甘源食品（ [Table_StockNameRptType] 002991） 公司点评 税收优惠贡献弹性 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 80 yuan [1]. Core Insights - The company reported a 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 was 277 million yuan, up 29.48% year-on-year [1]. - In Q3 alone, the company achieved a revenue of 563 million yuan, a 15.58% increase compared to the same quarter last year, with a net profit of 111 million yuan, reflecting a 17.1% year-on-year growth [1]. - The report highlights significant contributions from bulk and overseas sales channels, with Q3 revenue slightly exceeding expectations [1]. Financial Performance Summary - The company’s gross margin for Q3 2024 was 36.8%, a decrease of 0.74 percentage points year-on-year, attributed to the increased sales of high-cost performance products [1]. - The report notes an increase in operating expenses due to organizational restructuring, with the sales, management, and R&D expense ratios rising [1]. - The effective tax rate for Q3 2024 was 15.48%, down 7.79 percentage points year-on-year, positively impacting profitability [1]. Future Outlook - Short-term growth momentum is expected to continue, with improvements in channel organization capabilities [1]. - The report anticipates that the upcoming holiday season will catalyze further revenue growth in Q4, supported by a low base effect from the previous year [1]. - Long-term prospects remain positive, with the company’s product strength and channel capabilities expected to support continued high growth in the coming years [1]. Financial Projections - The company is projected to achieve total revenue of 2.235 billion yuan in 2024, with a year-on-year growth rate of 21.0%. The net profit is expected to reach 396 million yuan, reflecting a growth rate of 20.4% [2]. - Earnings per share (EPS) are forecasted to be 4.25 yuan for 2024, with corresponding price-to-earnings (P/E) ratios of 15, 13, and 11 for the years 2024, 2025, and 2026 respectively [2].

来源：公司年报、国金证券研究所 业绩简评 10 月 22 日公司发布三季报，24Q1-Q3 实现营收 16.06 亿元，同比 +22.23%；实现归母净利润 2.77 亿元，同比+29.48%；扣非归母净 利润 2.48 亿元，同比+32.11%。其中，24Q3 实现营收 5.6 亿元， 同比+15.58%；实现归母净利润 1.1 亿元，同比+17.1%；扣非归母 净利润 1.03 亿元，同比+22.26%，业绩超预期。 经营分析 Q3 动销边际改善，期待年货节持续放量。1）Q3 具备中秋+国庆旺 季催化，终端动销边际改善。尤其是公司积极开发新口味&新规格 的组合装产品，如老三样、缤纷豆果等取得不错成效。2）分渠道 来看，公司在传统商超渠道持续进行调整，并积极合作会员商超、 零食量贩、新媒体电商等渠道，我们预计 Q3 商超渠道具备边际改 善，零食量贩、会员商超维持高增长趋势。考虑到今年春节备货主 要体现在 Q4，环比有望提速。 产品结构变化致毛利率下降，税率调整红利持续释放。24Q3 公司 毛利率为 36.8%，同比、环比分别为-0.7pct/+2.4pct，毛利率同 比下降我们推测主要系产品结构变化，今年公 ...

证券研究报告 资料来源：Wind 甘源食品 (002991 CH) 经营显著改善，净利率表现亮眼 华泰研究 季报点评 2024 年 10 月 22 日│中国内地 食品 投资评级(维持): 目标价(人民币 ): 研究员 SAC No. S0570520100001 买入 86.76 龚源月 gongyuanyue@htsc.com | --- | --- | |------------------------|-------------------------------------| | | | | SFC No. BQL737 | +(86) 21 2897 2228 | | 研究员 | 倪欣雨 | | SAC No. S0570523080004 | nixinyu@htsc.com +(86) 21 2897 2228 | 基本数据 公司公布三季度业绩，24Q1-3 营收/归母净利/扣非净利 16.1/2.8/2.5 亿，同 比+22.2%/+29.5%/+32.0%；对应 24Q3 营收/归母净利/扣非净利 5.6/1.1/1.0 亿，同比+15.6%/ +17.1%/+22.3%，利润超预期（前次前 ...

