Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company reported a revenue of 1.61 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.2%. The net profit attributable to shareholders reached 280 million yuan, up 29.5% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 560 million yuan, a 15.6% increase year-on-year, and a net profit of 110 million yuan, reflecting a 17.1% year-on-year growth [2]. - The company is focusing on optimizing its product structure and enhancing collaboration with snack wholesale stores and supermarket membership stores, which has contributed to the recovery of high growth in Q3 [2]. - The gross margin for the first three quarters of 2024 was 35.6%, slightly down by 0.7 percentage points year-on-year, attributed to increased competition and promotional expenses [2]. - The company has announced a shareholder return plan for 2024-2026, committing to a dividend payout ratio of no less than 50% or 70% depending on the occurrence of significant investment plans or cash payments [2]. Financial Forecast - The company is projected to achieve revenues of 2.2 billion yuan, 2.6 billion yuan, and 2.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20%, 16%, and 14% [3][6]. - The net profit attributable to shareholders is expected to be 390 million yuan, 440 million yuan, and 510 million yuan for the same years, with growth rates of 20%, 12%, and 15% [3][6]. - The current price-to-earnings (P/E) ratios are projected to be 17, 15, and 13 for the years 2024, 2025, and 2026, respectively [3][6].

Investment Rating - The investment rating for the company is maintained at "Outperform" [5]. Core Insights - The company reported a revenue of 1.606 billion yuan for Q3 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 [5]. - The company is expected to achieve a revenue of 2.333 billion yuan in 2024, with a year-on-year growth rate of 26.3% [6]. - The company has expanded its product offerings beyond traditional bean products to include flavored nuts and baked snacks, enhancing its market presence [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 36.80%, a slight decrease of 0.75 percentage points year-on-year. The operating profit for the same period was 132 million yuan, reflecting a 6.6% increase [6]. - The company’s net profit margin improved to 19.66% due to a reduction in the corporate income tax rate to 15% [6]. Revenue and Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 401 million yuan, 501 million yuan, and 580 million yuan, respectively, with corresponding year-on-year growth rates of 22%, 24.9%, and 15.7% [6]. - The earnings per share (EPS) are expected to be 4.31 yuan, 5.38 yuan, and 6.22 yuan for the years 2024, 2025, and 2026 [6]. Market Position and Strategy - The company has successfully completed a multi-category and full-channel layout, actively expanding into new sales channels such as snack wholesale stores, live e-commerce, and high-end membership stores [5]. - The company’s stock price is currently trading at a price-to-earnings (PE) ratio of 15x for 2024, 12x for 2025, and 10x for 2026, indicating a favorable valuation [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 563 million yuan in Q3 2024, representing a year-on-year increase of 15.58%, and a net profit attributable to shareholders of 111 million yuan, up 17.10% [1] - The profit exceeded market expectations due to tax incentives [1] - The company is actively embracing the bulk sales channel, and it is expected that revenue growth will improve in Q4 2024 due to the Spring Festival [1] Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 1.606 billion yuan, an increase of 22.23%, and a net profit of 277 million yuan, up 29.48% [1] - The gross profit margin in Q3 2024 decreased by 0.75 percentage points to 36.80%, primarily due to a shift in channel structure towards lower-margin bulk sales [1] - The net profit margin increased by 0.26 percentage points to 19.66%, mainly due to the reduction in the income tax rate from 25% to 15% after obtaining high-tech enterprise recognition [1] Revenue Breakdown - The bulk sales channel is expected to see a year-on-year revenue growth of over 50% in Q3 2024, contributing significantly to the company's revenue increase [1] - The membership supermarket channel maintained steady growth, while the KA supermarket channel is still undergoing adjustments, with a forecasted reduction in decline compared to Q2 2024 [1] - The e-commerce channel is expected to see an expanded decline compared to Q2 2024, primarily due to changes in traffic distribution on Douyin, with a year-on-year revenue drop of 20% in Q3 2024 [1] Earnings Forecast - The company is projected to achieve total operating revenue of 2.262 billion yuan, 2.700 billion yuan, and 3.161 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.4%, 19.4%, and 17.1% [2] - The net profit attributable to shareholders is expected to be 390 million yuan, 470 million yuan, and 562 million yuan for the same years, with year-on-year growth rates of 18.4%, 20.7%, and 19.4% [2] - The company's P/E ratios for the years 2024, 2025, and 2026 are projected to be 15.31, 12.68, and 10.62, respectively [2]

