证 券 研 究 报 告 甘源食品（002991）2024 年三季报点评 推荐（维持） 全渠道环比改善，营收表现超预期 目标价：80 元 事项： 公司发布 2024 年三季报。2024 年前三季度实现营收 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%。 单 Q3 实现营收 5.63 亿元，同比+15.58%；归母净利润 1.11 亿元，同比+17.1%； 扣非归母净利 1.03 亿元，同比+22.26%。 评论： 量贩、海外贡献明显，Q3 营收略超预期。在前期渠道调整的基础上，Q3 公司 全渠道普遍改善，尤其一是量贩零食渠道，今年公司在散装基础上扩展定量装 产品，并增加定制新品，带动月销持续爬坡，上半年收入翻倍，预计 Q3 月销 已至 5000 万左右；二是公司海外招商铺货顺畅，今年前三季度平均月销已达 千万级别，成为公司营收提速的核心驱动。此外，商超渠道稳步推进经销转直 营，Q3 降幅环比收窄；电商渠道新团队磨合较好，正稳步推动品类梳理等工 作；大客户渠道则表现相对平稳。 配合战略调整，费投有所增加，而税收优惠带动盈 ...

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 ...

证 券 研 报 公 司 研 2024 年 10 月 23 日 究 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]

Equity Research Report Ganyuan Foods (002991 CH) Revenue Growth Slowed in 2024, 3Y Dividend Plan Announced Huatai ResearchInterim Results Review 14 August 2024 | China (Mainland)Food Qoq slowdown in 2Q24 due to off-season and personnel adjustments Ganyuan Foods' (Ganyuan) revenue/attributable net profit (NP)/recurring NP were RMB1,040/170/140mn for 1H24 (+26.1/+39.3/+40.0% yoy) and RMB460/80/60mn for 2Q24 (+4.9/+16.9/+13.6% yoy). In 2Q24, revenue fell during the off-season for snack sales. This, coupled wit ...

证券代码：002991 证券简称：甘源食品 编号：2024-005 □特定对象调研 □分析师会议 投资者 关系活 动类别 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单 位名称 线上参与甘源食品 2024 年半年度业绩说明会的全体投资者 时间 2024 年 08 月 06 日（星期二） 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 董事长、总经理、董事 严斌生先生 公司接 待人员 姓名 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 形式 网络线上 提问与回答环节 问：目前海外市场情况怎么样？出海的产品主要有哪些？ 答：尊敬的投资者，您好！公司上半年海外出口业务营业收入同比实现稳健增 长，出口业务中产品销售表现较好的产品主要是豆类产品。感谢您的关注。 投资者 关系活 动主要 内容介 绍 问：请问近期公司通过人员和渠道改革，销售情况是否回暖。Q2 营收放缓是 不是受到一季度营收增长过快，二季度需要消化库存影响？ 答：尊敬的投资者，您好！公司聚焦豆类炒货及坚果产品，一季度因春节属于 坚果炒货销售旺季，公 ...

446 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|------------------|----------------------------------------|-----------------------|-------------------------------------| | 2024 年 08 月 06 日 \n甘源食品（ 002991.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 食品饮料 \| | 休闲食品Ⅲ | | 淡季经营略有承压，渠道布局加速优化 | 投资评级 | | 增持 | -A(维持) | | 投资要点 | 股价 | (2024-08-06) | | 55.54 元 | | 事件：公司发布 2024 年半年度报告。根据公告， 2024H1 公司实现营业收入 10.4 | 交易数据 | | | | | 2 亿元，同比增长 26.14% ...

| --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|----------------------------------------------------------------------------------------------|-------------------------------------------------------------| | 证券研究报告· A 股公司简评 休闲食品 \n淡季渠道调整，需求承压 | 甘源食品 | | (002991.SZ) | | 核心观点 | | | | | 公司深耕籽类 ...