YanKershop(SZ:002847) KAIYUAN SECURITIES·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [11][23]. Core Views - The company reported a strong performance in 2023, achieving a revenue of 4.12 billion yuan, a year-on-year increase of 42.2%, and a net profit attributable to shareholders of 510 million yuan, up 67.8% year-on-year [11][12]. - The company is expected to maintain high growth, with a forecasted net profit for Q1 2024 between 150 million and 170 million yuan, representing a year-on-year growth of 34.5% to 52.4% [11][12]. - The company has shown robust growth across multiple product categories, with significant increases in sales for spicy snacks, jelly products, and egg snacks [12]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 1.11 billion yuan, a year-on-year increase of 20.2%, and a net profit of 110 million yuan, up 32.6% year-on-year [11][12]. - The gross margin for Q4 2023 was 31.1%, a slight decrease of 0.2 percentage points year-on-year, while the net margin improved to 9.9%, an increase of 0.9 percentage points year-on-year [3][11]. - The company’s revenue and profit forecasts for 2024-2026 indicate continued growth, with net profits projected to reach 690 million yuan in 2024, 880 million yuan in 2025, and 1.17 billion yuan in 2026, reflecting year-on-year growth rates of 35.9%, 28.3%, and 32.1% respectively [11][15]. Product Category Performance - The company’s seven core product categories showed strong revenue growth in 2023, with spicy snacks generating 1.48 billion yuan (up 56.7%), jelly products at 220 million yuan (up 125.7%), and egg snacks at 320 million yuan (up 594.5%) [12]. - The company is enhancing its channel coverage, focusing on key accounts, supermarkets, and convenience stores, while also leveraging social media platforms for marketing [12].