YanKershop(002847) Guoxin Securities·2024-10-30 08:01Investment Rating - The investment rating for the company is "Outperform the Market" [3][9] Core Views - The company reported a revenue growth of 26.2% year-on-year in the third quarter, with significant contributions from konjac and quail egg products. The revenue for the first three quarters reached 3.861 billion yuan, up 28.49% year-on-year, while the net profit attributable to shareholders was 493 million yuan, an increase of 24.55% year-on-year [1][5][6] - The company has completed its multi-channel layout, benefiting from strong supply chain capabilities and a rich product matrix, which helps consolidate growth in high-growth channels such as bulk snacks and e-commerce. The focus on brand building for products like "Da Mo Wang" and "Dan Huang" is expected to enhance growth momentum [6][7] Summary by Sections Financial Performance - In Q3, the company achieved a total revenue of 1.402 billion yuan, a year-on-year increase of 26.2%, and a net profit of 174 million yuan, up 15.62% year-on-year. The net profit margin decreased due to fluctuations in tax rates and a decline in gross sales difference [1][5][6] - For the first three quarters, the company reported a total revenue of 3.861 billion yuan and a net profit of 493 million yuan, with a year-on-year growth of 28.49% and 24.55% respectively [1][5] Revenue and Profit Forecast - The company maintains its profit forecast, expecting revenues of 5.219 billion yuan, 6.513 billion yuan, and 7.890 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26.8%, 24.8%, and 21.1%. The net profit is projected to be 661 million yuan, 849 million yuan, and 1.048 billion yuan for the same years, with growth rates of 30.6%, 28.5%, and 23.5% respectively [7][11]