YanKershop(002847) Minsheng Securities·2024-10-30 08:31Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has achieved rapid growth across multiple channels and product categories, establishing a comprehensive product system for Chinese-style snacks. In the first three quarters of 2024, the company reported a revenue of 3.861 billion yuan, a year-on-year increase of 28.49%, and a net profit attributable to shareholders of 493 million yuan, up 24.55% year-on-year [1]. - The company focuses on seven core product categories and enhances its supply chain and product quality. It has expanded its product offerings to include various packaging formats to meet diverse consumer needs [1]. - The company has strengthened its marketing efforts, leading to an increase in sales expenses. The gross profit margin for the first three quarters of 2024 was 31.84%, a decrease of 2.62 percentage points year-on-year [1]. Financial Summary - For 2024, the company is projected to achieve revenues of 5.197 billion yuan, with a growth rate of 26.3%. The net profit attributable to shareholders is expected to reach 607 million yuan, reflecting a growth rate of 20.0% [2][4]. - The earnings per share (EPS) for 2024 is estimated at 2.23 yuan, with a price-to-earnings (P/E) ratio of 24 [2][5]. - The company's financial indicators show a stable cost structure, with sales, management, and R&D expense ratios remaining relatively stable [1].