今世缘（603369）：跟踪报告：精细管理，迎难而上

Investment Rating - The report maintains an "Outperform" rating for the company [2]. Core Views - The company is expected to achieve revenue growth of 5% to 12% year-on-year in FY25, with net profit growth slightly lower than revenue growth, emphasizing a dynamic balance between profit and operational quality [3][12]. - The high-end strategy has shown significant results, with the Guoyuan special A+ products accounting for 64.9% of total revenue in FY24 and a gross profit margin of 82.7%, which is substantially higher than the overall gross profit margin of 74.7% [4][13]. - The company has a clear target for FY25, aiming for revenue of RMB 12.5 billion, net profit of RMB 3.6 billion, and an EPS of RMB 2.9, with a projected target price of RMB 52 based on an 18x PE ratio [5][15]. Financial Performance - The company has maintained over 20% growth in revenue and net profit for three consecutive years from FY21 to FY23, with net profit growth outpacing revenue growth, indicating improved profitability [3][12]. - For FY24, the company is expected to achieve revenue of RMB 11.5 billion and a net profit of RMB 3.4 billion, with a diluted EPS of RMB 2.74 [10]. - The company has a dividend yield of 3.1% for FY24, marking a record high with eight consecutive years of cash dividends [5][15]. Market Strategy - The company is focusing on core segments with tailored strategies for different provinces, aiming for synergistic growth across six regions in FY24 and targeting key markets in Anhui and Shandong for expansion in FY25 [4][14]. - The company has optimized its expense ratios significantly, with reductions in sales, management, and period expense ratios year-on-year [4][13].