YanKershop(SZ:002847) Shanghai Aijian Securities·2025-12-24 06:03Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company is positioned as a leading brand in the snack food sector, leveraging its strong product capabilities and multi-channel growth strategy to achieve rapid expansion. Projected revenues for 2025, 2026, and 2027 are estimated at 63.9 billion, 74.8 billion, and 84.5 billion yuan, respectively, with year-on-year growth rates of 20.5%, 17.0%, and 13.1%. Corresponding net profits are forecasted to be 7.8 billion, 9.8 billion, and 11.6 billion yuan, with growth rates of 22.2%, 25.3%, and 18.0% [3][5]. Company Analysis - The company specializes in the research, production, and sales of snack foods, with a diverse product range including spicy snacks, baked potato products, deep-sea snacks, egg snacks, jelly puddings, and dried fruits and nuts. In the first half of 2025, spicy snacks accounted for 44.9% of revenue, while konjac products saw a significant year-on-year growth of 155.1%, becoming a core growth driver. The company has achieved a compound annual growth rate (CAGR) of 29.2% in revenue from 2016 to 2024 [3][4]. Industry Analysis - The snack food industry is characterized by a fragmented competitive landscape, benefiting from trends towards healthier snacks and the rise of new distribution channels. The company has successfully navigated channel transitions and has established itself as a leading player in the konjac snack segment, demonstrating clear category advantages [3][4]. Financial Projections - Revenue projections for the company are as follows: 4,115 million yuan in 2023, 5,304 million yuan in 2024, 6,390 million yuan in 2025, 7,477 million yuan in 2026, and 8,453 million yuan in 2027, with respective year-on-year growth rates of 42.2%, 28.9%, 20.5%, 17.0%, and 13.1%. Net profit is expected to reach 506 million yuan in 2023, growing to 1,156 million yuan by 2027, with growth rates of 67.8%, 26.5%, 22.2%, 25.3%, and 18.0% [5][6]. Growth Catalysts - Key growth catalysts include the anticipated price correction of konjac powder, which is expected to enhance profit margins as supply increases. The company is also entering a phase of rapid growth in overseas markets, particularly in Southeast Asia and North America, where cultural similarities may facilitate product acceptance. Additionally, the company is focused on continuous product innovation and expanding its product matrix, which is expected to reduce reliance on any single blockbuster product [7].