YanKershop(SZ:002847) Donghai Securities·2025-05-07 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's core categories continue to grow, with rapid expansion across multiple channels [2] - The company reported a revenue of 5.30 billion yuan in 2024, representing a year-on-year increase of 28.89%, and a net profit of 639.95 million yuan, up 26.53% year-on-year [7] - The company is focusing on brand strategy and product innovation, particularly in the konjac product category, which is expected to maintain high growth [7] - The company is expanding its distribution channels, including e-commerce and overseas markets, which is expected to enhance profitability [7] - The gross margin slightly decreased due to changes in channel structure, but effective cost control is anticipated to improve profitability [7] Financial Forecasts - The forecasted main revenue for 2024 is 5,303.93 million yuan, with expected growth rates of 28.89% for 2024, 28.28% for 2025, 21.46% for 2026, and 18.05% for 2027 [5][8] - The projected net profit for 2025 is 846.85 million yuan, with a year-on-year growth of 32.33% [5] - The earnings per share (EPS) are expected to be 3.10 yuan for 2025, 3.83 yuan for 2026, and 4.66 yuan for 2027 [5][8] - The price-to-earnings (P/E) ratio is projected to decrease from 37.22 in 2024 to 28.12 in 2025, and further to 22.77 in 2026 [5][8]