YanKershop(002847) 华鑫证券·2025-02-26 00:49Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company plans to establish a wholly-owned subsidiary in Thailand and invest approximately 220 million yuan (or 30 million USD) to build a production base, focusing on products like konjac and potato chips to enhance its overseas supply chain [6] - The konjac product line is expected to generate around 800 million yuan in revenue for 2024, with growth rates surpassing the overall market [7] - The company aims for a revenue growth of over 20% in 2025, driven by cost optimization and effective expense control, with profit growth anticipated to outpace revenue growth [7] - Earnings per share (EPS) forecasts for 2024-2026 are 2.33, 3.04, and 3.78 yuan respectively, with corresponding price-to-earnings (PE) ratios of 22, 17, and 14 times [8] Summary by Sections Company Overview - The company is focused on expanding its overseas operations by establishing a production base in Thailand, which is expected to enhance its supply chain and operational efficiency [6] Financial Performance - The company reported a main revenue of 4,115 million yuan for 2023, with projections of 5,184 million yuan for 2024, 6,486 million yuan for 2025, and 7,933 million yuan for 2026, reflecting growth rates of 42.2%, 26.0%, 25.1%, and 22.3% respectively [12] - The net profit attributable to shareholders is projected to grow from 506 million yuan in 2023 to 1,031 million yuan in 2026, with growth rates of 67.8%, 25.9%, 30.0%, and 24.6% [12] Profitability Metrics - The report anticipates a gross margin of 33.5% for 2023, slightly decreasing to 32.9% in 2024, and stabilizing around 33.2% to 33.5% in the following years [13] - The return on equity (ROE) is expected to remain strong, increasing from 34.6% in 2023 to 37.5% in 2026 [12][13]