YanKershop(SZ:002847) Huaxin Securities·2024-03-26 16:00Investment Rating - The report maintains a "Buy" investment rating for the company, with a target price corresponding to a PE ratio of 19, 14, and 10 for the years 2024, 2025, and 2026 respectively [35] Core Insights - The company has demonstrated high-quality growth in performance, with a total operating revenue of 4.115 billion yuan in 2023, reflecting a year-on-year increase of 42% [35] - The net profit attributable to shareholders reached 506 million yuan in 2023, up 67.8% year-on-year, driven by improved supply chain efficiency and cost control [35] - The company is focusing on seven core categories and expanding through multi-channel and multi-category development, which is expected to enhance brand presence and market share [35] Financial Forecast - The forecast for main revenue (in million yuan) is as follows: 5,353 in 2024E, 6,797 in 2025E, and 8,355 in 2026E, with growth rates of 30.1%, 27.0%, and 22.9% respectively [14] - The net profit attributable to shareholders is projected to be 721 million yuan in 2024E, 984 million yuan in 2025E, and 1,299 million yuan in 2026E, with growth rates of 42.6%, 36.4%, and 32.0% respectively [14] - The diluted earnings per share (EPS) are expected to be 3.68 yuan in 2024E, 5.02 yuan in 2025E, and 6.62 yuan in 2026E [14] Market Performance - The company has a total market capitalization of 135 billion yuan, with a current stock price of 68.79 yuan [35] - The stock has a 52-week price range of 61.45 to 137.61 yuan, indicating significant volatility and potential for growth [35]