YouYou Foods(SH:603697) Changjiang Securities·2025-05-09 05:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total revenue of 383 million yuan in Q1 2025, representing a year-on-year increase of 39.23%. The net profit attributable to shareholders was 50.32 million yuan, up 16.25%, while the net profit excluding non-recurring items was 43.59 million yuan, an increase of 25.80% [2][4]. Revenue Growth - The revenue growth is driven by new channels and product innovations. Offline channels generated 352 million yuan, a year-on-year increase of 35.90%, while online channels saw revenue of 24 million yuan, up 88.00%. By product category, poultry products generated 325 million yuan, up 47.18%, while livestock products reached 29 million yuan, a 20.83% increase. However, vegetable and other products saw a decline of 19.14% [10]. Profitability Analysis - The company's net profit margin decreased by 2.6 percentage points to 13.14%, and the gross margin fell by 4.35 percentage points to 27.08%. The decline in gross margin is attributed to the increased revenue share from low-margin channels such as bulk snacks and membership stores. The R&D expense ratio slightly increased, reflecting higher investment in new products [10]. Future Outlook - The company is expected to continue benefiting from product innovation and channel expansion. A new vegetarian product launched in April is anticipated to contribute significantly to revenue growth. The forecast for net profit attributable to shareholders for 2025-2027 is 203 million, 241 million, and 279 million yuan, respectively, with corresponding EPS of 0.47, 0.56, and 0.65 yuan [10].