YanKershop(SZ:002847) Xin Lang Cai Jing·2025-04-23 02:50Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational capabilities and market demand [1][5]. Financial Performance - In 2024, the company achieved revenue of 5.304 billion, a year-on-year increase of 28.89%, and a net profit attributable to shareholders of 640 million, up 26.53% [1]. - For Q4 2024, revenue was 1.443 billion, reflecting a 29.96% increase year-on-year, with a net profit of 147 million, up 33.67% [1]. - In Q1 2025, revenue reached 1.537 billion, a 25.69% increase year-on-year, with a net profit of 178 million, up 11.64% [1]. Product Performance - The company saw high growth in several product categories in 2024, with revenue from leisure konjac products reaching 838 million, up 76.09%, and quail egg snacks at 580 million, up 81.87% [2]. - Revenue from spicy snacks totaled 1.962 billion, a 32.36% increase, while baked potato snacks generated 1.158 billion, up 17.31% [2]. - E-commerce channels contributed significantly, with revenue of 1.159 billion, reflecting a 39.95% year-on-year growth [2]. Profitability Metrics - The gross margin for Q4 2024 was 27.62%, down 3.44 percentage points year-on-year, while Q1 2025 saw a gross margin of 28.47%, down 3.64 percentage points [3]. - The net profit margin for Q4 2024 was 10.18%, up 0.28 percentage points year-on-year, but Q1 2025 saw a decline to 11.59%, down 1.46 percentage points [4]. Cost Management - The company experienced a decrease in expense ratios, with Q4 2024 period expense ratio at 17.79%, down 2.09 percentage points year-on-year, and Q1 2025 at 16.16%, down 2.66 percentage points [4]. - Sales expense ratio for Q4 2024 was 11.54%, down 1.63 percentage points, while management expenses were reduced to 4.47%, down 0.29 percentage points [4]. Brand Development - The company has successfully developed several key product brands, such as "Big Devil" konjac products and "Egg Emperor" quail eggs, which have shown strong sales performance [5]. - The focus on six core product categories is expected to replicate the rapid growth seen in flagship products [5]. Future Projections - Revenue projections for 2025-2027 are estimated at 6.519 billion, 8.010 billion, and 9.265 billion, with year-on-year growth rates of 22.92%, 22.86%, and 15.68% respectively [5]. - Expected net profits for the same period are 826 million, 1.041 billion, and 1.230 billion, with growth rates of 29.05%, 26.07%, and 18.18% respectively [5].