YanKershop(SZ:002847) Huachuang Securities·2025-10-28 03:50Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 95 yuan [2][9]. Core Insights - The company reported a revenue of 4.427 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.67%. The net profit attributable to shareholders reached 605 million yuan, up 22.63% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 1.486 billion yuan, a 6.05% increase year-on-year, with a net profit of 232 million yuan, reflecting a significant year-on-year growth of 33.55% [2]. - The company plans to distribute a cash dividend of 4 yuan per 10 shares, totaling approximately 109 million yuan, which accounts for 18.05% of the net profit attributable to shareholders for the first three quarters [2]. Financial Performance Summary - The company is projected to achieve total revenue of 5.304 billion yuan in 2024, with a year-on-year growth rate of 28.9%. By 2027, revenue is expected to reach 8.143 billion yuan, with a growth rate of 16.0% [5]. - The net profit attributable to shareholders is forecasted to be 640 million yuan in 2024, growing to 1.202 billion yuan by 2027, with respective growth rates of 26.5% and 21.8% [5]. - The earnings per share (EPS) is expected to increase from 2.35 yuan in 2024 to 4.41 yuan in 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio from 30 to 16 [5]. Market and Competitive Position - The company is experiencing a shift in its sales channels, with e-commerce adjustments impacting revenue growth. However, offline channels are expected to maintain a growth rate of over 20% [9]. - The product mix optimization and cost control in e-commerce have led to an unexpected improvement in profitability, with a gross margin of 31.63% in Q3, up 1.01 percentage points year-on-year [9]. - The company maintains a competitive advantage through cost leadership and strong organizational capabilities, with a focus on expanding its product categories, particularly in the konjac segment [9].