今世缘：聚力提升，驭势而上-20250228

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 a revenue growth rate in external markets that surpasses that of domestic markets [8] - The company is expected to maintain stable revenue and profit growth, with a clear growth path driven by market share gains and effective cost management strategies [8] Financial Projections - 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 2024 to 3.85 RMB in 2026, reflecting a positive trend in earnings per share [1] Market Positioning - The company is focusing on enhancing its market presence through a structured approach to channel development, targeting key markets and price segments to improve its competitive positioning [8] - The company has successfully expanded its market share in both domestic and external markets, with a strategic emphasis on optimizing its product mix and pricing strategy [8]