YanKershop(002847) 开源证券·2025-04-24 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated robust revenue growth, with a reported revenue of 5.3 billion yuan in 2024, reflecting a year-on-year increase of 28.9%. The net profit attributable to the parent company reached 640 million yuan, up 26.5% [4][6] - In Q1 2025, the company achieved a revenue of 1.54 billion yuan, marking a 25.7% increase year-on-year, with a net profit of 180 million yuan, up 11.6% [4][6] - The company is adjusting its channel structure, which has impacted gross margins, but it is expected to benefit from the growth of new products, particularly in the konjac category, and is beginning to explore overseas markets [4][6] Financial Performance Summary - The company reported a revenue of 5.3 billion yuan in 2024, with a year-on-year growth of 28.9% and a net profit of 640 million yuan, reflecting a growth of 26.5% [4][7] - For 2025, the company is projected to achieve revenues of 6.72 billion yuan, with a growth rate of 26.7%, and a net profit of 843 million yuan, representing a growth of 31.7% [7] - The gross margin for 2024 was 30.7%, with a slight decrease from the previous year, while the net profit margin was 12.1% [7] Product and Regional Performance - In Q4 2024, the company generated a revenue of 1.44 billion yuan, a 30.0% increase, driven by strong performance in various product categories, particularly spicy konjac and egg snacks [5][6] - The company’s revenue by region in 2024 showed significant growth across all areas, with the overseas market experiencing a staggering increase of 19822.0% [5][6] Future Projections - The company is expected to achieve net profits of 8.4 billion yuan in 2025, 10.5 billion yuan in 2026, and 13.2 billion yuan in 2027, with respective growth rates of 31.7%, 24.0%, and 25.9% [4][7] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 28.9 for 2025, 23.3 for 2026, and 18.5 for 2027 [4][7]