YanKershop(SZ:002847) Soochow Securities·2024-03-28 16:00Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5][16]. Core Insights - The company has demonstrated a robust improvement in profitability, with a net profit margin of 12.29% for 2023, up by 1.87 percentage points year-on-year. The gross profit margin stood at 33.54%, reflecting effective cost management and operational efficiency [2][5]. - The company achieved a total revenue of 41.15 billion yuan in 2023, representing a year-on-year growth of 42.22%. The net profit for the same period was 5.06 billion yuan, an increase of 67.76% compared to the previous year [16][5]. - The company is expected to maintain strong performance in Q1 2024, with projected net profits between 1.5 to 1.7 billion yuan, indicating a year-on-year growth of 34.48% to 52.41% [16][17]. Financial Performance Summary - In 2023, the company reported a total revenue of 41.15 billion yuan, with a net profit of 5.06 billion yuan and a non-GAAP net profit of 4.76 billion yuan, showing significant growth across all metrics [16]. - The company’s revenue is projected to grow to 52.6 billion yuan in 2024, with a year-on-year increase of 28%. The net profit is expected to reach 6.8 billion yuan, reflecting a growth of 34% [5][4]. - The company’s earnings per share (EPS) are forecasted to be 3.46 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 22x [5][4]. Revenue Breakdown - The company’s revenue from direct supermarket channels, distribution channels, and e-commerce channels for 2023 was 3.34 billion yuan, 29.52 billion yuan, and 8.28 billion yuan respectively, with e-commerce showing a remarkable growth of 98.04% year-on-year [4][5]. - The company has established strategic partnerships to enhance its market presence, particularly in the snack wholesale and e-commerce sectors, which are expected to drive future growth [4][5].