YanKershop(002847) 海通证券·2024-03-30 16:00Investment Rating - The report maintains an "Outperform the Market" rating for the company [12]. Core Views - The company achieved a revenue of 4.115 billion yuan in 2023, representing a year-over-year increase of 42.22%, and a net profit of 506 million yuan, up 67.76% year-over-year [3][24]. - The company focuses on seven core product categories and continues to enhance its channel penetration and product strength, transitioning from a "product + channel" growth strategy to a "channel-driven, product-leading" approach [4][14]. - The company is expected to see continued revenue growth, with projections of 5.256 billion yuan in 2024, 6.652 billion yuan in 2025, and 8.356 billion yuan in 2026 [5][15]. Financial Summary - In 2023, the company reported a gross profit margin of 33.5%, with a slight decrease from the previous year [5][24]. - The net profit margin improved to 12.3% in 2023, reflecting a strong performance despite a slight decline in gross margin [28]. - The company’s earnings per share (EPS) for 2023 was 2.58 yuan, with forecasts of 3.38 yuan in 2024 and 4.50 yuan in 2025 [5][28]. Product and Channel Performance - The company’s product categories, including leisure konjac products and meat products, saw significant growth, with increases of 84.95% and 39.99% respectively [25]. - The revenue breakdown by channel in 2023 showed that the distribution channel accounted for 71.74% of total revenue, while e-commerce contributed 20.13% [25]. Valuation and Market Comparison - The report suggests a price-to-earnings (P/E) valuation range of 25-30 times for 2024, indicating a reasonable value range of 84.50 to 101.40 yuan per share [15]. - The company’s market performance is compared to peers, with a focus on maintaining competitive positioning within the industry [6].