YanKershop(002847) 信达证券·2024-11-02 04:41Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 14.02 billion yuan in Q3 2024, representing a year-on-year increase of 26.2%. The net profit attributable to the parent company was 1.74 billion yuan, up 15.62% year-on-year [1]. - The growth in revenue was driven by the snack channel, with a notable 64.35% increase in revenue from konjac products. However, concerns remain regarding the company's growth potential due to insufficient product drivers [1]. - The company is focusing on enhancing supply chain efficiency and developing a big product strategy, which is expected to yield positive results in the future [1]. Financial Performance Summary - The company's total revenue for 2022 was 2,894 million yuan, with a projected increase to 4,115 million yuan in 2023 and further to 5,296 million yuan in 2024, reflecting a year-on-year growth rate of 42.2% [2]. - The net profit attributable to the parent company is expected to rise from 301 million yuan in 2022 to 506 million yuan in 2023, and to 641 million yuan in 2024, indicating a growth rate of 67.8% [2]. - The gross profit margin is projected to decrease from 34.7% in 2022 to 33.5% in 2023, and further to 31.4% in 2024 [2]. - The company's EPS (Earnings Per Share) is expected to increase from 1.11 yuan in 2022 to 1.85 yuan in 2023, and to 2.35 yuan in 2024 [2]. Future Outlook - The company is expected to maintain a strong focus on multi-category product structures that align well with e-commerce and various sales channels, which are anticipated to continue high growth [1]. - The supply chain efficiency is expected to improve, which will help maintain a favorable profit margin level [1].