YanKershop(002847)2024-10-31 09:20Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][6]. Core Insights - The company reported a revenue of 3.861 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 28.49%. The net profit attributable to shareholders was 493 million yuan, up 24.55% year-on-year [5][6]. - The company is expected to achieve a revenue of 5.230 billion yuan in 2024, with a projected net profit of 679 million yuan, reflecting a growth rate of 34% [6][9]. - The company is focusing on multi-category growth through bulk and online channels, enhancing brand strength, optimizing product structure, and integrating the supply chain to improve profitability [6]. Financial Summary - For the third quarter of 2024, the company achieved a revenue of 14.02 billion yuan, a 26.2% increase year-on-year, with a net profit of 1.74 billion yuan, up 15.62% [5][6]. - The gross profit margin for the third quarter of 2024 was 30.6%, a decrease of 2.3 percentage points year-on-year, primarily due to channel structure adjustments [7]. - The company’s operating profit for the third quarter was 208 million yuan, reflecting a 28% increase year-on-year [7]. Revenue and Profit Forecast - The company’s total revenue is projected to grow from 4.115 billion yuan in 2023 to 5.230 billion yuan in 2024, with a compound annual growth rate of 27.1% [9]. - The earnings per share (EPS) are expected to increase from 1.85 yuan in 2023 to 2.49 yuan in 2024, with a net profit margin of 12.5% for the third quarter of 2024 [6][9].