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].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 1.606 billion RMB 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 RMB, up 29.48% year-on-year [2]. - The third quarter of 2024 saw a revenue of 560 million RMB, with a net profit of 110 million RMB, reflecting a year-on-year growth of 15.58% and 17.1% respectively. The performance exceeded expectations [2]. - The company is experiencing improved sales momentum, particularly due to the Mid-Autumn Festival and National Day, with new product launches contributing positively to sales [2]. - The gross margin for Q3 2024 was 36.8%, showing a slight year-on-year decline attributed to changes in product mix, while the net profit margin improved to 19.66% [2]. - The company is expected to benefit from tax rate reductions due to its high-tech enterprise status, which will continue to enhance profitability [2]. Summary by Sections Performance Overview - For Q3 2024, the company achieved a revenue of 560 million RMB and a net profit of 110 million RMB, with year-on-year growth rates of 15.58% and 17.1% respectively [2]. - The cumulative revenue for the first three quarters of 2024 was 1.606 billion RMB, with a net profit of 277 million RMB, marking a year-on-year increase of 22.23% and 29.48% [2]. Operational Analysis - The company has seen improved sales dynamics, particularly during peak seasons, and is actively developing new flavors and product specifications [2]. - The gross margin for Q3 2024 was 36.8%, with a year-on-year decrease of 0.7 percentage points, while the net profit margin increased by 0.3 percentage points [2]. Financial Projections - The report projects net profits for 2024-2026 to be 387 million RMB, 472 million RMB, and 558 million RMB respectively, with year-on-year growth rates of 18%, 22%, and 18% [3]. - The price-to-earnings (P/E) ratios for the same period are expected to be 15x, 13x, and 11x [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 86.76 [1][6]. Core Insights - The company's Q3 performance showed significant improvement, with revenue and net profit exceeding expectations due to stable raw material costs and scale effects [3][5]. - The company is focusing on channel adjustments, transitioning from distributors to direct sales, and enhancing e-commerce strategies, which are expected to yield positive results in the upcoming peak season [4][6]. - The report projects an upward revision of the 2024 profit forecast while adjusting downwards for 2025 and 2026 due to increased competition in the snack industry [6]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of RMB 1.61 billion, a year-on-year increase of 22.2%, and a net profit of RMB 280 million, up 29.5% [3]. - In Q3 alone, revenue reached RMB 560 million, with a net profit of RMB 110 million, reflecting year-on-year growth of 15.6% and 17.1%, respectively [3]. - The company's net profit margin improved, with a non-GAAP net profit margin of 18.4% in Q3, up 1.0 percentage points year-on-year [5]. Future Outlook - The company is expected to benefit from seasonal stocking in the upcoming peak season, with ongoing channel optimization and expansion into overseas markets [4][6]. - The report anticipates EPS growth for 2024-2026 at RMB 4.22, RMB 4.82, and RMB 5.49, respectively, indicating a positive growth trajectory [6][7]. Valuation Metrics - The company's projected PE ratios for 2024, 2025, and 2026 are 15.16, 13.29, and 11.65, respectively, suggesting an attractive valuation compared to peers [7][9]. - The report highlights a market capitalization of RMB 5.966 billion and a closing price of RMB 64.00 as of October 22, 2024 [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 1.606 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 22.23%. The net profit attributable to the parent company was 277 million yuan, up 29.48% year-on-year [2] - Q3 revenue slightly exceeded market expectations, with growth observed across major channels compared to Q2. E-commerce and traditional channels are undergoing reforms, with improvements noted in Q3 [2] - The scale effect contributed to a significant increase in net profit margin in Q3, with a gross margin of 36.8% and a net margin of 19.7%, both showing quarter-on-quarter improvements [2] - The company is expected to continue this positive trend into Q4, driven by product mix optimization in e-commerce, further streamlining of the KA channel, and the introduction of new products in the membership system [2] - Revenue forecasts for 2024-2026 are set at 2.26 billion, 2.69 billion, and 3.11 billion yuan, with corresponding net profits of 400 million, 483 million, and 564 million yuan, reflecting growth rates of 22%, 21%, and 17% respectively [2] Financial Summary - Total revenue for 2022 was 1.451 billion yuan, with a year-on-year growth of 12.11%. For 2023, revenue is projected at 1.848 billion yuan, a 27.36% increase [1] - The company’s net profit for 2022 was 158.34 million yuan, with a growth of 3.05%. The forecast for 2023 is 329.06 million yuan, reflecting a 107.82% increase [1] - The latest diluted EPS for 2023 is 3.53 yuan per share, with a projected P/E ratio of 18.13 [1]

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]

内部控制管理制度 （2024 年 10 月） 第一章 总则 甘源食品股份有限公司 第一条 为加强甘源食品股份有限公司（以下简称"公司"或"本公司"）内部控制， 防范和化解公司日常经营运作中可能出现的各类风险，促进公司规范运作和健康发展， 保护投资者合法权益，根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》《企业内部控制基本规范》等法律、 法规、规章、规范性文件和《甘源食品股份有限公司章程》（以下简称《公司章程》）的 相关规定，制定本制度。 第二条 公司内部控制的目标是： (一) 合理保证公司经营管理合法、合规； (二) 保障公司的资产安全； (三) 保证公司财务报告及相关信息真实完整； (六) 降低、规避和控制风险。 第三条 本制度所称内部控制是由公司董事会、监事会、管理层和全体员工实施的、 旨在实现内部控制目标的过程。主要围绕内部控制环境、风险评估、控制活动、信息与 沟通、内部监督五要素内容，进行内部控制管理工作。 第四条 本制度适用于本公司及本公司的全资、控股子公司（以下简称"子公司"）。 第五条 公司应不断完善公司治理结构和内控制度，确保董事会 ...

第五届董事会董事候选人任职资格的审查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《上市公司独立董事管理办法》《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第 1 号—— 主板上市公司规范运作》及甘源食品股份有限公司（以下简称"公司"） 《公司章程》《董事会提名委员会工作细则》等相关规定，第四届董 事会提名委员会（以下简称"提名委员会"）对公司第五届董事会非 独立董事候选人和独立董事候选人的任职条件和任职资格等相关材 料进行认真审核，发表审查意见如下： 甘源食品股份有限公司 第四届董事会提名委员会关于 经审查，本次提名的独立董事候选人符合《上市公司独立董事管 理办法》和公司《独立董事工作制度》中担任公司独立董事的任职资 格和独立性等要求，具有履行独立董事职责所必需的工作经验、专业 能力和职业素质，且均已取得深圳证券交易所认可的独立董事资格证 书。 综上所述，我们同意提名严斌生先生、严海雁先生、严剑先生、 涂文莉女士、万厚雄先生、曹勇先生为公司第五届董事会非独立董事 候选人，同意提名刘江山先生、张锦胜先生、汤正梅女士为公司第五 届董事会独立董事候选人，任期 ...