今世缘（603369）：基础单品发力，状态有望趋稳

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 48.79 CNY from the previous 51.85 CNY [3][5] Core Views - The company is expected to face temporary pressure on its core products in 2025, with external demand likely remaining at a low point in 2026. The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 2.29 CNY, 2.32 CNY, and 2.77 CNY respectively, down from previous estimates of 3.70 CNY and 4.40 CNY for 2025 and 2026 [3] - The report highlights that external demand is expected to improve sequentially, indicating a potential bottoming out of performance. The company maintains a competitive advantage during the adjustment period, with its products performing better than the market average [10] - The report emphasizes the company's focus on core products and its competitive advantages, suggesting that as the demand stabilizes, the company could see a recovery in growth driven by market share gains [10] Financial Summary - The projected revenue for 2025 is 10,289 million CNY, reflecting a year-on-year decline of 10.9%. The revenue is expected to recover to 11,584 million CNY by 2027, with a growth rate of 12.5% [8] - The gross margin is projected to be 75.0% in 2025, slightly improving to 76.7% by 2027. The net profit margin is expected to be 27.8% in 2025, increasing to 29.8% by 2027 [8] - The report provides a comparison of the company's valuation metrics with peers, indicating a dynamic price-to-earnings (PE) ratio of 21X based on the 2026 EPS [12]