YanKershop(SZ:002847) Shenwan Hongyuan Securities·2025-08-21 02:12Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Insights - The company reported a total revenue of 2.941 billion yuan for H1 2025, representing a year-on-year growth of 19.58%, with a net profit attributable to the parent company of 373 million yuan, up 16.7% year-on-year [7] - The company is expected to achieve net profits of 790 million, 1.033 billion, and 1.279 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 24%, 31%, and 24% [7] - The growth in revenue is primarily driven by the strong performance of konjac products, which saw significant increases in sales [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 6.578 billion yuan in 2025, 7.835 billion yuan in 2026, and 9.027 billion yuan in 2027, with corresponding growth rates of 24%, 19.1%, and 15.2% [6] - The gross profit margin for H1 2025 was reported at 29.66%, a decrease of 2.87 percentage points year-on-year, while the net profit margin was 12.67% [7] - The company’s earnings per share are projected to be 2.90 yuan in 2025, 3.79 yuan in 2026, and 4.69 yuan in 2027 [6] Product and Channel Performance - In H1 2025, the company’s revenue from various product categories was as follows: spicy snacks (1.32 billion yuan), baked potato products (459 million yuan), dried fruits and jellies (428 million yuan), deep-sea snacks (363 million yuan), and egg snacks (309 million yuan) [7] - The company’s direct supermarket channel revenue decreased by 42%, while revenue from distribution and other new channels increased by 30.09% [7] - The company is expected to continue expanding into overseas markets, particularly in Southeast Asia, which is anticipated to accelerate growth in konjac and quail egg products [7]