YanKershop(002847) 财通证券·2024-08-12 13:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong revenue resilience with a multi-brand strategy gradually improving [2][3] - In H1 2024, the company achieved revenue of 2.459 billion yuan, a year-on-year increase of 29.84%, and a net profit attributable to shareholders of 319 million yuan, up 30.01% year-on-year [2] - The company is expected to generate revenues of 5.135 billion yuan, 6.199 billion yuan, and 7.233 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 24.8%, 20.7%, and 16.7% [3] Financial Performance - In Q2 2024, the company reported revenue of 1.239 billion yuan, a year-on-year increase of 23.44%, and a net profit of 160 million yuan, up 19.12% year-on-year [2] - The gross profit margin for Q2 2024 was 33.0%, a decrease of 3.1 percentage points year-on-year, while the net profit margin was 13.0%, down 1.1 percentage points year-on-year [2] - The company’s sales channels showed robust growth, with revenue from distribution, direct sales, and e-commerce reaching 1.77 billion yuan, 110 million yuan, and 580 million yuan respectively in H1 2024 [2] Brand Strategy - The company is actively enhancing its brand strategy, with its strategic sub-brand "Da Mo Wang" receiving multiple awards and the launch of a new sub-brand "Dan Huang" in collaboration with a packaging design master [3] - The multi-brand operation layout is gradually being perfected, contributing to the company's overall stability [3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 655 million yuan, 866 million yuan, and 1.098 billion yuan respectively, with corresponding year-on-year growth rates of 29.5%, 32.3%, and 26.7% [3][4] - The company’s PE ratios for the next three years are projected to be 16, 12, and 9 times [3]