YanKershop(SZ:002847) KAIYUAN SECURITIES·2024-10-30 14:13Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company maintains high revenue growth, with Q3 2024 revenue reaching 1.4 billion yuan, a year-on-year increase of 26.2% [1][2] - The company focuses on seven core product categories, enhancing brand strength, and has established a joint venture to develop meat and nut products, indicating a strategy for long-term growth [2] - The gross margin for Q3 2024 is 30.6%, a decrease of 2.3 percentage points year-on-year, primarily due to changes in product and channel structure [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 3.86 billion yuan, up 28.5% year-on-year, and a net profit of 490 million yuan, up 24.5% year-on-year [1] - The company forecasts revenue growth of 31.5%, 26.2%, and 21.1% for 2024, 2025, and 2026, respectively, with net profits expected to be 686 million yuan, 878 million yuan, and 1.165 billion yuan for the same years [4] - The company's operating income for 2024 is projected to be 5.41 billion yuan, with a net profit margin of 12.7% [4][5] Key Financial Metrics - Q3 2024 net profit reached 170 million yuan, a 15.6% increase year-on-year, with a net profit margin of 12.3% [3] - The company’s return on equity (ROE) is projected to be 37.2% in 2024, indicating strong profitability [4] - The price-to-earnings (P/E) ratio is expected to decrease from 27.8 in 2023 to 20.5 in 2024, suggesting potential for valuation improvement [4]