证券研究报告·公司点评报告·休闲食品 甘源食品（002991） 业绩超市场预期，环比改善明显 2024 年 10 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1451 | 1848 | 2260 | 2691 | 3115 | | 同比（ % ） | 12.11 | 27.36 | 22.32 | 19.08 | 15.75 | | 归母净利润（百万元） | 158.34 | 329.06 | 400.68 | 483.28 | 564.24 | | 同比（ % ） | 3.05 | 107.82 | 21.76 | 20.61 | 16.75 | | EPS- 最新摊薄（元 / 股） | 1.70 | 3.53 | 4.30 | 5.18 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown a recovery in revenue growth, with a 22% year-on-year increase in revenue for the first three quarters of 2024, amounting to 1.606 billion yuan. Net profit attributable to shareholders increased by 29% to 277 million yuan, while the net profit excluding non-recurring items rose by 32% to 248 million yuan [1] - The third quarter of 2024 saw revenue of 563 million yuan, a 16% increase year-on-year, with net profit attributable to shareholders reaching 111 million yuan, up 17% [1] - The gross profit margin decreased by 1 percentage point to 36.80%, primarily due to changes in product mix, but is expected to recover as new product capacity ramps up and operational efficiencies improve [1] - The company is expanding its market coverage through multiple channels, optimizing its channel structure, and focusing on product innovation in the snack segment, particularly around beans and nuts [1] Financial Projections - The company is projected to achieve revenues of 2.329 billion yuan in 2024, with a growth rate of 26.1%. By 2026, revenues are expected to reach 3.403 billion yuan, with a growth rate of 19.4% [3] - Net profit attributable to shareholders is forecasted to be 399 million yuan in 2024, growing to 599 million yuan by 2026, with respective growth rates of 21.3% and 21.7% [3] - The diluted earnings per share (EPS) is expected to be 4.28 yuan in 2024, increasing to 6.43 yuan by 2026 [3]

Revenue and Profit Performance - Revenue for the third quarter of 2024 reached 563.2 million yuan, a year-on-year increase of 15.58%[4] - Net profit attributable to shareholders of the listed company in the third quarter was 110.71 million yuan, up 17.10% year-on-year[4] - Total revenue for the quarter reached 1,605,594,088.43 yuan, a significant increase from 1,313,622,970.23 yuan in the same period last year[20] - Operating profit for the quarter was 331,356,992.35 yuan, up from 284,788,491.10 yuan in the previous year[20] - Net profit attributable to parent company shareholders reached 277.23 million yuan, an increase of 29.5% compared to the previous year's 214.12 million yuan[21] - Basic earnings per share (EPS) increased to 3.05 yuan from 2.33 yuan in the previous year[21] Cash Flow and Financial Activities - Operating cash flow for the first nine months of 2024 was 293.48 million yuan, a significant increase of 49.82% compared to the same period last year[4] - Operating cash flow increased by 49.82% to 293.48 million yuan, driven by higher revenue and increased payments from sales[9] - Financing cash flow decreased by 224.96% to -324.43 million yuan, primarily due to increased cash dividends[9] - Net increase in cash and cash equivalents decreased by 196.28% to -134.82 million yuan, mainly due to increased cash dividends[9] - Cash flow from operating activities increased by 49.8% to 293.48 million yuan compared to 195.88 million yuan in the previous year[23] - Cash received from sales of goods and services rose by 23.4% to 1.77 billion yuan from 1.44 billion yuan in the previous year[22] - Cash paid for goods and services increased by 18.0% to 1.02 billion yuan from 867.96 million yuan in the previous year[23] - Cash flow from investment activities showed a net outflow of 103.79 million yuan, an improvement from the previous year's net outflow of 141.58 million yuan[23] - Cash flow from financing activities had a net outflow of 324.43 million yuan, significantly higher than the previous year's net outflow of 99.84 million yuan[24] - The company's cash and cash equivalents at the end of the period decreased to 111.53 million yuan from 246.36 million yuan at the beginning of the period[24] - The company received 12.31 million yuan in tax refunds, a significant increase from 128,154.19 yuan in the previous year[23] - The company paid 299.79 million yuan in dividends, profits, or interest payments, nearly triple the amount paid in the previous year (100.02 million yuan)[23] Assets and Liabilities - The company's total assets as of September 30, 2024, decreased by 1.77% to 2.06 billion yuan compared to the end of the previous year[4] - The company's equity attributable to shareholders decreased by 4.08% to 1.62 billion yuan as of September 30, 2024[4] - Total assets at the end of the quarter stood at 2,057,821,950.72 yuan, slightly down from 2,094,996,172.73 yuan at the beginning of the period[18] - Total liabilities increased to 441,690,283.15 yuan from 410,178,694.48 yuan at the start of the quarter[18] - Net profit attributable to the parent company was 656,068,524.63 yuan, compared to 678,582,697.10 yuan at the beginning of the period[18] - Fixed assets grew to 626,077,709.89 yuan from 525,376,612.03 yuan at the beginning of the quarter[17] - Inventory decreased to 145,500,019.13 yuan from 177,323,339.61 yuan at the start of the period[17] Expenses and Costs - Sales expenses for the first nine months of 2024 increased by 32.40% to 202.87 million yuan, mainly due to increased wages and bonuses[8] - Research and development expenses for the quarter were 19,562,421.60 yuan, up from 16,706,193.10 yuan in the previous year[20] - Sales expenses increased to 202,869,224.95 yuan from 153,227,748.66 yuan in the same period last year[20] Shareholder and Dividend Information - The top shareholder, Yan Binsheng, holds 56.24% of the shares, with 52.43 million shares[10] - The company completed a 2023 annual cash dividend distribution of 199.71 million yuan, with a dividend of 21.80 yuan per 10 shares[12] - The company approved a 2024 semi-annual cash dividend of 100.04 million yuan, with a dividend of 10.92 yuan per 10 shares[13] Other Financial Activities - Government subsidies received during the reporting period amounted to 7.54 million yuan, contributing to non-recurring gains[5] - The company's inventory repurchase increased by 60.65% to 142.56 million yuan, mainly due to increased share repurchases[7] - The company's prepayments for raw materials increased by 125.38% to 71.29 million yuan, reflecting higher procurement activities[7] - The company's short-term borrowing increased by 100.00% to 40 million yuan, mainly due to new short-term loans[7] - The company initiated commodity futures and options hedging business with a maximum limit of 5 million yuan for margin and premium usage[14] - The company's subsidiary, Hangzhou Chun'an Ganyuan Food Sales Co., Ltd., completed business scope changes and obtained a new business license[15]

