YanKershop(002847) 西南证券·2024-10-30 09:02Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a revenue of 3.86 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 28.5%. The net profit attributable to shareholders was 490 million yuan, up 24.5% year-on-year. In Q3 2024, revenue reached 1.4 billion yuan, with a year-on-year increase of 26.2%, and net profit was 170 million yuan, growing 15.6% year-on-year [1][2]. Summary by Sections Revenue and Profitability - The company achieved a gross margin of 31.8% in the first three quarters, a decrease of 2.6 percentage points year-on-year, primarily due to changes in channel structure. The net profit margin was 12.8%, down 0.6 percentage points, mainly affected by a temporary increase in the income tax rate [2]. Product Performance - New products such as "Egg Emperor" quail eggs and "Big Demon King" vegetarian tripe have gained wide recognition, contributing to significant revenue growth. In Q3 2024, revenue from leisure konjac and quail eggs reached 240 million yuan (+39%) and 180 million yuan (+64%), respectively [1][2]. Channel Development - The company has made significant strides in the membership store channel, with "Egg Emperor" quail eggs entering Sam's Club. The snack channel continues to grow rapidly, with enhanced cooperation with leading systems. The "Big Demon King" vegetarian tripe is also seeing strong performance in e-commerce [1]. Shareholder Returns and Supply Chain - The company completed a buyback of 1.57 million shares for a total amount of 59.88 million yuan, which has been fully canceled to reduce registered capital. The first phase of the quail egg breeding base has reached full production, with future phases expected to increase daily egg production to 120 tons [2]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 630 million yuan, 810 million yuan, and 1 billion yuan, respectively. The corresponding EPS is projected to be 2.31 yuan, 2.97 yuan, and 3.68 yuan, with dynamic PE ratios of 23x, 18x, and 14x [2][4].