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今世缘:2024年股东大会调研反馈稳健进取,持续破局-20250522
Huachuang Securities· 2025-05-22 04:25
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]
今世缘(603369):2024年股东大会调研反馈:稳健进取,持续破局
Huachuang Securities· 2025-05-22 02:33
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]