YanKershop(SZ:002847) Guohai Securities·2025-08-22 11:17Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong revenue growth driven by its konjac product line, with a significant increase in sales and profitability in the first half of 2025 [6][8] - The company is focusing on optimizing its product mix and channel strategy, which has led to improved gross margins and profitability [8][11] Financial Performance Summary - In H1 2025, the company achieved revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.70% year-on-year [6][8] - For Q2 2025, revenue was 1.403 billion yuan, reflecting a year-on-year growth of 13.54%, with a net profit of 195 million yuan, an increase of 21.75% year-on-year [6][8] Product and Channel Analysis - The konjac product line has become a key growth driver, with revenue from konjac products increasing by 155% to 790 million yuan in H1 2025 [8] - The company’s revenue from direct supermarkets, distribution, and other new channels reached 600 million yuan, 2.3 billion yuan, and 570 million yuan respectively, with significant growth in new channels [8] Profitability and Cost Management - The gross margin for H1 2025 was 29.7%, with a slight decline from the previous year, but Q2 showed improvement due to better product mix and reduced low-efficiency SKUs [8][11] - The company has successfully reduced its sales and management expense ratios, contributing to improved profitability [8][11] Future Outlook - The company is expected to continue benefiting from the high demand for konjac products, with projected revenues for 2025-2027 of 6.315 billion, 7.744 billion, and 9.210 billion yuan respectively, reflecting growth rates of 19%, 23%, and 19% [10][11] - Net profit forecasts for the same period are 812 million, 1.012 billion, and 1.222 billion yuan, with corresponding growth rates of 27%, 25%, and 21% [10][11]