YanKershop(SZ:002847) GUOTAI HAITONG SECURITIES·2025-10-28 12:12Investment Rating - The investment rating for the company is "Accumulate" [6][13]. Core Insights - The company is experiencing significant growth driven by its konjac product line, with expectations for continued growth in new products and channel expansion [2][13]. - The financial performance shows robust revenue growth and profit increases, with a projected revenue of 61.7 billion yuan in 2025, reflecting a 16.3% year-on-year growth [5][13]. - The company has optimized its product structure, leading to a notable increase in profitability, with a net profit margin of 15.6% in Q3 2025, up 3.2 percentage points year-on-year [13]. Financial Summary - Total revenue is projected to grow from 41.15 billion yuan in 2023 to 85.91 billion yuan in 2027, with a compound annual growth rate (CAGR) of 17.9% [5]. - Net profit attributable to the parent company is expected to rise from 5.06 billion yuan in 2023 to 12.64 billion yuan in 2027, with a CAGR of 24.3% [5]. - Earnings per share (EPS) is forecasted to increase from 1.85 yuan in 2023 to 4.63 yuan in 2027 [5]. Market Data - The current stock price is 70.35 yuan, with a target price set at 98.75 yuan [6][7]. - The company has a market capitalization of 19.19 billion yuan and a price-to-earnings (P/E) ratio of 37.94 [7][13]. - The stock has shown a 28% increase over the past 12 months [11]. Product and Channel Development - The konjac product line is expected to continue its strong growth, supported by brand recognition and consumer demand [13]. - The company is actively reducing low-margin products and focusing on high-potential channels, which is anticipated to enhance profitability [13].