YanKershop(SZ:002847) Haitong Securities·2024-08-11 03:01Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Insights - The company reported a significant revenue growth of 29.84% year-on-year, achieving a total revenue of 2.459 billion yuan in the first half of 2024, with a net profit of 319 million yuan, reflecting a 30.00% increase year-on-year [6][9]. - The company continues to strengthen its omni-channel capabilities and large product offerings, focusing on seven core product categories, which have shown robust growth [6][9]. Financial Performance Summary - In Q2 2024, the company achieved a revenue of 1.236 billion yuan, a year-on-year increase of 23.44%, with a net profit of 160 million yuan, up 19.11% year-on-year [6][9]. - The gross profit margin for H1 2024 decreased by 2.81 percentage points to 32.53%, while the gross profit amount increased by 19.50% to 800 million yuan [6][9]. - The company’s other income saw a substantial increase of 180.58% year-on-year, reaching 638.6 million yuan, benefiting from government subsidies [6][9]. Product and Channel Development - The company has established a multi-category snack food product system, focusing on seven major categories, including spicy snacks and deep-sea snacks, with significant growth in egg snacks and fruit and nut products, which grew by 150.54% and 95.98% respectively [7][9]. - The company is enhancing its omni-channel coverage, with a focus on e-commerce and snack wholesale stores, while maintaining its advantages in traditional supermarkets [9]. Earnings Forecast and Valuation - The projected revenues for 2024-2026 are 5.194 billion yuan, 6.510 billion yuan, and 8.111 billion yuan respectively, with corresponding net profits of 649 million yuan, 828 million yuan, and 1.044 billion yuan [8][11]. - The estimated EPS for the same period is expected to be 2.36 yuan, 3.02 yuan, and 3.80 yuan per share [8][11]. - The company is assigned a PE valuation range of 25-30 times for 2024, corresponding to a reasonable value range of 59.00-70.80 yuan [9][10].