YanKershop(002847)2025-04-29 13:38Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has excellent quality, with a clear logic for expanding product categories and channels. The dividend payout ratio is expected to continue increasing in 2024. The combination of category benefits and new channel expansion is anticipated to drive revenue growth beyond expectations in 2025, with scale advantages and raw material price advantages likely to lead to profit growth exceeding expectations [1][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 5.304 billion yuan (up 28.89% year-on-year) and a net profit attributable to the parent company of 640 million yuan (up 26.53% year-on-year). In Q1 2025, the company reported operating revenue of 1.537 billion yuan (up 25.69% year-on-year) and a net profit of 178 million yuan (up 11.64% year-on-year) [2] - For 2024, the company’s revenue from various product categories showed significant growth, with the spicy and marinated snacks generating 1.962 billion yuan (up 32.36% year-on-year), and konjac products achieving 838 million yuan (up 76.09% year-on-year). Other categories also reported positive growth rates [3] - The company’s gross profit margin for 2024 was 30.69% (down 2.85 percentage points), and for Q1 2025, it was 28.47% (down 3.63 percentage points). The decline in gross margin is attributed to changes in channel structure and the lower contribution from high-margin gift products during the Spring Festival [4] Future Projections - The company is expected to achieve revenues of 6.833 billion yuan, 8.642 billion yuan, and 10.674 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28.82%, 26.48%, and 23.52%. The net profit attributable to the parent company is projected to be 859 million yuan, 1.084 billion yuan, and 1.345 billion yuan for the same years, with growth rates of 34.24%, 26.16%, and 24.13% [5][6]