YanKershop(002847) 国海证券·2025-04-27 04:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company achieved a revenue of 5.304 billion yuan in 2024, representing a year-on-year growth of 28.89%, and a net profit attributable to shareholders of 640 million yuan, up 26.53% year-on-year [4][5] - The company has launched a category brand strategy, with significant growth in key products such as "Mowon" and "Egg Emperor," which have become category champions [5][8] - The company is expanding its overseas channels, with overseas revenue reaching 62.74 million yuan in 2024, a substantial increase from 314,900 yuan in 2023 [5][8] Financial Performance - In Q4 2024, the company reported a revenue of 1.443 billion yuan, a year-on-year increase of 29.96%, and a net profit of 147 million yuan, up 33.66% year-on-year [4] - For Q1 2025, the company achieved a revenue of 1.537 billion yuan, reflecting a year-on-year growth of 25.69%, with a net profit of 178 million yuan, up 11.64% year-on-year [4] - The company's gross margin for 2024 was 30.69%, down 2.85 percentage points year-on-year, and for Q1 2025, it was 28.47%, down 3.63 percentage points year-on-year [5][8] Revenue and Profit Forecast - The company is projected to achieve revenues of 6.795 billion yuan in 2025, 8.252 billion yuan in 2026, and 9.539 billion yuan in 2027, with corresponding net profits of 853 million yuan, 1.053 billion yuan, and 1.240 billion yuan respectively [7][9] - The expected EPS for 2025, 2026, and 2027 are 3.13 yuan, 3.86 yuan, and 4.54 yuan respectively [7][9] Market Performance - The company's stock has outperformed the market, with a 12-month performance of 78.3% compared to the Shanghai and Shenzhen 300 index, which has only increased by 7.3% [3]