YanKershop(002847) 中原证券·2025-05-07 12:23Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [13]. Core Insights - The company reported a revenue of 5.304 billion yuan for 2024, representing a year-on-year increase of 28.89%, and a net profit of 640 million yuan, up 26.53% year-on-year [7][10]. - The growth rate of the company's main business revenue is slowing down, with a decrease of 13.33 percentage points compared to the previous year [7]. - The sales proportion from direct KA channels has decreased to 3.55%, while the distribution and e-commerce proportions have increased to 74.59% and 21.86%, respectively [7]. - The revenue share of spicy snacks, egg products, and dried fruits/nuts has expanded, indicating a shift in consumer preferences [7]. - The average factory price has decreased by 0.74% year-on-year, reflecting a downward trend in product pricing since 2020 [7]. - The company's gross margin has declined by 2.85 percentage points to 30.69% in 2024, attributed to a decrease in consumer spending power and increased competition in the snack market [10]. - The report forecasts earnings per share of 2.89 yuan, 3.70 yuan, and 4.37 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 30.23, 23.61, and 19.99 [10][11].