YanKershop(002847) EBSCN·2024-08-09 09:31Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 2.459 billion yuan in H1 2024, representing a year-on-year growth of 29.84%, with a net profit of 319 million yuan, up 30.00% year-on-year [1]. - The company is successfully building its brand across various product categories and steadily expanding its multi-channel layout, with significant growth in new product sales [1]. - The gross margin improved in Q2 2024, primarily due to reduced core material costs and an increase in the revenue share of key sub-brands [2]. - The company is expected to enhance its competitive advantage with the upcoming production of a potato flour factory, which will lower costs [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 2.459 billion yuan, with a net profit of 319 million yuan, and a non-recurring net profit of 273 million yuan, showing growth rates of 29.84%, 30.00%, and 17.96% respectively [1]. - For Q2 2024, the company achieved revenues of 1.236 billion yuan, a year-on-year increase of 23.44%, and a net profit of 160 million yuan, up 19.11% year-on-year [1]. - The revenue breakdown by product categories shows significant growth, with snacks and other categories experiencing increases ranging from 11.83% to 150.54% [1]. Cost and Profitability - The gross margin for H1 2024 was 32.53%, with a slight increase to 32.96% in Q2 2024, reflecting a year-on-year decrease of 3.08% but a quarter-on-quarter increase of 0.85 percentage points [2]. - The net profit margin for H1 2024 was 12.99%, slightly decreasing to 12.93% in Q2 2024, impacted by increased stock incentive amortization expenses [2]. Future Outlook - The company is expected to continue optimizing its supply chain and enhancing profitability through scale effects as it expands its product offerings and market presence [2]. - The earnings per share (EPS) forecast for 2024-2026 is set at 2.45, 3.12, and 3.74 yuan, with corresponding price-to-earnings (P/E) ratios of 16, 12, and 10 times [2].