今世缘（603369）：业绩符合预期，经营目标积极务实

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is in line with expectations, and its operational goals are positive and pragmatic. The 2024 revenue reached 11.55 billion, a year-on-year increase of 14.3%, while the net profit attributable to the parent company was 3.41 billion, up 8.8% year-on-year. The company aims for a revenue growth of 5%-12% in 2025, with net profit growth slightly lower than revenue growth [6][5] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 11,546 million, with a year-on-year growth rate of 14.3%. The net profit attributable to the parent company is expected to be 3,412 million, with a growth rate of 8.8% [5] - For 2025, the estimated total revenue is 12,265 million, with a growth rate of 6.2%, and the net profit is projected at 3,600 million, reflecting a growth rate of 5.5% [5] - The earnings per share for 2025 is estimated at 2.89 yuan, with a projected PE ratio of 16 [5] - The gross profit margin for 2024 is 74.7%, with a return on equity (ROE) of 22.1% [5] Revenue Breakdown - In 2024, the company's white liquor revenue reached 114.8 billion, a year-on-year increase of 14.3%. The revenue from the special A+ category was 74.9 billion, up 15.2%, accounting for 65.3% of total revenue [6] - For Q1 2025, the white liquor revenue was 50.8 billion, a year-on-year increase of 9.29%. The special A+ category revenue was 31.7 billion, up 6.6% [7] Market Position and Strategy - The company is recognized as a strong regional leader with solid fundamentals and sustainable growth capabilities. It has clear brand positioning with its three major brands: Guo Yuan, Jin Si Yuan, and Gao Gou [6] - The company is focusing on expanding its presence in the high-end market and exploring opportunities outside its home province, indicating long-term growth potential [6]