Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown resilience in its operations, with a total revenue of 1.606 billion yuan in Q1-3 2024, representing a year-on-year increase of 22.23%. The net profit attributable to the parent company reached 277 million yuan, up 29.48% year-on-year [1] - In Q3 2024, the company achieved a total revenue of 563 million yuan, reflecting a year-on-year growth of 15.58%, and a net profit of 111 million yuan, which is a 17.10% increase year-on-year [1] - The company has successfully expanded its sales through various channels, including traditional distribution and e-commerce, and has introduced new products to enhance its market presence [1] Financial Performance Summary - The company reported a gross profit margin of 36.8% in Q3 2024, a slight decrease of 0.74 percentage points year-on-year, primarily due to changes in channel structure [1] - The sales expense ratio was 11.4%, an increase of 1.5 percentage points year-on-year, attributed to the expansion of the sales team and increased online promotional expenses [1] - The net profit margin for Q3 2024 was 19.7%, an increase of 0.3 percentage points year-on-year, benefiting from a lower tax rate of 15.5% due to the recognition of the parent company as a high-tech enterprise [1] Earnings Forecast - The company is projected to have earnings per share (EPS) of 4.27 yuan, 4.98 yuan, and 5.70 yuan for the years 2024, 2025, and 2026 respectively [2] - The revenue is expected to grow from 2.288 billion yuan in 2024 to 3.292 billion yuan in 2026, with year-on-year growth rates of 23.9%, 21.5%, and 18.4% respectively [2] - The net profit attributable to the parent company is forecasted to increase from 398 million yuan in 2024 to 532 million yuan in 2026, with growth rates of 20.9%, 16.6%, and 14.5% respectively [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated steady revenue growth, with a 15.58% year-on-year increase in revenue for Q3 2024, reaching 563 million yuan. The net profit attributable to shareholders increased by 17.10% year-on-year to 111 million yuan [1] - For the first three quarters of 2024, the company achieved a total revenue of 1.606 billion yuan, representing a year-on-year growth of 22.23%, and a net profit of 277 million yuan, up 29.48% year-on-year [1] - The company is expanding its product range and enhancing its health-oriented innovations to meet changing consumer demands, contributing to sales growth in both domestic and overseas markets [1] Financial Performance Summary - Q3 2024 gross margin and net margin improved, with gross margin at 36.80% and net margin at 19.66%, reflecting a quarter-on-quarter increase of 2.44 percentage points and 3.17 percentage points respectively [1] - The company’s operating expenses, including sales, management, and R&D expenses, have seen slight increases, but the effective tax rate was reduced from 25% to 15% due to high-tech enterprise recognition, leading to a slight improvement in net profit margin [1] - Revenue forecasts for 2024, 2025, and 2026 are projected at 2.283 billion yuan, 2.821 billion yuan, and 3.498 billion yuan respectively, with corresponding growth rates of 23.55%, 23.58%, and 24.01% [2] Comparable Company Analysis - The company’s P/E ratios for 2024, 2025, and 2026 are projected at 16.2, 13.5, and 11.4 respectively, indicating a favorable valuation compared to industry peers [3] - The average P/E ratio for comparable companies is 22.8 for 2024, suggesting that the company is undervalued relative to its peers [3] Financial Forecasts - The company’s total assets are expected to grow from 2.004 billion yuan in 2022 to 3.308 billion yuan by 2026, indicating strong growth potential [4] - The net profit is forecasted to increase from 158 million yuan in 2022 to 579 million yuan in 2026, with a consistent upward trend in profitability [5]

证券代码：002991 证券简称：甘源食品 编号：2024-007 甘源食品股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------------|-------------------------------------------------------------|----------------------------------------------------------------------| | | □特定对象调研 | □分析师会议 | | 投资者 | □媒体采访 | √业绩说明会 | | 关系活 | □新闻发布会 | □路演活动 | | 动类别 | □现场参观 | | | | □其他 | | | 参与单 位名称 | 线上参与甘源食品 2024 | 年第三季度业绩说明会的全体投资者 | | 时间 | 2024 年 10 月 25 | 日（星期五） 15:00-16:00 | | 地点 | 价值在线（ | https://www.ir-online.cn/ ）网络互动 | | 公司接 待人员 姓名 | 董事长、总经理、董事 董事会秘书 张婷女士 ...

证券研究报告：食品饮料 | 公司点评报告 2024 年 10 月 24 日 公司基本情况 最新收盘价（元） 70.67 总股本/流通股本（亿股）0.93 / 0.50 总市值/流通市值（亿元）66 / 35 52 周内最高/最低价 90.48 / 47.85 资产负债率(%) 19.6% 市盈率 19.74 第一大股东 严斌生 股票投资评级 买入|维持 个股表现 -27% -20% -13% -6% 1% 8% 15% 22% 29% 36% 2023-10 2024-01 2024-03 2024-05 2024-08 2024-10 甘源食品 食品饮料 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 甘源食品(002991) 业绩表现超预期，经营拐点已至 ⚫ 事件 公司发布 2024 年三季报，前三季度实现营业总收入/营业收入/ 归母净利润 / 扣 非 净 利润 16.06/16.0 ...

