YanKershop(002847) Huaan Securities·2024-08-09 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively embracing channel dividends, with significant growth in bulk sales and Douyin channels driving revenue [1] - The company has achieved strong performance in H1 2024, with revenue reaching 2.459 billion yuan, a year-on-year increase of 29.84%, and net profit attributable to shareholders reaching 319 million yuan, up 30.00% [1] - The report highlights that the company has successfully expanded its market share through strategic pricing and channel development, particularly with its quail egg products and the "Egg Emperor" brand [1] Financial Performance Summary - For Q2 2024, the company reported revenue of 1.236 billion yuan, a year-on-year increase of 23.44%, and net profit attributable to shareholders of 160 million yuan, up 19.11% [1] - The company's gross margin for Q2 2024 was 32.96%, with a slight increase in sales and management expenses due to enhanced brand promotion efforts [1] - The company maintains its previous profit forecasts, expecting total revenue to reach 7.85 billion yuan by 2026, with a compound annual growth rate of 22.6% [2][4] Revenue and Profit Forecasts - Revenue forecasts for the company are as follows: 5.203 billion yuan in 2024, 6.403 billion yuan in 2025, and 7.850 billion yuan in 2026, with year-on-year growth rates of 26.4%, 23.1%, and 22.6% respectively [2][4] - Net profit forecasts are projected at 675 million yuan in 2024, 849 million yuan in 2025, and 1.078 billion yuan in 2026, with corresponding growth rates of 33.4%, 25.8%, and 27.0% [2][4] Key Financial Metrics - The company's current P/E ratios are 15.35 for 2024, 12.20 for 2025, and 9.61 for 2026, indicating a favorable valuation trend [2][4] - The gross margin is expected to stabilize around 32.9% in the coming years, reflecting efficient cost management [4][6]