YanKershop(SZ:002847) 光大证券研究·2025-03-04 09:36Core Viewpoint - The article emphasizes the strategic planning and operational improvements of Yanjinpuzi, highlighting its transition from a channel-driven model to a product-driven model, which is expected to enhance profitability and market competitiveness [2][3]. Group 1: Strategic Planning and Profitability - Yanjinpuzi has developed a diversified channel structure and successfully built brand categories, which supports mid-term growth through the expansion of key products [2]. - The company is expected to increase its sales expenses in 2024 due to brand building efforts, but a reduction in sales expense ratio is anticipated in 2025 as low-cost channels gain a larger share [2]. - The increase in the proportion of high-margin products is projected to improve the company's net profit margin [2]. Group 2: Product Development and Platform Strategy - Yanjinpuzi has established a replicable success model for key products, particularly in the categories of "Big Devil" and "Egg King," and is advancing towards a platform-based category strategy [3]. - The sales of konjac products are expected to continue increasing, while quail eggs have gained market share despite intense price competition [3]. - The company plans to introduce new deep-sea snack brands and enhance upstream collaborations in fish paste production to strengthen its competitive edge [3]. Group 3: Channel Strategy and Market Expansion - Yanjinpuzi's channel strategy effectively combines market trends with its own capabilities, focusing on high-value membership stores and overseas markets for growth [4]. - The establishment of a separate division for membership stores is aimed at accelerating channel breakthroughs [4]. - The company plans to leverage its konjac products to enter the Southeast Asian market, with local production facilities to reduce transportation costs [4].