YanKershop(002847) 国盛证券·2025-05-23 08:28Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Views - The company has successfully expanded its product categories and channels over the past 20 years, focusing on core products and brand development to drive growth [1][3]. - The retail landscape in China is undergoing rapid transformation, with the company effectively leveraging new channel opportunities to enhance its competitive position [2][3]. - The company has established a strong cost leadership through efficient supply chain management, supporting its high-quality and cost-effective product offerings [3][4]. Summary by Sections Company Development - The company has evolved through three key phases: initial establishment focusing on product diversification, a phase of channel expansion through innovative store formats, and a recent shift towards a multi-channel strategy emphasizing core product branding [13][15]. - Revenue has grown significantly from 750 million in 2017 to an expected 5.3 billion in 2024, with a CAGR of 32.1% [1][15]. Channel Expansion - The company has adapted to the changing retail environment by embracing new channels such as discount stores and e-commerce platforms, achieving notable operational success in these areas [2][3]. - The introduction of the "Egg Emperor" product in Sam's Club has positioned the company favorably within the competitive landscape [2][3]. Product System - The company is focusing on building category brands to enhance market recognition and drive profitability, with successful launches of products like "Big Demon King" and "Egg Emperor" [3][4]. - The company has achieved a leading position in cost management through raw material control and efficient supply chain practices, which supports its competitive pricing strategy [3][4]. Financial Forecast - The company is projected to achieve revenues of 6.96 billion, 8.63 billion, and 10.24 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of 846 million, 1.07 billion, and 1.30 billion [4][5]. - The expected growth rates for revenue and net profit from 2025 to 2027 are 31.2%, 24.0%, and 18.7% for revenue, and 32.2%, 26.8%, and 21.5% for net profit [4][5].