YanKershop(002847) 东吴证券·2024-07-12 12:00Investment Rating - The investment rating for the company is "Buy" [19][24]. Core Views - The company is expected to achieve revenue of 24-25 billion yuan in H1 2024, representing a year-on-year growth of 26.7%-32.0%. The net profit attributable to shareholders is projected to be between 3.1-3.3 billion yuan, with a growth of 26.2%-34.3% [1]. - The company is implementing multiple measures to enhance shareholder returns, including a share buyback plan of 50-70 million yuan, a cash dividend of 6 yuan per 10 shares, and the early termination of a share reduction plan [8][24]. - The company is focusing on expanding its sales channels, with significant growth in high-potential channels such as Douyin, where sales are expected to reach approximately 1.9 billion yuan in Q2 2024, a year-on-year increase of nearly 250% [14]. Financial Performance Summary - For 2024, the company forecasts total revenue of 51.8 billion yuan, 64.2 billion yuan, and 77.5 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26%, 24%, and 21% [24]. - The net profit attributable to shareholders is expected to be 6.7 billion yuan, 8.8 billion yuan, and 10.8 billion yuan for the same years, with growth rates of 32% for both 2024 and 2025, and 22% for 2026 [24]. - The earnings per share (EPS) are projected to be 2.44 yuan, 3.22 yuan, and 3.92 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 16x, 12x, and 10x [24]. Market Data Summary - The closing price of the company's stock is 39.60 yuan, with a market capitalization of approximately 10.87 billion yuan [3]. - The company has a price-to-book (P/B) ratio of 4.74 and a total circulating A-share market value of approximately 9.73 billion yuan [3][16].