YanKershop(002847) Guolian Securities·2024-10-30 14:01Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a steady revenue performance with a slight pressure on profitability. For the first three quarters of 2024, the company achieved 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. In Q3 2024 alone, revenue reached 1.402 billion yuan, a 26.20% increase year-on-year, with a net profit of 174 million yuan, growing 15.62% year-on-year [2][6] - The company's gross margin in Q3 2024 decreased by 2.32 percentage points to 30.62%, primarily due to adjustments in channel structure and product categories. The increase in the proportion of quail egg products and rising prices of konjac raw materials also contributed to this decline. The sales expense ratio, management expense ratio, and R&D expense ratio increased by 0.29, -1.34, and -0.23 percentage points respectively [6] - The company is expected to continue achieving high growth through a dual-driven strategy of channels and products. It has quickly adapted to channel changes, expanding into new platforms like live e-commerce and leveraging its strong organizational and supply chain capabilities [6] Financial Summary - For 2024-2026, the company’s revenue is projected to be 5.274 billion yuan, 6.519 billion yuan, and 7.909 billion yuan, representing year-on-year growth rates of 28.17%, 23.61%, and 21.32% respectively. The net profit attributable to shareholders is forecasted to be 650 million yuan, 795 million yuan, and 976 million yuan, with growth rates of 28.53%, 22.36%, and 22.67% respectively. The EPS is expected to be 2.38 yuan, 2.92 yuan, and 3.58 yuan per share for the same period [6][7]