今世缘：聚力提升，驭势而上-20250227

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong sales performance during the 2025 Spring Festival, with positive feedback from channels indicating a robust growth trajectory for the year. The company is expected to achieve a revenue growth rate that exceeds the industry average [8] - The company aims to enhance its market share both domestically and in external markets, with a focus on strategic channel development and product positioning. The goal for 2025 is to achieve revenue growth in external markets that surpasses domestic growth [8] - The company is positioned to benefit from a stable growth in revenue and profit, with a clear growth path supported by effective marketing strategies and improved operational efficiency [8] Financial Forecasts - Total revenue is projected to grow from 10,100 million RMB in 2023 to 15,413 million RMB in 2026, with year-on-year growth rates of 28.05%, 17.15%, 12.32%, and 15.97% respectively [1] - Net profit attributable to the parent company is expected to increase from 3,136 million RMB in 2023 to 4,803 million RMB in 2026, with corresponding growth rates of 25.30%, 15.03%, 11.83%, and 19.05% [1] - The latest diluted EPS is forecasted to rise from 2.50 RMB in 2023 to 3.85 RMB in 2026, reflecting a positive trend in earnings per share [1] Market Data - The closing price of the company's stock is 50.23 RMB, with a market capitalization of approximately 62,626.77 million RMB [5] - The company has a price-to-earnings (P/E) ratio of 20.09 for 2023, which is expected to decrease to 13.04 by 2026, indicating a potentially attractive valuation over time [1][5] Operational Insights - The company has successfully maintained a healthy inventory level and has effectively managed channel pricing to stabilize profits. This strategic approach is expected to enhance revenue visibility for the year [8] - The company is focusing on optimizing its product structure and pricing strategy to capture market share across different price segments, particularly in the domestic market [8]