YanKershop(002847)2024-11-03 04:40Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][10] Core Views - The company reported strong revenue growth in Q3 2024, with a year-on-year increase of 26.20%, positioning it among the industry leaders [3][5] - The company's revenue for the first three quarters of 2024 reached 3.861 billion yuan, up 28.49% year-on-year, while the net profit attributable to shareholders was 493 million yuan, an increase of 24.55% [3][4] - Despite short-term profit fluctuations due to changes in channel structure and tax rates, the long-term outlook remains positive with significant growth potential in both revenue and profit [4][7] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 1.402 billion yuan, a 26.20% increase year-on-year, and a net profit of 174 million yuan, up 15.62% [3][4] - The gross profit margin for Q3 2024 was 30.6%, down 2.3 percentage points year-on-year, primarily due to changes in channel structure [4][5] - The company’s operating profit margin for Q3 was 14.8%, reflecting a slight increase of 0.2 percentage points year-on-year [4] Revenue and Profit Forecast - The company is expected to achieve revenues of 5.257 billion yuan, 6.537 billion yuan, and 8.002 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 651 million yuan, 785 million yuan, and 961 million yuan [7][8] - The earnings per share (EPS) are projected to be 2.38 yuan, 2.88 yuan, and 3.52 yuan for the same years, with a price-to-earnings (P/E) ratio of 21, 18, and 14 respectively [8][10] Market Position and Strategy - The company has successfully cultivated two major brands, "Egg Emperor" and "Big Devil," which have significantly contributed to revenue growth [5][7] - The company is expanding its product lines by establishing subsidiaries focused on snack foods and meat products, expected to contribute to revenue in Q4 2024 [5][6]