证券代码：002991 证券简称：甘源食品 公告编号：2024-060 一、说明会召开的时间、地点和方式 会议召开时间：2024 年 10 月 25 日（星期五）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、出席人员 公司董事长、总经理、董事严斌生先生，董事会秘书张 婷女士，财务总监、董事涂文莉女士，独立董事汤正梅女士。 三、投资者参与方式 甘源食品股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 甘源食品股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日在巨潮资讯网（www.cninfo.com.cn）发布 2024 年 第三季度报告。为便于广大投资者更加全面深入地了解公司 经营业绩、发展战略等情况，公司计划于 2024 年 10 月 25 日 （星期五）15:00-16:00 在"价值在线"（www.ir-online.cn）召 开 2024 年第三季度业绩说明会，与投资者进行沟通和交流， 广泛听取投资者的意见 ...

本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 鉴于甘源食品股份有限公司（以下简称"公司"）第四届监事 会任期即将届满，根据《公司法》《深圳证券交易所股票上市规 则》《深圳证券交易所上市公司自律监管指引 1 号——主板上市 公司规范运作》及《公司章程》等有关规定，公司监事会将进行 换届选举。 公司于 2024 年 10 月 22 日召开第四届监事会第十四次会议， 审议通过了《关于公司监事会换届选举暨提名第五届监事会非职 工代表监事候选人的议案》。公司监事会同意提名周国新先生、 谢义先先生作为公司第五届监事会非职工代表监事候选人，简历 详见附件《第五届监事会非职工代表监事候选人简历》。 关于监事会换届选举的公告 上述两名非职工代表监事候选人经公司股东大会选举通过 后，将与公司职工代表大会联席会议选举产生的一名职工代表监 事共同组成公司第五届监事会，监事会中职工代表监事不少于监 事会成员的三分之一。非职工代表监事候选人符合法律、法规及 规范性文件和《公司章程》中关于担任上市公司监事的任职资格 和条件的规定。 根据《公司法》等法律法规和《公司章程》的相关规定，本 次 ...

证券代码：002991 证券简称：甘源食品 公告编号：2024-054 甘源食品股份有限公司 独立董事提名人声明与承诺 提名人甘源食品股份有限公司第四届董事会现就提名刘江山为 甘源食品股份有限公司第五届董事会独立董事候选人发表公开声明。 被提名人已书面同意作为甘源食品股份有限公司第五届董事会独立 董事候选人（参见该独立董事候选人声明）。本次提名是在充分了解 被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大 失信等不良记录等情况后作出的，本提名人认为被提名人符合相关法 律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对 独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过甘源食品股份有限公司第四届董事会提名 委员会资格审查，提名人与被提名人不存在利害关系或者其他可能影 响独立履职 情形的密切关系。 ✓是 □否 如否，请详细说明：____________________________ 二、被提名人不存在《中华人民共和国公司法》第一百七十八条 等规定不得担任公司董事的情形。 ✓是 □否 如否，请详细说明：____________________________ ...