2月3日，今世缘发布投资者来访接待记录表。谈及价格策略，管理层表示，我们的主阵地在中高端到次 高端价格带，核心策略是平衡好量与价的关系。在价格让利幅度与竞品相当的前提下，力争市场份额不 断提升。尽管淡雅、四开等产品在放量过程中，以及受市场环境影响，价格有回调压力，但我们通过优 化价值体系、梳理政策投入，实现了价格的相对稳定。从12月以来，部分市场已经反馈淡雅、四开的批 价和零售价在逐步回升。 我们观察到，短期降价确实能刺激弹性需求，但我们这个价格带的产品价格弹性没那么大。我们更关注 品牌的长期占位，希望每一轮行业洗牌后，我们的品牌力都能稍稍往上走，因此不会轻易采取降价的策 略，但会阶段性关注竞争态势进行调整。 对于V系列的规划，管理层介绍，V系列是公司高端化的重点，目前培育重心仍在江苏省内。 V3作 为"规模高端"产品，是当下的销售主力，市场热度和口碑良好，2026年已确定延续苏超冠名，份额稳中 有升。我们希望V3能在规模放量和结构引领上发挥更大作用。 V6作为"结构高端"产品，基数较低，我们通过产品形态创新（如主推单盒双支装260ml的V6小粉钻）， 在苏锡常等高线市场做重点布局。 V9定位"品类高端"，用 ...

V6作为"结构高端"产品，基数较低，我们通过产品形态创新（如主推单盒双支装260ml的V6小粉钻）， 在苏锡常等高线市场做重点布局。 V9定位"品类高端"，用于树立高端形象，本来销量较小，虽然受环境影响，短期内难以有大的突破， 但对总的业绩影响不大。 格隆汇2月3日丨今世缘(603369.SH)投资者来访接待记录表显示，V系列是公司高端化的重点，目前培育 重心仍在江苏省内。 V3作为"规模高端"产品，是当下的销售主力，市场热度和口碑良好，2026年已确定延续苏超冠名，份 额稳中有升。我们希望V3能在规模放量和结构引领上发挥更大作用。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 75 CNY [1] Core Views - The company is actively pursuing growth strategies during a challenging industry phase, focusing on optimizing its organizational structure and enhancing execution efficiency [7] - The company has established itself as a leader in the 100-500 CNY price range within its home province, with ongoing opportunities for market expansion [7] - The company is making significant strides in its V series and expanding its presence in markets outside its home province, particularly in the Yangtze River Delta region [7] - The company has shown resilience in maintaining stable pricing and strong sales performance during the seasonal downturn, with a notable increase in banquet events during the May Day holiday [7] - The company is expected to achieve steady revenue growth, with projected total revenue of 11,546 million CNY in 2024, reflecting a year-on-year growth rate of 14.3% [3] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 11,546 million CNY, 12,578 million CNY, 13,641 million CNY, and 14,695 million CNY respectively, with corresponding growth rates of 14.3%, 8.9%, 8.5%, and 7.7% [3] - The net profit attributable to shareholders is projected to be 3,412 million CNY in 2024A, with growth rates of 8.8%, 6.9%, 7.8%, and 7.8% for the following years [3] - Earnings per share (EPS) are forecasted to be 2.74 CNY for 2024A, increasing to 3.40 CNY by 2027E [3] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 17 in 2024A to 14 in 2027E, indicating potential value for investors [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 75 yuan [1] Core Views - The company is actively pursuing growth strategies during a challenging industry phase, focusing on optimizing its organizational structure and enhancing execution efficiency [7] - The company has established itself as a leader in the 100-500 yuan price range within its home province, with ongoing efforts to expand market share and explore growth opportunities in both domestic and provincial markets [7] - The company is making significant strides in its V series and expanding its presence in provincial markets, particularly in the Yangtze River Delta region, which is expected to contribute to long-term growth [7] - The company has shown resilience in maintaining stable pricing and operational performance, with a notable increase in banquet events during the May Day holiday [7] - The report forecasts steady revenue growth, with total revenue projected to reach 11,546 million yuan in 2024, reflecting a year-on-year growth rate of 14.3% [3] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 11,546 million yuan, 12,578 million yuan, 13,641 million yuan, and 14,695 million yuan respectively, with corresponding growth rates of 14.3%, 8.9%, 8.5%, and 7.7% [3] - The net profit attributable to the parent company is expected to be 3,412 million yuan in 2024A, increasing to 4,235 million yuan by 2027E, with growth rates of 8.8%, 6.9%, 7.8%, and 7.8% for the respective years [3] - Earnings per share (EPS) are projected to be 2.74 yuan in 2024A, rising to 3.40 yuan by 2027E [3] - The company’s price-to-earnings (P/E) ratio is forecasted to decrease from 17 in 2024A to 14 in 2027E, indicating potential value for investors [3]

Core Insights - The Suzhou Jinlong passenger transport tourism product exchange meeting was held in Yantai, focusing on the transformation and upgrade of the passenger transport industry, showcasing the new V-series buses [1][2] - The new V-series buses are designed to meet the increasing demand for high-quality, efficient, and environmentally friendly vehicles in the tourism transport market [1][2][3] Industry Trends - The passenger transport industry in China is undergoing a significant transformation, driven by diverse travel modes and rising quality demands [1][2] - There is a pressing need for efficient, comfortable, and intelligent passenger transport solutions, particularly in Shandong province [1][2] Product Development - The new V-series buses were developed over three years, featuring modular design, standardized components, and improved reliability [2][3] - The V-series represents a comprehensive innovation, enhancing appearance, performance, reliability, and intelligence [3] Market Reception - Since its launch in March 2024, the new V-series has received positive feedback from over 500 customers across 28 provinces, with sales extending to 11 countries and regions [4][5] - Users have reported significant improvements in design, interior quality, and fuel efficiency, with savings of 1.5 to 2 liters per 100 kilometers compared to older models [5] Future Outlook - Yantai, as a key coastal city, presents a promising market for the new V-series, which is expected to contribute to the high-quality development of the passenger transport industry in Shandong and nationwide [6]