YanKershop(002847) 华安证券·2025-04-23 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights a dual breakthrough in product categories and distribution channels, with significant growth in revenue and profitability [6][10] - The company achieved a revenue of 1.537 billion yuan in Q1 2025, representing a year-on-year increase of 25.7%, and a net profit of 178 million yuan, up 11.6% [8] - The company is expected to continue benefiting from the growth of its konjac and egg product lines, with strong performance in both offline and online channels [10] Summary by Relevant Sections Revenue - The company reported a total revenue of 5.304 billion yuan for 2024, an increase of 28.9% year-on-year [8] - In Q1 2025, the revenue exceeded market expectations, driven by strong sales in the konjac product line [8] Profitability - The gross 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] Financial Forecast - The company is projected to achieve total revenues of 6.802 billion yuan, 8.376 billion yuan, and 10.072 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 28.2%, 23.1%, and 20.2% [10] - The forecasted net profit for 2025 is 844 million yuan, representing a 32.0% increase year-on-year [12] Market Position - The company is actively expanding its distribution channels, including entering the mass retail sector and enhancing its online presence [10] - The overseas business has shown remarkable growth, with a revenue increase of 19822% in 2024 [8]