YanKershop(002847) 光大证券·2025-03-04 19:10Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The company has a clear strategic plan that enhances profitability, transitioning from a channel-driven model to a product-driven model, with expectations of reduced sales expense ratios and improved net profit margins by 2025 [1][3] - The company is focusing on strengthening its single product capabilities and advancing towards a platform-based strategy, with successful brand development in key product categories [2][3] - The company has clarified its channel strategy for 2025, actively expanding into high-potential membership stores and overseas markets, with plans to establish production bases abroad [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] Profitability and Valuation Metrics - The company's return on equity (ROE) is forecasted to be 36.83% in 2024 and 37.26% in 2025, indicating strong profitability [4][12] - The gross profit margin is expected to stabilize around 32.4% in 2024 and 2025 [12] - The company’s price-to-book (P/B) ratio is projected to decrease from 8.1 in 2024 to 6.4 in 2025, suggesting a more attractive valuation over time [4][13]