YanKershop(SZ:002847) Guoxin Securities·2024-07-14 14:00Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [5][20]. Core Views - The company is expected to achieve a revenue of 2.4-2.5 billion yuan in the first half of 2024, representing a year-on-year growth of 27%-32%. The net profit attributable to the parent company is projected to be 310-330 million yuan, with a growth of 26%-34% [2][15]. - The company plans to conduct a share buyback and mid-term dividend distribution, with one of the actual controllers voluntarily terminating a share reduction plan, reflecting confidence in the company's future development [4][18]. - The company has completed its multi-channel layout and has a robust supply chain system, which is expected to support long-term high-quality growth. New product categories are showing strong growth momentum [19]. Financial Performance Summary - For the second quarter of 2024, the company anticipates a revenue growth of 18%-28%, with a net profit margin slightly declining due to changes in channel structure and increased share-based payment expenses [15][16]. - The company maintains its profit forecast, expecting total revenue of 5.24 billion yuan and 6.51 billion yuan for 2024 and 2025, respectively, with year-on-year growth rates of 27.4% and 24.1% [20]. - The current stock price corresponds to a P/E ratio of 16.8 for 2024 and 13.1 for 2025 [20][22].