YanKershop(002847) 海通证券·2024-11-12 02:25Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 3.861 billion yuan for Q1-Q3 2024, representing a year-over-year increase of 28.49%, and a net profit attributable to shareholders of 493 million yuan, up 22.8% year-over-year [5][6] - In Q3 2024 alone, the company achieved a revenue of 1.4 billion yuan, which is a 26.2% increase year-over-year, with a net profit of 174 million yuan, reflecting a 15.62% year-over-year growth [6][7] - The company's growth is driven by a focus on seven core product categories and a multi-channel strategy, enhancing brand influence and channel capabilities [7][8] Financial Performance Summary - For the first three quarters of 2024, the company experienced a gross margin decline of 2.62 percentage points, attributed to changes in channel and product category structures, but gross profit increased by 18.73% year-over-year [6] - The company expects revenues of 5.268 billion yuan in 2024, with net profits projected at 652 million yuan, corresponding to an EPS of 2.39 yuan per share [8][11] - The projected revenue growth rates for 2024-2026 are 28.0%, 25.6%, and 24.8%, respectively, with net profit growth rates of 28.9%, 27.9%, and 26.3% [9][11] Market Position and Strategy - The company is enhancing its market position by transitioning its strategy from a "product + channel" dual-driven growth model to a "channel-first, product-leading" approach, optimizing sales product and channel structures [7][8] - The company is expanding its presence in e-commerce and other retail formats, including partnerships with platforms like Douyin to increase brand visibility [7][8] Valuation and Recommendations - The company is assigned a valuation range of 59.75 to 71.70 yuan based on a PE ratio of 25-30 times for 2024E [8][10] - The average PE ratio of comparable companies is noted to be 53.23 times for 2024E, indicating a competitive positioning in the market [10]