YanKershop(002847) Soochow Securities·2024-10-30 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported revenue of 3.86 billion yuan for Q1-Q3 2024, a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 490 million yuan, up 24.5% year-on-year. In Q3 2024, revenue reached 1.4 billion yuan, a 26.2% increase year-on-year, with a net profit of 170 million yuan, up 15.6% year-on-year [3][4] - The revenue exceeded market expectations, driven by the continued growth of key products. Monthly sales of konjac are expected to surpass 100 million yuan (including tax), and quail egg sales are projected to average 70-80 million yuan per month. Both e-commerce and wholesale channels have shown growth, and the newly developed membership-based supermarket channel has also contributed positively [3][5] - The gross profit margin for Q3 2024 was 30.6%, down 2.3 percentage points year-on-year and quarter-on-quarter. The operating profit margin was 14.8%, showing slight increases year-on-year and quarter-on-quarter, while the net profit margin was 12.5%, down 1.1 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [4][5] Financial Forecasts - The company is expected to achieve revenues of 5.36 billion yuan, 6.44 billion yuan, and 7.53 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 30%, 20%, and 17%. The net profit attributable to shareholders is projected to be 650 million yuan, 840 million yuan, and 1.1 billion yuan for the same years, with growth rates of 28%, 30%, and 30% respectively [5][11] - The price-to-earnings (P/E) ratios are expected to be 22, 17, and 13 for 2024, 2025, and 2026 respectively [5][11]