YanKershop(SZ:002847)2024-02-27 16:00Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [6][14]. Core Insights - The company is expected to achieve a revenue of 4.115 billion yuan in 2023, reflecting a year-on-year growth of 42.2%. The net profit is projected to be 505 million yuan, a 67.6% increase compared to the previous year [6][14]. - The company has successfully completed its incentive targets for 2023, driven by strong performance in key product categories such as quail eggs and konjac products, alongside continued growth in deep-sea snacks and chips [6][14]. - The company is focusing on multi-channel growth, enhancing brand influence through e-commerce platforms like Douyin, and optimizing its product structure to improve profitability [6][7]. Financial Summary - The projected net profits for 2023-2025 are 505 million, 679 million, and 859 million yuan, respectively, with corresponding EPS of 2.57, 3.46, and 4.38 yuan [6][10]. - The company achieved a gross profit margin of 35.3% in 2023, with a return on equity (ROE) of 30.8% [8][10]. - The company’s net profit margin improved to 12.28% in 2023, up 1.85 percentage points year-on-year, primarily due to a decrease in raw material costs and rapid revenue growth [7][10].