YanKershop(002847) 光大证券·2025-03-04 08:35Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has a clear strategic plan that enhances profitability, transitioning from a channel-driven model to a product-driven model, with significant growth expected in net profit margins due to improved product mix and cost management [1][3] - The company is focusing on strengthening its single product capabilities and advancing towards a platform-based strategy, with successful product launches contributing to market share growth [2][3] - The company is actively expanding its channel strategy, including the establishment of a separate division for high-potential membership stores and plans for overseas market expansion [3] Financial Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.46, 3.13, and 3.76 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 22, 17, and 14 [3][4] - Revenue is expected to grow from 5,245 million yuan in 2024 to 6,556 million yuan in 2025, reflecting a growth rate of 25% [4][10] - Net profit is projected to increase from 672 million yuan in 2024 to 855 million yuan in 2025, with a growth rate of 27.23% [4][10] Revenue and Profitability Metrics - The company’s revenue for 2022 was 2,894 million yuan, with a growth rate of 26.83%, and is expected to reach 4,115 million yuan in 2023 [4][10] - The net profit margin is projected to improve, with the net profit for 2025 expected to be 855 million yuan, leading to a net profit margin of approximately 13% [4][12] - The return on equity (ROE) is expected to remain strong, projected at 37.26% for 2025 [4][12]