YanKershop(002847) 东兴证券·2025-04-25 03:23Investment Rating - The report adjusts the investment rating to "Recommended" due to recent stock price increases and reasonable valuation levels [2][7]. Core Views - The company is positioned as a leader in the konjac product segment, benefiting from category advantages that drive high growth [4][7]. - The financial performance for 2024 and Q1 2025 meets expectations, with revenue growth of 28.89% and 25.69% respectively, indicating strong operational momentum [3][4]. Financial Performance Summary - In 2024, the company achieved revenue of CNY 5.30 billion, a year-on-year increase of 28.89%, and a net profit of CNY 640 million, up 26.53% [3][11]. - For Q1 2025, revenue reached CNY 1.54 billion, reflecting a 25.69% year-on-year growth, while net profit was CNY 178 million, an increase of 11.64% [3][11]. Product Category Performance - The company focuses on six core product categories, with significant revenue contributions from spicy snacks and konjac products, achieving revenue growth rates of 32.4% and 76.1% respectively [4][11]. - The launch of the sesame-flavored konjac product has become a standout item, with sales reaching CNY 838 million in 2024, marking a 76.1% increase [4][11]. Channel Performance - The company’s sales channels show strong growth, particularly in e-commerce and overseas markets, with overseas revenue increasing to CNY 62.73 million in 2024 [5][11]. - Direct sales through supermarkets and e-commerce channels have also seen significant growth, with e-commerce sales up 40% year-on-year [5][11]. Profitability and Margin Analysis - The gross margin for 2024 was 30.68%, slightly down from the previous year, attributed to a higher proportion of lower-margin products [6][11]. - Despite a decrease in net profit margin to 12.08%, the company anticipates long-term improvements in profitability as brand recognition and scale efficiencies grow [6][11]. Earnings Forecast - The company’s net profit is projected to grow to CNY 850 million in 2025, representing a 32.82% increase, with further growth expected in subsequent years [7][11].