YanKershop(SZ:002847)2024-04-01 16:00Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 101.40 [30]. Core Insights - The company reported a revenue of RMB 4.12 billion for 2023, representing a year-over-year increase of 42.22%, and a net profit attributable to shareholders of RMB 0.51 billion, up 67.76% year-over-year [30][33]. - The fourth quarter showed robust performance with a revenue increase of 20.22% year-over-year, and a net profit growth of 32.62% year-over-year [30][34]. - The company focuses on seven key product categories and continues to enhance its channel penetration and product strength, transitioning from a high-cost, high-quality model to a low-cost, high-quality model [30][35]. Financial Performance and Forecast - The company’s revenue is projected to reach RMB 5.26 billion in 2024, RMB 6.65 billion in 2025, and RMB 8.36 billion in 2026, with net profits expected to be RMB 0.66 billion, RMB 0.88 billion, and RMB 1.16 billion respectively [30][37]. - The earnings per share (EPS) are forecasted to be RMB 3.38 for 2024, RMB 4.50 for 2025, and RMB 5.91 for 2026 [30][37]. - The gross profit margin is expected to stabilize around 33.5% for 2024 and improve slightly in subsequent years [30][32].