今世缘：目标清晰务实 增持彰显信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to maintain double-digit revenue growth, with a slight adjustment in profit forecasts due to macroeconomic pressures. The projected net profits for 2024-2026 are 3.584 billion, 3.888 billion, and 4.222 billion respectively, with year-on-year growth rates of 14.3%, 8.5%, and 8.6% [7] - The company has a clear and pragmatic target for 2025, focusing on mid-to-high-end market segments and expanding its presence outside its home province [7] - The company’s brands, including Guo Yuan and Jin Si Yuan, are well-positioned to benefit from the consumption upgrade trend in Jiangsu province, with a solid market foundation and room for further optimization [7] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 10,100 million, with a year-on-year growth rate of 28.1%. For 2024, the revenue is expected to be 11,693 million, reflecting a growth rate of 15.8% [6] - The net profit for 2023 is estimated at 3,136 million, with a growth rate of 25.3%. The forecast for 2024 is 3,584 million, with a growth rate of 14.3% [6] - The earnings per share (EPS) for 2024 is projected to be 2.86, with a price-to-earnings (PE) ratio of 15 [6] Market Performance - The company’s stock price closed at 43.38 yuan, with a market capitalization of 54,420 million yuan. The stock has a dividend yield of 2.31% [2] - The company’s stock price has fluctuated between a high of 61.05 yuan and a low of 35.35 yuan over the past year [2]