今世缘：24顺利收官，稳健发展为25年“主基调”

Investment Rating - The investment rating for the company is "Buy" with a maintained rating, indicating an expected relative return of over 20% within the next six months [11][25]. Core Viewpoints - The company aims for steady development as the main theme for 2025, focusing on achieving key performance indicators that exceed industry averages and enhancing market expansion outside its home province [2][9]. - The company has set ambitious targets for 2025, including increasing raw liquor production capacity to 80,000 tons and ceramic jar storage capacity to 300,000 tons, while enhancing talent quality and market operations [2]. - The overall performance is expected to show steady growth, with revenue projections for 2024-2026 at 11.7 billion, 12.9 billion, and 14.2 billion yuan respectively, reflecting growth rates of 16%, 10%, and 10% [9][10]. Summary by Sections Financial Performance - Revenue for 2022 was 7.89 billion yuan, with a growth rate of 23.09%. Projections for 2023 and 2024 are 10.1 billion and 11.75 billion yuan, with growth rates of 28.05% and 16.29% respectively [10][22]. - The net profit attributable to the parent company for 2022 was 2.50 billion yuan, with projections of 3.14 billion and 3.61 billion yuan for 2023 and 2024, reflecting growth rates of 25.30% and 15.24% [10][22]. Market Strategy - The company emphasizes a consumer-centric approach, focusing on brand building, market expansion, and consumption upgrades to address fundamental supply-demand matching issues [2][9]. - Significant breakthroughs have been achieved in provincial and regional markets, with a notable increase in the number of million-yuan and ten-million-yuan markets outside the home province [8]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 15.67, 14.28, and 13.03 respectively, indicating a favorable valuation trend [10][22]. - The company’s market capitalization is approximately 56.64 billion yuan, with a total A-share capital of 1.25 billion shares [11].