YanKershop(SZ:002847) Caixin Securities·2024-11-04 10:41Investment Rating - The report maintains a "Buy" rating for the company [5][8][11] Core Insights - The company has shown strong revenue growth, with a projected increase in revenue from 28.94 billion CNY in 2022 to 77.70 billion CNY by 2026, representing a compound annual growth rate (CAGR) of approximately 27.67% [1][4] - The net profit attributable to shareholders is expected to grow from 3.01 billion CNY in 2022 to 9.67 billion CNY in 2026, indicating a robust growth trajectory [1][4] - The company has successfully implemented a multi-channel strategy, with significant contributions from key product categories such as konjac and quail eggs, which together account for about half of the revenue growth [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 38.61 billion CNY, a year-on-year increase of 28.49%, and a net profit of 4.93 billion CNY, up 24.55% [2][3] - The third quarter alone saw a revenue of 14.02 billion CNY, marking a 26.20% year-on-year growth and a 13.42% quarter-on-quarter increase [2][3] - The gross profit margin for Q3 was reported at 30.62%, reflecting a slight decline due to changes in sales channel structure [4] Revenue and Profit Forecast - The company is projected to achieve revenues of 52.54 billion CNY in 2024, 64.64 billion CNY in 2025, and 77.70 billion CNY in 2026, with respective growth rates of 27.67%, 23.04%, and 20.19% [1][4] - The net profit forecast for the same years is 6.51 billion CNY, 8.00 billion CNY, and 9.67 billion CNY, with growth rates of 28.76%, 22.80%, and 20.90% respectively [1][4] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to decrease from 47.45 in 2022 to 14.80 by 2026, indicating an improving valuation as earnings grow [1][4] - The price-to-book (P/B) ratio is expected to decline from 12.61 in 2022 to 5.44 in 2026, reflecting a more attractive valuation over time [1][4]