YouYou Foods(603697) 东吴证券·2025-04-27 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated significant growth potential, with a focus on accelerating the pace of new product launches [1] - In Q1 2025, the company achieved revenue of 380 million yuan, a year-on-year increase of 39.2%, and a net profit attributable to shareholders of 50 million yuan, up 16.2% year-on-year [7] - The company is actively expanding into new channels, particularly in membership-based supermarkets and e-commerce, which are expected to contribute to future growth [7] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023A: 966.21 million yuan - 2024A: 1,182.33 million yuan (22.37% YoY growth) - 2025E: 1,516.87 million yuan (28.30% YoY growth) - 2026E: 1,761.44 million yuan (16.12% YoY growth) - 2027E: 2,025.66 million yuan (15.00% YoY growth) [1] - Net profit attributable to shareholders is projected as follows: - 2023A: 116.16 million yuan - 2024A: 157.33 million yuan (35.44% YoY growth) - 2025E: 198.51 million yuan (26.18% YoY growth) - 2026E: 233.85 million yuan (17.80% YoY growth) - 2027E: 270.52 million yuan (15.68% YoY growth) [1] - The latest diluted EPS is projected to be: - 2023A: 0.27 yuan - 2024A: 0.37 yuan - 2025E: 0.46 yuan - 2026E: 0.55 yuan - 2027E: 0.63 yuan [1] Market Data Summary - The closing price of the stock is 13.50 yuan - The market capitalization is 5,773.84 million yuan - The price-to-earnings ratio (P/E) is projected to be 49.71 for 2023A, decreasing to 21.34 by 2027E [5][1]