YanKershop(SZ:002847) Donghai Securities·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company demonstrated impressive performance in 2023, with significant growth in core products such as quail eggs and spicy konjac, slightly exceeding expectations. The multi-category expansion and continuous channel development are expected to release further performance potential, leading to an upward revision of profit forecasts [5][8]. - The company’s 2023 total revenue reached 4.115 billion yuan, a year-on-year increase of 42.22%, while the net profit attributable to the parent company was 506 million yuan, up 67.76% year-on-year. The first quarter of 2024 is projected to achieve a net profit of 150-170 million yuan, representing a year-on-year growth of 34.48%-52.41% [1][5]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 33.54% (down 1.18 percentage points year-on-year) and a net profit margin of 12.47% (up 2.04 percentage points year-on-year). The fourth quarter of 2023 saw a gross margin of 31.06% and a net profit margin of 9.89% [4][5]. - The company’s operating expenses were effectively controlled, with sales, management, R&D, and financial expense ratios at 12.53% (down 3.27 percentage points), 4.44% (down 0.08 percentage points), 1.94% (down 0.63 percentage points), and 0.40% (up 0.09 percentage points) respectively [4][5]. Revenue Breakdown - The revenue from direct supermarkets, distribution channels, and e-commerce channels in 2023 was 334 million yuan, 2.952 billion yuan, and 828 million yuan, with year-on-year changes of -10.03%, +40.35%, and +98.04% respectively. The proportions were 8.13%, 71.74%, and 20.13% [4][5]. - The company’s core products, including spicy konjac and quail eggs, showed remarkable growth, with revenue from spicy snacks, baked snacks, deep-sea snacks, potato snacks, egg snacks, dried fruits and nuts, and konjac pudding reaching 1.482 billion yuan, 627 million yuan, 619 million yuan, 360 million yuan, 319 million yuan, 267 million yuan, and 217 million yuan respectively, with year-on-year growth rates of 56.71%, 12.75%, 10.65%, 29.98%, 594.52%, 37.19%, and 125.67% [9][11]. Future Projections - The company’s net profit forecasts for 2024, 2025, and 2026 are 706 million yuan, 920 million yuan, and 1.125 billion yuan, with year-on-year growth rates of 39.53%, 30.29%, and 22.30% respectively. The corresponding EPS is projected to be 3.60 yuan, 4.69 yuan, and 5.74 yuan, with P/E ratios of 21.02, 16.13, and 13.19 respectively [5][11].