YanKershop(002847) 天风证券·2025-03-03 17:05Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3][14]. Core Views - The company is establishing a wholly-owned subsidiary in Thailand with an investment of approximately 220 million yuan (or 30 million USD) to enhance its overseas production capacity and support its international business strategy [1]. - The company has completed the registration of its wholly-owned subsidiary in Vietnam, focusing on expanding overseas sales and strengthening international market cooperation [1]. - The company aims to leverage its dual-driven growth model of "products + channels" and its long-term strategy of "multi-brand, multi-category, full-channel, full-industry chain, and future globalization" to achieve sustained high growth in performance [2]. Financial Summary - Revenue projections for 2024-2026 are 52 billion yuan, 65 billion yuan, and 79 billion yuan, respectively, with year-on-year growth rates of 27%, 24%, and 22% [2]. - The net profit attributable to the parent company is expected to be 6.5 billion yuan, 8.2 billion yuan, and 10.1 billion yuan for the same period, reflecting growth rates of 28%, 26%, and 24% [2]. - The company's earnings per share (EPS) are projected to be 2.37 yuan, 2.99 yuan, and 3.72 yuan for 2024, 2025, and 2026, respectively [7][9]. Financial Data - The total market capitalization of the company is approximately 14.75 billion yuan, with a circulating market value of about 13.23 billion yuan [4]. - The company's total assets are projected to reach 3.62 billion yuan in 2024, increasing to 4.76 billion yuan by 2026 [8][9]. - The company's debt-to-asset ratio is expected to be 50.01% in 2024, decreasing to 42.86% in 2025 [9].