证券代码：002991 证券简称：甘源食品 公告编号：2025-001 甘源食品股份有限公司 关于持股 5%以上股东减持计划 实施期限届满暨实施结果的公告 股东名称 减持 方式 减持期间 减持均价 （元/股） 减持股数 (万股) 减持股数占公 司剔除回购股 份后总股本比 例（%） 严海雁 集中竞价 2024 年 12 月 2 日 -2025 年 2 月 28 日 90.91 33.09 0.36 合计 -- -- -- 33.09 0.36 （一）股东减持股份情况 股东名称 股份性质 本次减持前持有股份 本次减持后持有股份 股数(股) 占剔除回购 股份后总股 本比例(%) 股数(股) 占剔除回购 股份后总股 本比例(%) 严海雁 合计持有股 份 5,613,420 6.13 5,282,520 5.77 其中： 无限售条件 1,403,355 1.53 1,320,630 1.44 股份 有限售条件 股份 4,210,065 4.60 3,961,890 4.32 （二）股东减持前后持股情况 二、其他相关说明 公司持股 5%以上股东严海雁先生保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈 ...

首先我们去回顾一下这个公司进行的股价表现可以看到这个股价从春节后回来呈现出一个回调的趋势这里面它的走势其实和整个 大部分平时休息临时是大概比较接近的一个走势这个原因的话整个板块我们是看休息临时节前的弱点加上整个休息临时板块季报的这种基数它是比较高的股价短期有一个这样子的这种回调基本面上看音乐的基数这种比较高的一个这种音乐份其实是因为春节错期导致到去年的这个春节 过得是比较软的在二月份很多的量级销售全部都落在了一月份所以今年的话这个高级数带来一个比较大的一月份和一季度的一个这样子的压力我们判断整个板块的话因为在一月份少了大概七八千米的发货时间整个板块的一月份的增速可能是一个小幅下滑但是我们觉得判断的参考率其实不是特别的大 中国党的话我们去看经商这一端它的背后其实是相对保守的经过过去两三年的疫情这样子的一个起点那么在今年的中间消费者这一端它呈现出一个提前返乡过年的这种趋势所以在下线的中间的销售情况其实是比较良性的比较好的 那么整个板块二三月份的这个情绪我们就会回到一个比较正常的这种位置所以我们感觉公司其实短期的股价回调到这样的一个位置其实后续可能会呈现一个短期的一个盆顿的一个这种趋势后面呈现新市道的一个转换下可能 ...

Investment Rating - The report assigns a "Buy" rating for the company, Ganyuan Foods (002991.SZ) [2][7]. Core Insights - Ganyuan Foods has a strong focus on flavor innovation and has been deeply engaged in the bean snack market for 18 years, with a diverse product range including seeds, nuts, and puffed snacks. The company has shown steady growth in revenue and profit over the past five years, with a revenue CAGR of 15.20% and a profit CAGR of 22.35% [4][39]. - The snack food market in China is projected to grow from 11,654 billion yuan in 2022 to 12,378 billion yuan by 2027, with a CAGR of 1.21%. The nut and fried snack segment is expected to see accelerated growth, with a market size projected to reach 2,220 billion yuan by 2026, reflecting a CAGR of 8.0% from 2021 to 2026 [5][44]. - The company has a robust R&D capability, with 140 patents, allowing it to continuously innovate and meet consumer demands. The restructuring into eight business units has improved operational efficiency and market responsiveness [6][56]. Summary by Sections Company Overview - Ganyuan Foods was established in 2006 in Pingxiang, Jiangxi Province, focusing on bean snacks and has expanded its product matrix over the years [22][24]. - The founder, Yan Binsheng, holds 56.24% of the shares, indicating a concentrated ownership structure [24]. Industry Analysis - The snack food market is vast, with significant growth potential in the nut and fried snack sector. The competitive landscape is fragmented, with many players and room for consolidation [44][48]. - The company is well-positioned to capture market share due to its R&D and channel advantages [49]. Future Development - Ganyuan Foods is committed to continuous product innovation and has successfully launched several new products, enhancing its market competitiveness [53][54]. - The company is expanding its distribution channels, including partnerships with mass retailers and high-end membership stores, which are expected to drive growth [56][62]. Financial Forecast - Revenue projections for Ganyuan Foods are optimistic, with expected revenues of 22.63 billion yuan in 2024, growing to 32.36 billion yuan by 2026, alongside a corresponding increase in net profit [7][39].

公 司 研 究 [Table_Reportdate] 2024年10月31日 食 品 饮 料 甘源食品 沪深300 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/10/30 | | 收盘价 | 72.51 | | 总股本 ( 万股 ) | 9,322 | | 流通 A 股 /B 股 ( 万股 ) | 4,969/0 | | 资产负债率 (%) | 21.46% | | 市净率 ( 倍 ) | 4.18 | | 净资产收益率 ( 加权 ) | 15.65 | | 12 个月内最高 / 最低价 | 91.36/47.54 | [Table_QuotePic] -48% -37% -26% -15% -4% 8% 19% 30% ...

