YanKershop(SZ:002847) Soochow Securities·2025-08-21 03:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to focus on the growth of its konjac product line, emphasizing quality and efficiency through a big product strategy [7] - The company has optimized its channel structure, with significant revenue growth in direct sales and new channels, while reducing low-efficiency products and channels [7] - Profit margins have improved significantly, reflecting high-quality development, with a net profit margin of 13.8% in Q2 2025, up 0.8 percentage points year-on-year [7] - The company has slightly adjusted its profit forecasts for 2025-2027, expecting net profits of 8.1 billion, 10.0 billion, and 12.0 billion yuan respectively, with a corresponding PE ratio of 25, 20, and 17 [7] Financial Projections - Total revenue is projected to grow from 4,115 million yuan in 2023 to 8,658 million yuan in 2027, with a compound annual growth rate (CAGR) of 15.73% [1] - Net profit is expected to increase from 505.77 million yuan in 2023 to 1,203.07 million yuan in 2027, reflecting a CAGR of 20.75% [1] - The latest diluted EPS is forecasted to rise from 1.85 yuan in 2023 to 4.41 yuan in 2027 [1]