今世缘（603369）：业绩符合预期，省内增长势能强劲

Investment Rating - The investment rating for the company is "Buy" and maintained [1] Core Views - The company is expected to achieve total operating revenue of 11.546 billion yuan, a year-on-year increase of 14.31%, with a net profit attributable to shareholders of 3.412 billion yuan, reflecting an 8.8% growth [3] - The company's gross margin is projected to be 74.75%, with a net profit margin of 29.55%, showing a slight decline compared to the previous year [3] - The company aims for a revenue growth of 5%-12% in 2025, with net profit growth slightly lower than revenue growth [10] Company Overview - The latest closing price is 47.40 yuan, with a total market capitalization of 59.1 billion yuan [2] - The company has a total share capital of 1.247 billion shares, with a debt-to-asset ratio of 36.2% and a price-to-earnings ratio of 17.32 [2] Financial Performance - In Q4 2024, the company reported total operating revenue of 1.604 billion yuan, a decrease of 7.56% year-on-year, with a net profit of 326 million yuan, down 34.84% [4] - For Q1 2025, the company achieved total operating revenue of 509.9 million yuan, reflecting a year-on-year increase of 9.17% [6] - The company’s revenue from direct sales and wholesale in 2024 was 2.73 billion yuan and 11.205 billion yuan, respectively, showing growth of 20.78% and 14.19% [5] Revenue Breakdown - In 2024, the revenue from different product categories was as follows: Special A+ 749.1 million yuan, Special A 334.7 million yuan, A class 41.9 million yuan, B class 14.2 million yuan, and CD class 7.4 million yuan, with year-on-year growth rates of 15.17%, 16.61%, 1.95%, -11.09%, and -14.57% respectively [5] - Revenue from various regions in 2024 included: Huai'an 2.235 billion yuan, Nanjing 2.631 billion yuan, and other regions showing strong growth [5] Earnings Forecast - The company forecasts operating revenues of 12.704 billion yuan, 13.994 billion yuan, and 16.118 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 3.696 billion yuan, 4.109 billion yuan, and 4.863 billion yuan [12][10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.96 yuan, 3.30 yuan, and 3.90 yuan, respectively [12]