YanKershop(002847) EBSCN·2025-01-07 10:24Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The company has a clear strategy and steady growth, with recent adjustments in management structure aimed at improving operational efficiency [1] - The product strategy has been refined to focus on seven major categories, with a specific emphasis on the "1+2" strategy, highlighting key products such as konjac and quail eggs [2] - Continuous optimization of the supply chain is expected to enhance cost advantages, particularly through self-sourced high-quality quail eggs [3] - Earnings forecasts for 2024-2026 are maintained at EPS of 2.46, 3.13, and 3.76 yuan, with corresponding P/E ratios of 24, 19, and 16 times [3] Summary by Sections Management and Operational Efficiency - The company has restructured its management to enhance operational efficiency, transitioning from a sales channel-based division to a product category-based division, fostering internal competition and responsiveness to market demands [1] Product Strategy - The focus on seven major product categories has led to the establishment of a "1+2" strategy, with konjac and quail eggs as core products. The sub-brands "Big Demon King" and "Egg Emperor" have achieved significant sales, contributing to the company's growth [2] Supply Chain Optimization - The company is enhancing its supply chain to support key products, with self-sourced quail eggs providing a cost advantage. The production capacity is expected to reach 120 tons per day after the completion of phase three of the breeding project [3] Financial Projections - The company anticipates revenue growth from 4,115 million yuan in 2023 to 7,869 million yuan in 2026, with net profit projected to increase from 506 million yuan in 2023 to 1,025 million yuan in 2026 [4][10]