YanKershop(SZ:002847) Xinda Securities·2025-10-28 08:35Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a revenue of 1.49 billion yuan in Q3 2025, representing a year-on-year increase of 6.1%, while the net profit attributable to the parent company was 230 million yuan, up 33.6% year-on-year, and the net profit after deducting non-recurring gains and losses was 220 million yuan, an increase of 45.0% year-on-year [1][4] - The company is focusing on enhancing its operational quality by adjusting its channel and product structure in response to the narrowing channel dividends and increasing competition among product categories [4] - The high-margin konjac product category is expected to continue its growth, contributing to an increase in the company's profitability, with the net profit margin rising by 4.0 percentage points year-on-year to 14.8% in Q3 2025 [4] Financial Summary - Total revenue is projected to grow from 4.115 billion yuan in 2023 to 7.444 billion yuan in 2027, with a compound annual growth rate (CAGR) of 12.6% [3][5] - The net profit attributable to the parent company is expected to increase from 506 million yuan in 2023 to 1.154 billion yuan in 2027, reflecting a CAGR of 18.7% [3][5] - The gross margin is forecasted to stabilize around 30% to 31.2% over the next five years, with a slight increase in return on equity (ROE) from 35.0% in 2023 to 36.5% in 2027 [3][5]