有友食品：公司深度报告：凤爪龙头再启航，产品渠道加速驱动

Investment Rating - The report maintains a "Buy" rating for Youyou Food [3] Core Views - Youyou Food is a leading brand in the spicy chicken feet market, with significant growth potential driven by product channel expansion [3][4] - The company has established a strong market presence in the Sichuan-Chongqing region and is looking to expand into the East China market as a second growth engine [3][4] - The overall market for leisure marinated products is expected to grow significantly, with a projected market size exceeding 200 billion yuan by 2027, reflecting a CAGR of 9% [3][4] Summary by Sections Company Overview - Youyou Food was founded in 1997 and went public in 2019, specializing in spicy chicken feet [3][4] - The company has a stable ownership structure, with the founder and his family holding 67.82% of the shares [3][4] Financial Analysis - The company's revenue is projected to grow from 966 million yuan in 2023 to 1,550 million yuan by 2026, with a CAGR of 14.7% [6] - Net profit is expected to increase from 116 million yuan in 2023 to 217 million yuan by 2026, reflecting a growth rate of 21.8% [6] - The diluted EPS is forecasted to rise from 0.27 yuan in 2023 to 0.51 yuan in 2026 [6] Market Potential - The leisure marinated products market is expected to grow from 1,396 billion yuan in 2023 to over 2,000 billion yuan by 2027, with a CAGR of 9% [3][4] - The spicy chicken feet market has shown steady growth, with the market size increasing from 2.874 billion yuan in 2018 to 3.497 billion yuan in 2022, reflecting a CAGR of 5.03% [3][4] Product and Channel Strategy - The company has diversified its product offerings beyond spicy chicken feet, with increasing revenue contributions from other products like bamboo shoots and chicken wings [27] - Offline distribution channels dominate, accounting for over 95% of sales, while online channels are gradually increasing, with a 5% revenue share in 2024Q1-Q3 [28] - The company is actively expanding its online presence through platforms like Douyin and is enhancing its marketing strategies to boost brand visibility [54]