YanKershop(002847) 方正证券·2025-02-26 10:34Investment Rating - The report maintains a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [9]. Core Insights - The company is accelerating its overseas expansion by establishing a wholly-owned subsidiary in Thailand and investing approximately 220 million RMB (or 30 million USD) to build a production base focused on konjac and potato chips [3][4]. - The Southeast Asian market is seen as a significant growth opportunity due to its population of nearly 700 million and increasing consumer demand, which aligns with the company's strategy to leverage its supply chain advantages [4]. - The company has established seven food production and processing factories in Southeast Asia, including the largest mango dry processing factory in Cambodia, indicating a strong commitment to regional supply chain development [4]. Financial Projections - The company is expected to achieve total revenues of 5.25 billion RMB, 6.66 billion RMB, and 8.23 billion RMB for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 27.61%, 26.77%, and 23.66% [5][6]. - The projected net profit attributable to the parent company for the same years is 657 million RMB, 846 million RMB, and 1.07 billion RMB, with growth rates of 29.97%, 28.67%, and 26.42% [5][6]. - The report forecasts an EPS of 2.41 RMB, 3.10 RMB, and 3.92 RMB for 2024, 2025, and 2026, respectively, indicating a positive trend in earnings per share [5][6].