YanKershop(002847) 上海证券·2024-10-31 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][17] Core Views - The company reported a revenue of 3.861 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 28.49%. The net profit attributable to shareholders was 493 million yuan, up 24.55% year-on-year [3] - The company is focusing on a multi-category strategy, emphasizing seven core categories and aiming to enhance product quality and supply chain efficiency. The company plans to develop new growth categories while leveraging all-channel strategies for revenue and profit growth [4] - The company maintains good control over operating expenses, with a gross margin of 31.84% and a net margin of 12.83%. The company is expected to achieve a trend of increasing profit margins through various measures [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.402 billion yuan, a year-on-year increase of 26.20%, and a net profit of 174 million yuan, up 15.62% year-on-year [3] - The company’s revenue projections for 2024-2026 are 5.242 billion yuan, 6.531 billion yuan, and 7.862 billion yuan, with growth rates of 27.37%, 24.60%, and 20.37% respectively [6][8] - The net profit projections for the same period are 646 million yuan, 817 million yuan, and 1 billion yuan, with growth rates of 27.77%, 26.36%, and 22.52% respectively [6][8] Strategic Initiatives - The company is enhancing its channel operations by focusing on different channel characteristics, including strengthening partnerships with major snack retailers and expanding e-commerce capabilities [4] - The company aims to establish new market bases in provinces such as Sichuan, Shandong, Henan, Jiangsu, and Zhejiang over the next three years [4] Profitability and Cost Management - The company’s expense ratios for sales, management, and R&D are 12.85%, 4.00%, and 1.49% respectively, indicating effective cost management [5] - The company’s gross margin is projected to stabilize around 32.7% to 33.1% over the next few years, reflecting a focus on maintaining profitability [12]