YanKershop(SZ:002847) Southwest Securities·2024-08-16 04:08Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company achieved a revenue of 2.46 billion yuan in the first half of 2024, representing a year-on-year growth of 29.8%, with a net profit of 320 million yuan, up 30% year-on-year [1] - In Q2 2024, the company reported a revenue of 1.24 billion yuan, a 23.4% increase year-on-year, and a net profit of 160 million yuan, growing by 19.1% year-on-year [1] - New product performance is strong, with significant growth in e-commerce channels, particularly in the spicy snacks, leisure baking, and deep-sea snacks categories [1] - The company plans to repurchase shares worth 50 to 70 million yuan and distribute a cash dividend of 6 yuan per 10 shares [1] Financial Performance Summary - Revenue projections for 2024-2026 are 5.24 billion yuan, 6.46 billion yuan, and 7.86 billion yuan, with growth rates of 27.35%, 23.27%, and 21.67% respectively [3] - Net profit forecasts for the same period are 671.8 million yuan, 852.15 million yuan, and 1.06 billion yuan, with growth rates of 32.83%, 26.85%, and 24.65% respectively [3] - The company’s EPS is projected to be 2.45 yuan, 3.11 yuan, and 3.87 yuan for 2024, 2025, and 2026 respectively [3] - The company’s PE ratio is expected to decrease from 16 times in 2024 to 10 times in 2026 [3]