YanKershop(002847) 民生证券·2024-07-11 05:30Investment Rating - The report maintains a "Recommended" rating for the company [5][20]. Core Views - The company is expected to achieve a revenue of 24-25 billion yuan in the first half of 2024, representing a year-on-year growth of 27%-32%. The net profit attributable to shareholders is projected to be between 3.1-3.3 billion yuan, with a growth of 26%-34% [3][4]. - The revenue for Q2 2024 is estimated to be 12-13 billion yuan, with a year-on-year increase of 18%-28%. The net profit for the same period is expected to be between 1.5-1.7 billion yuan, reflecting a growth of 15%-27% [3][4]. - The company is focusing on seven core product categories and expanding its distribution channels, which is driving revenue growth. The introduction of new products like "Egg Emperor" quail eggs in Sam's Club is expected to enhance sales [3][4]. Financial Forecasts - The company’s projected revenues for 2024, 2025, and 2026 are 52.0 billion yuan, 65.2 billion yuan, and 79.1 billion yuan, respectively, with year-on-year growth rates of 26.3%, 25.4%, and 21.4% [5][22]. - The net profit attributable to shareholders is forecasted to be 6.3 billion yuan in 2024, 8.0 billion yuan in 2025, and 10.6 billion yuan in 2026, with growth rates of 25.0%, 27.1%, and 31.6% [5][22]. - The earnings per share are expected to be 2.3 yuan in 2024, 2.9 yuan in 2025, and 3.9 yuan in 2026, with corresponding P/E ratios of 19, 15, and 11 [5][22]. Shareholder Actions - A major shareholder, Zhang Xuewen, has voluntarily terminated a planned share reduction, which was originally set to reduce holdings by up to 412 million shares. After this action, he holds approximately 15.3% of the total shares [5][20]. - The company has proposed a mid-year dividend of 6 yuan per 10 shares (before tax) and plans to repurchase shares with a budget of 50-70 million yuan, aiming to reduce registered capital [5][20].