YanKershop(SZ:002847) CAITONG SECURITIES·2025-08-21 06:39Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant revenue growth of 19.6% year-on-year for the first half of 2025, achieving a total revenue of 2.94 billion yuan and a net profit of 370 million yuan, reflecting a 16.7% increase [7] - The company is expected to continue benefiting from the growth of its konjac product line, with projections for revenue to reach 6.255 billion yuan in 2025, 7.361 billion yuan in 2026, and 8.602 billion yuan in 2027 [7] - The company has optimized its expense ratio significantly, with a total expense ratio of 15.7% in the first half of 2025, down by 3.9 percentage points year-on-year [7] Financial Performance - For the fiscal year 2023, the company reported a revenue of 4,115 million yuan, with a projected revenue growth rate of 42.2% [6] - The net profit for 2023 was 506 million yuan, with a net profit growth rate of 67.8% [6] - The earnings per share (EPS) for 2025 is estimated to be 2.97 yuan, with a price-to-earnings (PE) ratio of 24.9 [6] Revenue Breakdown - In the first half of 2025, the revenue from various product categories was as follows: spicy snacks 1.32 billion yuan (+47.1%), baked potato products 460 million yuan (-18.4%), dried fruits and jellies 430 million yuan (+9.0%), deep-sea snacks 360 million yuan (+11.9%), and egg snacks 310 million yuan (+29.6%) [7] - The konjac product line alone generated 790 million yuan in revenue, marking a substantial increase of 155.1% year-on-year [7] Channel Performance - The direct supermarket channel saw a revenue decline of 42.0% year-on-year, generating only 60 million yuan, while the distribution channel grew by 30.1% to 2.3 billion yuan [7] - E-commerce revenue remained relatively stable at 570 million yuan, with a slight decline of 1.0% year-on-year, attributed to strategic adjustments [7]