[Table_Summary] [Table_Title] 经营环比改善，向上势能有望持续 [Table_ReportDate] 甘源食品(002991)公司简评报告 | 2024.10.30 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn ⚫ 事件：公司发布 2024 年三季报，24Q1-3 营业收入 16.06 亿元，同比 +22.23%；归母净利润 2.77 亿元，同比+29.48%；扣非归母净利润 2.48 亿元，同比+32.01%。对应 24Q3 营业收入 5.63 亿元，同比+15.58%；归 母净利润 1.11 亿元，同比+17.10%；扣非归母净利润 1.03 亿元，同比 +22.26%。 ⚫ 三季度营收增速环比提升明显，盈利水平同比小幅提升。24Q3 公司营 收同比增长 15.58%，较 24Q2 营收增速环比提升 10.68pct。24Q3 公司 毛利率 36.80%，同比-0.74pct，预计主要由于原材料成本变动以及渠道 结 构 变 化 所 致 。 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Views - The company reported a total revenue of 1.606 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.23%. The net profit attributable to shareholders reached 277 million yuan, up 29.48% year-on-year [4][6]. - The revenue growth rate improved in the third quarter, with a year-on-year increase of 15.58%, significantly higher than the 4.9% growth in the second quarter. This improvement is attributed to adjustments in traditional sales channels and the performance of the e-commerce channel [4][5]. - The company is expected to continue its revenue growth in the fourth quarter, driven by new product launches in the e-commerce channel and the ongoing expansion of high-growth channels such as overseas and bulk snack channels [5][6]. Summary by Sections Financial Performance - For the third quarter, the company achieved a revenue of 563 million yuan, with a net profit of 111 million yuan, reflecting year-on-year increases of 15.58% and 17.10%, respectively [4][6]. - The gross margin for the third quarter was 36.8%, down 0.7 percentage points year-on-year, primarily due to changes in channel structure [5][6]. - The sales expense ratio increased to 11.4%, up 1.5 percentage points year-on-year, mainly due to increased personnel costs from hiring new sales staff [5][6]. Future Outlook - The company is expected to maintain its revenue growth momentum into the fourth quarter, with ongoing improvements in both traditional and e-commerce channels [5][6]. - Long-term growth prospects remain strong due to the company's leading position in niche categories and its robust product innovation capabilities [5][6]. Earnings Forecast - The company is projected to achieve revenues of 2.25 billion yuan, 2.71 billion yuan, and 3.25 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.8%, 20.5%, and 19.9% [6]. - The net profit attributable to shareholders is expected to reach 392 million yuan, 464 million yuan, and 553 million yuan for the same years, with growth rates of 19.1%, 18.4%, and 19.2% [6].

Investment Rating - The report maintains a "Buy" rating for Gan Yuan Food (002991) with a target price of 70.20 RMB [1] Core Views - Gan Yuan Food achieved a revenue of 1.61 billion RMB in the first three quarters of 2024, a year-on-year increase of 22.2%, and a net profit attributable to the parent company of 280 million RMB, a year-on-year increase of 29.5% [2] - The company's product matrix is rich, with traditional products like mixed nuts and peas continuing to dominate consumer preference, while new products such as potato chips and peanuts show strong growth [2] - The company's gross margin in Q3 2024 was 36.8%, up 2.4 percentage points quarter-on-quarter, driven by lower raw material prices and improved channel structure [3] - The company is actively adjusting its sales channels, with e-commerce and direct sales showing promising results, and overseas markets, particularly Vietnam, experiencing steady growth [2] Financial Performance - The company's net profit margin for the first three quarters of 2024 was 17.3%, up 1 percentage point year-on-year, with Q3 net profit margin reaching 19.7% [3] - Gan Yuan Food's EPS for 2024-2026 is forecasted to be 4.51 RMB, 5.39 RMB, and 6.42 RMB, respectively, with corresponding P/E ratios of 16x, 13x, and 11x [1] - The company's ROE is expected to increase from 19.53% in 2023 to 23.20% in 2026, reflecting improved profitability and efficiency [4] Channel and Product Strategy - The company is focusing on e-commerce channel development, with a dedicated team in place to optimize product offerings and prepare for the Q4 sales peak [2] - KA (Key Account) channels are transitioning from distributors to direct sales, showing better performance compared to the industry average [2] - Overseas expansion is centered on the Vietnamese market, which has shown consistent growth [2] Cost Management and Hedging - The company has implemented hedging strategies for key raw materials such as peanuts, sugar, and palm oil to mitigate price volatility risks [3] - Sales expenses increased by 1 percentage point year-on-year due to higher personnel costs and increased investment in online marketing channels [3] Future Outlook - Revenue growth is expected to remain strong, with forecasts of 22.51% growth in 2024, 19.86% in 2025, and 19.29% in 2026 [4] - The company's net profit is projected to grow from 420.54 million RMB in 2024 to 598.59 million RMB in 2026, driven by improved operational efficiency and market expansion [4]

| --- | --- | --- | |-----------------------|-----------------------------------------|--------------| | 2024 | 年 10 月 27 日 | 公司研究 | | 研究所： 证券分析师： | 刘洁铭 S0350521110006 liujm@ghzq.com.cn | | | 证券分析师： | 秦一方 S0350523120001 qinyf@ghzq.com.cn | ——甘源食品（ | 评级：买入(维持) [Table_Title] 收入环比改善，盈利能力增强 002991）2024 年三季报点评 事件: 年 10 月 23 日，甘源食品发布 2024 年三季报。2024Q1-3 公司实 现营业收入 16.06 亿元，同比+22.23%；归母净利润 2.77 亿元，同比 ；扣非归母净利润 2.48 亿元，同比+32.10%。其中，2024Q3 公司实现营业收入 5.63 亿元，同比+15.58%；归母净利润 1.11 亿元，同 +17.10%；扣非归母净利润 1.03 亿元，同比+22.26%。 Q3 ...

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