YanKershop(002847) 华安证券·2025-04-23 08:45Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved dual breakthroughs in product categories and distribution channels, with significant revenue growth and profitability improvements [6][10] - The company reported a revenue of 1.537 billion yuan in Q1 2025, representing a 25.7% year-on-year increase, and a net profit of 178 million yuan, up 11.6% [8] - The company is expected to continue benefiting from the growth of its key product categories, particularly konjac, and the expansion of efficient distribution channels [10] Revenue Summary - In 2024, the company achieved a total revenue of 5.304 billion yuan, a 28.9% increase year-on-year [8] - The revenue for Q4 2024 was 1.443 billion yuan, reflecting a 30.0% increase [8] - The company expects to maintain strong growth in both offline and online channels, with significant contributions from new partnerships and product launches [8] Profitability Summary - The gross profit margin for Q1 2025 decreased by 3.6 percentage points to 28.5%, primarily due to changes in sales channel structure [8] - The net profit margin for Q1 2025 was 11.5%, down 1.6 percentage points [8] - For the full year 2024, the gross profit margin was 30.69%, a decrease of 2.85 percentage points [8] Financial Forecast - The company forecasts total revenues of 6.802 billion yuan in 2025, 8.376 billion yuan in 2026, and 10.072 billion yuan in 2027, with year-on-year growth rates of 28.2%, 23.1%, and 20.2% respectively [12] - The projected net profit for 2025 is 844 million yuan, increasing to 1.061 billion yuan in 2026 and 1.315 billion yuan in 2027, with growth rates of 32.0%, 25.6%, and 24.0% respectively [12] - The company maintains a strong return on equity (ROE) forecast, with expected values of 35.4% in 2025 and 33.5% in 2026 [12]