YanKershop(002847) 东吴证券·2025-04-23 08:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates strong growth potential with notable highlights in both products and channels [1] - Revenue for 2024 is projected at 5.304 billion yuan, representing a year-on-year increase of 28.89% [1] - The net profit attributable to the parent company for 2024 is expected to reach 639.95 million yuan, a year-on-year growth of 26.53% [1] - The report emphasizes the robust performance of the konjac product line and the initial success of overseas business [7] - The company is expected to prioritize revenue growth while managing expenses related to brand and channel development [7] Financial Projections - Total revenue projections for the company are as follows: - 2023: 4.115 billion yuan - 2024: 5.304 billion yuan - 2025: 6.658 billion yuan - 2026: 7.909 billion yuan - 2027: 9.204 billion yuan - Year-on-year growth rates for total revenue are projected at 42.22% for 2023, 28.89% for 2024, and gradually decreasing to 16.37% by 2027 [1][8] - The net profit attributable to the parent company is forecasted to grow from 505.77 million yuan in 2023 to 1.243 billion yuan in 2027, with respective growth rates of 67.76% and 20.77% [1][8] - The report anticipates a diluted EPS of 1.85 yuan in 2023, increasing to 4.56 yuan by 2027 [1][8] Market Data - The closing price of the company's stock is reported at 83.13 yuan, with a market capitalization of approximately 22.68 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 44.84 for 2023, decreasing to 18.25 by 2027 [1][5]