YanKershop(002847) 新浪财经·2025-04-23 04:40Core Viewpoint - The company reported strong revenue growth in Q1 2025 and for the full year 2024, driven by the popularity of konjac products and effective channel strategies [1][2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 1.537 billion yuan, a year-on-year increase of 25.69%, with a net profit of 178 million yuan, up 11.64% [1]. - For the full year 2024, revenue reached 5.304 billion yuan, representing a 28.89% year-on-year growth, and net profit was 640 million yuan, up 26.53% [1]. - Q4 2024 saw a revenue of 1.443 billion yuan, a 29.96% increase year-on-year, with net profit rising by 33.67% to 147 million yuan [1]. Product and Category Insights - The konjac product line showed exceptional performance, with sales of sesame-flavored konjac exceeding 100 million yuan in March alone, and projected annual sales could double to 2 billion yuan [2]. - Revenue by product category for 2024 includes: spicy marinated products (1.96 billion yuan, +32%), baked potato products (1.16 billion yuan, +17%), deep-sea products (680 million yuan, +9%), egg products (580 million yuan, +82%), dried fruits and nuts (480 million yuan, +82%), konjac jelly (300 million yuan, +39%), and others (140 million yuan, -36%) [2]. Channel Performance - The company experienced a decline in gross margin to 28.5% in Q1 2025, down 3.6 percentage points year-on-year, primarily due to changes in channel structure and lower sales of high-margin gift products during the Spring Festival [3]. - Direct sales, distribution, and e-commerce revenues for Q1 2025 were 190 million yuan (-44%), 3.96 billion yuan (+34%), and 1.16 billion yuan (+40%) respectively [2][3]. Growth Strategy - The company plans to continue its aggressive store opening strategy in the snack sector, particularly in the mass retail channel, which is expected to maintain high growth [4]. - Following an investment in the snack group "Very Busy Snacks," the company aims to strengthen partnerships with leading mass retail snack brands, enhancing product presence and SKU variety in retail channels [4]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 6.887 billion yuan, 8.555 billion yuan, and 10.224 billion yuan respectively, with year-on-year growth rates of 30%, 24%, and 20% [4]. - Net profit projections for the same years are 827 million yuan, 1.051 billion yuan, and 1.274 billion yuan, with growth rates of 29%, 27%, and 21% respectively [4].