Investment Rating - The report maintains a "Buy" rating for Ganyuan Food with a target price of 87.80, compared to the last closing price of 70.40 [1][2]. Core Insights - Ganyuan Food's Q3 performance exceeded expectations, with revenue of 5.63 billion yuan, a year-on-year increase of 15.58%, and a net profit of 1.11 billion yuan, up 17.10% year-on-year [2][3]. - The company has shown strong growth in offline channels, particularly in snack wholesale and overseas markets, with significant progress in transitioning from distribution to direct sales in supermarkets [2][3]. - The gross profit margin for Q3 was 36.8%, a slight decrease of 0.75 percentage points year-on-year, attributed to changes in channel structure, while the net profit margin improved significantly [2][3]. Financial Forecasts - Revenue projections for Ganyuan Food are estimated to grow at rates of 23%, 19%, and 15% for 2024, 2025, and 2026 respectively, with net profit growth rates of 24%, 20%, and 14% for the same years [3][2]. - The earnings per share (EPS) are forecasted to be 4.39 yuan, 5.25 yuan, and 6.00 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 16x, 13x, and 12x [3][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in revenue, achieving 1.61 billion yuan in revenue for the first three quarters of 2024, a year-on-year increase of 22.2%, with a net profit of 280 million yuan, up 29.5% year-on-year. In Q3 2024, revenue reached 560 million yuan, growing 15.6% year-on-year, and net profit was 110 million yuan, an increase of 17.1% year-on-year. The profit margin slightly exceeded expectations [1][2] - The company maintains its profit forecast, expecting net profits of 420 million, 520 million, and 640 million yuan for 2024-2026, representing year-on-year growth of 28.7%, 23.3%, and 22.5% respectively. The current stock price corresponds to P/E ratios of 15.5, 12.6, and 10.3 times for the respective years [1][2] Revenue Growth - The company has achieved stable revenue growth, with Q3 2024 revenue increasing by 15.6%. The snack wholesale channel and Southeast Asia expansion have performed well. The recent launch of new products in membership stores and ongoing optimization of e-commerce product offerings are expected to drive future revenue growth [2] Profitability Metrics - In Q3 2024, the company's gross margin reached 36.8%, a year-on-year decrease of 0.7 percentage points, primarily due to slight impacts from raw material prices. However, the gross margin improved by 2.4 percentage points quarter-on-quarter, indicating a positive trend. The net profit margin for Q3 2024 was 19.7%, up 0.3 percentage points year-on-year, exceeding expectations [3] Financial Projections - The company is projected to achieve revenues of 2.3128 billion, 2.884 billion, and 3.5405 billion yuan for 2024, 2025, and 2026, with year-on-year growth rates of 25.2%, 24.9%, and 22.6% respectively. The net profit is expected to reach 423.5 million, 522.4 million, and 640.1 million yuan for the same years, with growth rates of 28.7%, 23.3%, and 22.5% respectively [4]

Investment Rating - The investment rating for the company is upgraded to "Buy-B" [1] Core Views - The company's revenue growth accelerated in Q3 2024, with a year-on-year increase of 22.23% in the first three quarters, and net profit growth exceeded expectations [1] - The company's revenue in Q3 2024 reached 5.63 billion yuan, a year-on-year increase of 15.58%, with net profit of 1.11 billion yuan, up 17.10% year-on-year [1] - The company's gross profit margin in Q3 2024 was 36.80%, a slight decrease of 0.74 percentage points year-on-year, but the net profit margin increased by 0.25 percentage points to 19.66% due to tax benefits [1] - The company's overseas market expansion and product diversification are expected to drive future growth, with revenue and net profit forecasts adjusted upward for 2024-2026 [1] Revenue Analysis - The company's revenue growth in Q3 2024 improved compared to Q2, driven by effective adjustments in channel structure and personnel [1] - Classic products such as "Lao San Yang" maintained steady growth, while new products like mixed nuts and bean snacks performed well in the market [1] - The snack retail and overseas channels contributed significantly to revenue growth, while traditional KA and BC channels were affected by macroeconomic factors and channel diversion [1] Profit Analysis - The company's gross profit margin declined slightly due to increased online promotions and a higher proportion of low-margin snack retail channels [1] - Sales expenses increased by 1.5 percentage points year-on-year in Q3 2024, mainly due to team expansion and increased wages and bonuses [1] - The company's net profit margin improved due to a lower corporate tax rate following its recognition as a high-tech enterprise [1] Financial Data and Valuation - The company's revenue for 2024E is forecasted to be 23.03 billion yuan, with a year-on-year growth of 24.6% [3] - Net profit for 2024E is expected to reach 390 million yuan, with a year-on-year growth of 18.4% [3] - The company's P/E ratio for 2024E is 16.8x, lower than the industry average of 20x [1][3] - The company's ROE is expected to increase from 19.5% in 2023A to 20.8% in 2024E [3] Balance Sheet and Cash Flow - The company's total assets are expected to grow from 2.095 billion yuan in 2023A to 2.466 billion yuan in 2024E [4] - Operating cash flow is forecasted to increase from 258 million yuan in 2023A to 552 million yuan in 2024E [4] - The company's debt-to-asset ratio is expected to remain stable, with a slight increase from 19.6% in 2023A to 24.1% in 2024E [4]

