YanKershop(002847) 中邮证券·2025-04-25 05:23Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company achieved a revenue of 5.304 billion yuan in 2024, with a year-on-year growth of 28.89%, and a net profit of 640 million yuan, reflecting a growth of 26.53% [5][10] - The company is expected to continue its growth trajectory, with projected revenues of 6.582 billion yuan and 7.924 billion yuan for 2025 and 2026, respectively, representing year-on-year growth rates of 24.10% and 20.38% [10][12] - The company is focusing on upgrading its product categories and enhancing brand strength, which is expected to drive future growth [6][9] Company Overview - The latest closing price of the company's stock is 83.13 yuan, with a total market capitalization of 22.7 billion yuan [4] - The company has a total share capital of 273 million shares, with 245 million shares in circulation [4] - The company has a debt-to-asset ratio of 50.9% and a price-to-earnings ratio of 35.22 [4] Financial Performance - In Q4 2024, the company reported revenues of 1.443 billion yuan and a net profit of 147 million yuan, both showing significant year-on-year growth [5] - The company’s gross margin for 2024 was 30.69%, slightly down from the previous year, while the net profit margin was 12.07% [7][8] - The company is expected to see improvements in profit margins due to cost control measures and a shift towards higher-margin products [9][10] Product and Channel Strategy - The company is leveraging a dual strategy of product category enhancement and channel expansion, with significant growth in direct sales and e-commerce channels [6][9] - The company plans to invest 30 million USD in establishing a production base in Thailand to cater to the Southeast Asian market [6][10] - The company’s sub-brand "Da Mo Wang" has shown strong performance, with new products achieving significant sales milestones [6][9]