YanKershop(SZ:002847) Huachuang Securities·2024-04-24 05:32Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 89 yuan [1]. Core Insights - The company reported a strong performance in Q1 2024, achieving total revenue of 1.223 billion yuan, a year-on-year increase of 37.00%. The net profit attributable to shareholders was 160 million yuan, up 43.11% year-on-year, exceeding the expected performance levels [1][2]. - The sales collection for Q1 was 1.357 billion yuan, reflecting a growth of 40.10% year-on-year, while the operating cash flow net amount reached 214 million yuan, a significant increase of 172.40% year-on-year [1]. Financial Performance Summary - Revenue and Profit Growth: - Total revenue for 2023 was 4.115 billion yuan, with a projected growth rate of 42.2%. For 2024, the expected revenue is 5.207 billion yuan, representing a growth rate of 26.5% [6]. - The net profit attributable to shareholders for 2023 was 506 million yuan, with a projected increase to 667 million yuan in 2024, indicating a growth rate of 31.8% [6]. - Earnings Per Share (EPS): - The EPS for 2023 was 2.58 yuan, with forecasts of 3.40 yuan for 2024, 4.29 yuan for 2025, and 5.27 yuan for 2026, reflecting a positive growth trajectory [6]. - Valuation Metrics: - The price-to-earnings (P/E) ratio is projected to be 23 for 2024, decreasing to 15 by 2026, indicating an improving valuation as earnings grow [6]. Market Dynamics - The company benefits from strong sales performance across various channels, including snack wholesale and e-commerce, with expectations of continued growth driven by strategic partnerships and product launches [2]. - The report highlights the company's focus on core products like konjac and quail eggs, which are expected to drive future growth, alongside the expansion of its distribution channels [2].