YanKershop(002847) 华创证券·2025-04-23 03:14Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][23]. Core Insights - The company's revenue for 2024 reached 5.3 billion, a year-on-year increase of 28.9%, with a net profit of 640 million, up 26.5% year-on-year. The first quarter of 2025 showed a revenue of 1.54 billion, a 25.7% increase year-on-year [5][6]. - The strong sales of konjac products have driven revenue growth, with a projected annual sales of 1.8 to 2 billion for konjac, reflecting an 80%-100% year-on-year increase [5][6]. - The company is focusing on optimizing product structure and reducing cost pressures, which is expected to gradually restore profitability throughout the year [5][6]. Financial Performance Summary - In 2024, the company achieved total revenue of 53.04 billion, with a net profit of 6.4 billion. The fourth quarter of 2024 saw a revenue of 14.43 billion, a 29.96% increase year-on-year [5][6]. - The first quarter of 2025 reported a revenue of 15.37 billion, with a net profit of 1.78 billion, marking an 11.6% increase year-on-year [5][6]. - The gross margin for the first quarter of 2025 was 28.5%, down 3.64 percentage points year-on-year, primarily due to changes in channel structure [5][6]. Future Outlook - The company is expected to maintain high growth in the konjac category and other channels, with revenue projections for 2025 estimated at 6.72 billion, reflecting a 26.8% growth [6]. - The earnings per share (EPS) forecast for 2025 is 3.04, with a price-to-earnings (P/E) ratio of 27 times [6]. - The target price has been raised to 95 yuan, corresponding to a P/E ratio of over 30 times for 2025, reflecting the company's strong growth potential in the konjac category and other markets [5][6].