今世缘（603369）：业绩短期承压，静待需求回暖

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance is under short-term pressure, awaiting demand recovery [1] - The revenue for the first three quarters of 2025 is reported at 8.882 billion yuan, a year-on-year decrease of 10.66%, with a net profit attributable to shareholders of 2.549 billion yuan, down 17.39% year-on-year [4][6] - The third quarter of 2025 shows a revenue of 1.931 billion yuan, a significant decline of 26.78% year-on-year, and a net profit of 320 million yuan, down 48.69% year-on-year [4][6] Summary by Sections Financial Performance - For Q1-Q3 2025, the revenue breakdown by product category shows a decline in most categories, with the exception of the Special A category, which saw a slight increase of 0.32% [5] - The revenue for Q3 2025 by product category indicates a significant drop, particularly in the Special A+ category, which decreased by 38% year-on-year [5] - The company’s gross margin for Q1-Q3 2025 is reported at 73.76%, with a slight year-on-year decrease of 0.51 percentage points [6] Expense and Profitability - The sales and management expense ratios for Q1-Q3 2025 are reported at 18.13% and 3.56%, respectively, with significant increases in Q3 due to declining revenue [6] - The net profit margin for Q3 2025 is reported at 16.59%, reflecting a year-on-year decrease of 7.08% [6] Future Projections - The company’s revenue growth rates for 2025-2027 are projected at -13.1%, 1.8%, and 9.1%, respectively, with net profit growth rates of -19.4%, 3.7%, and 9.4% [6] - The earnings per share (EPS) for 2025-2027 are projected to be 2.21, 2.29, and 2.50 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18x, 17x, and 16x [6]