YanKershop(SZ:002847) HUAXI Securities·2024-08-12 03:28Investment Rating - The investment rating for the company is "Buy" [2][7] Core Views - The company reported a revenue of 2.459 billion yuan for the first half of the year, representing a year-on-year increase of 29.84%, and a net profit attributable to shareholders of 319 million yuan, also up by 30% [3] - The company plans to distribute a cash dividend of 6 yuan per 10 shares, indicating a commitment to shareholder returns [3] - The company continues to optimize its product and channel structure, enhancing its competitive advantages through multiple channels and product categories [4] - The company achieved significant revenue growth across various product categories, with notable increases in spicy snacks, baked goods, and egg snacks [4] - The company’s revenue growth strategy is supported by a strong supply chain and a focus on consumer demand [4] Financial Performance - The company’s gross margin decreased by 2.81 percentage points to 32.53% due to changes in channel structure, despite a decline in raw material costs [6] - The net profit margin improved slightly by 0.03 percentage points to 13.0% due to effective cost control [6] - The company’s net profit for Q2 was 160 million yuan, reflecting a year-on-year increase of 19.11% [6] - The company has adjusted its revenue forecasts for 2024-2026, with expected revenues of 5.226 billion yuan in 2024, 6.380 billion yuan in 2025, and 7.655 billion yuan in 2026 [7][8] - The earnings per share (EPS) forecast for 2024 is adjusted to 2.40 yuan [7] Market Position and Strategy - The company is focusing on channel expansion, particularly in e-commerce and collaboration with popular snack brands, enhancing its brand influence [4] - The company’s strategy of "channel supremacy, product leadership, and system support" is expected to continue driving its growth [6]