Summary of Conference Call for Sanyuan Video Company Company Overview - **Company**: Sanyuan Video Company - **Industry**: Video and Snack Food Industry Key Financial Highlights - **Revenue**: - For the first three quarters, revenue reached **1.606 billion** CNY, an increase of **22.23%** year-on-year, up by **292 million** CNY [1] - In Q3 alone, revenue was **563 million** CNY, a **15.58%** increase year-on-year, up by **75.93 million** CNY [2] - **Net Profit**: - For the first three quarters, net profit was **277 million** CNY, a **29.48%** increase year-on-year, up by **63.11 million** CNY [1] - In Q3, net profit was **110 million** CNY, a **17.1%** increase year-on-year, up by **16.16 million** CNY [2] - **Gross Margin**: - For the first three quarters, gross margin was **35.59%**, a decrease of **0.73 percentage points** year-on-year [1] - In Q3, gross margin was **36.8%**, a decrease of **0.74 percentage points** year-on-year [2] Strategic Insights - **Channel Performance**: - Strong growth in temporary and export channels, including direct and distributor exports [1][2] - Traditional supermarket channels are under pressure but have shown some improvement compared to Q2 [3] - **Product Performance**: - Key products driving growth include mixed beans, mixed nuts, green peas, peanuts, and sunflower seeds [1][2] - New product launches in high-end membership stores are still in early stages, requiring further observation [4] Challenges and Adjustments - **Sales Expenses**: - Sales expenses increased by **0.97 percentage points** year-on-year, attributed to higher promotional activities and team expansion [1][2] - **Tax Rate**: - The tax rate decreased by **10%** due to high-tech enterprise recognition, contributing to a **2 percentage point** reduction in overall tax expenses [2] - **Market Conditions**: - The overall market remains under pressure, affecting traditional channels, but the company is optimistic about outperforming the industry [3][4] Future Outlook - **Expansion Plans**: - The company aims to enhance its presence in both domestic and overseas markets, particularly in Southeast Asia [5][9] - **Product Development**: - Continued focus on product innovation and expanding the product line, especially in the snack segment [4][9] - **E-commerce Strategy**: - Adjustments in the e-commerce strategy are underway, with expectations for improved performance in the upcoming festive season [8][12] Additional Insights - **Temporary Channels**: - Temporary channels are seen as beneficial for expanding market reach, although they may also divert some sales from traditional channels [5][16] - **Competitive Landscape**: - The company believes its brand strength and product quality provide a competitive edge against lower-priced alternatives in the market [13][17] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, strategic initiatives, challenges faced, and future outlook in the snack food industry.

证券代码：002991 证券简称：甘源食品 编号：2024-006 甘源食品股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------| | | □特定对象调研 | □分析师会议 | | 投资者 | □媒体采访 | □业绩说明会 | | 关系活 | □新闻发布会 | □路演活动 | | 动类别 | □现场参观 | | | | √其他（电话会议） | | | 参与单 位名称 | 具体参与单位名称见附件 | | | 时间 | 2024 年 10 月 23 日（星期三） | 9:00-10:00 | | 地点 | 公司会议室 | | | 公司接 待人员 姓名 | 董事会秘书 张婷女士 财务总监、董 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 1.606 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 22.23%, and a net profit attributable to shareholders of 277 million yuan, up 29.48% year-on-year. In Q3 2024, the revenue was 563 million yuan, with a year-on-year increase of 15.58%, and a net profit of 111 million yuan, growing 17.10% year-on-year [2][6] - The company benefits from tax incentives in advanced manufacturing, leading to a net profit margin increase of 0.26 percentage points to 19.66% in Q3 2024, despite a slight decline in gross margin [6] - The company is focusing on a "multi-category + all-channel" business model, enhancing product quality, brand management, and operational efficiency, which is expected to drive future growth [6] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 2.267 billion yuan, with a growth rate of 22.68%, and a net profit of 397 million yuan, reflecting a growth of 20.54%. The earnings per share (EPS) is expected to be 4.26 yuan [6][8] - The company’s financial metrics indicate a steady improvement, with a projected EBITDA of 574 million yuan for 2024, and a price-to-earnings (P/E) ratio of 15.0 [6][8] - The company’s total assets are expected to grow from 2.228 billion yuan in 2024 to 2.841 billion yuan by 2026, indicating a robust growth trajectory [8]