YanKershop(SZ:002847) Huaan Securities·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has demonstrated outstanding comprehensive operational capabilities, focusing on core categories and integrating the upstream and downstream supply chain, which is expected to maintain rapid growth through continuous category expansion [10][16] - The company is deeply binding with the discount retail and Douyin channels, with ongoing channel reform benefits and a collaborative development strategy between online and offline sales [10][16] Financial Performance Summary - For Q4 2023, the company reported revenue of 1.11 billion (up 20.2%) and a net profit attributable to the parent company of 110 million (up 32.6%) [1] - For the full year 2023, the company achieved revenue of 4.115 billion (up 42.2%) and a net profit attributable to the parent company of 506 million (up 67.8%) [1] - The forecast for Q1 2024 indicates a net profit attributable to the parent company between 150 million and 170 million (up 34.5% to 52.4%) [1] Revenue and Profit Forecast - The company is expected to achieve total revenue of 5.203 billion, 6.403 billion, and 7.850 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26.4%, 23.1%, and 22.6% [11][16] - The net profit attributable to the parent company is projected to be 675 million, 849 million, and 1.078 billion for the same years, with growth rates of 33.4%, 25.9%, and 27.0% respectively [11][16] Key Financial Metrics - The gross profit margin for 2023 was 33.5%, with projections of 32.9% for 2024 and 32.7% for 2025 [11] - The return on equity (ROE) is expected to remain stable at 35.0% for 2024 and decrease slightly to 34.0% in 2025 [11] - The price-to-earnings (P/E) ratio is projected to be 22.11 for 2024, 17.57 for 2025, and 13.84 for 2026 [11][16]