YouYou Foods(SH:603697) KAIYUAN SECURITIES·2025-11-03 06:11Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has shown strong revenue and profit growth, exceeding expectations, with a year-on-year revenue increase of 40.4% to 1.24 billion yuan and a net profit increase of 43.3% to 170 million yuan for the first three quarters of 2025 [4][5] - The growth momentum is driven by new product channels and strong performance in existing markets, particularly in the poultry product segment [5][6] - The company maintains its profit forecast for 2025-2027, expecting net profits of 220 million, 270 million, and 320 million yuan, representing year-on-year growth rates of 41.2%, 22.8%, and 16.2% respectively [4][6] Financial Performance Summary - For Q3 2025, the company reported revenue of 470 million yuan, a 32.7% increase year-on-year, and a net profit of 70 million yuan, up 44.8% year-on-year [4][5] - The revenue from meat products reached 450 million yuan, with poultry products contributing 420 million yuan, reflecting a growth of 34.7% and 36.1% respectively [5] - The gross margin decreased by 1.95 percentage points to 26.95% due to lower margins from newly developed channels, but the net margin improved by 1.15 percentage points to 13.78% due to reduced expense ratios [7] Market Channel Analysis - Offline channel revenue grew by 33.6% to 450 million yuan, with membership supermarkets and snack wholesale showing strong trends [6] - Online channel revenue increased by 17.7% to 30 million yuan, indicating ongoing expansion efforts [6] - The Southeast region saw a significant revenue increase of 59.6%, primarily driven by the rapid growth of new channels [6] Earnings Forecast and Valuation Metrics - The company forecasts earnings per share (EPS) of 0.52, 0.64, and 0.74 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 22.7, 18.5, and 15.9 [4][8] - The projected revenue for 2025 is 1.643 billion yuan, with a year-on-year growth of 38.9% [8]