YanKershop(002847) 华龙证券·2024-03-27 16:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][15]. Core Insights - The company achieved a revenue of 4.115 billion in 2023, representing a year-on-year growth of 42.22%. The net profit attributable to shareholders reached 506 million, up 67.76% year-on-year [14]. - The company focuses on seven major product categories, leveraging "channel penetration" and "category brand" strategies to achieve rapid growth. The product mix includes spicy snacks, deep-sea snacks, potato snacks, egg snacks, dried fruits and nuts, konjac jelly pudding, among others, with respective revenue contributions of 36%, 15%, 15%, 9%, 8%, 6%, and 5% [14]. - The company plans to continue focusing on the fast-growing snack channels and aims to enhance its product, channel, and brand momentum [15]. Financial Summary - In 2023, the company's net profit margin was 12.3%, an increase of 1.9 percentage points year-on-year, indicating a significant improvement in profitability [1]. - The gross profit margin for 2023 was 33.54%, a decrease of 1.2 percentage points, attributed to changes in channel structure with a higher proportion of lower-margin snack retail and e-commerce channels [14]. - The company forecasts net profits of 670 million, 870 million, and 1.166 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 22X, 17X, and 13X [15][16].