with corresponding P/E ratios of 15.61, 13.93, and 11.70 [1][4]