证券代码：002991 证券简称：甘源食品 公告编号：2024-045 甘源食品股份有限公司 关于全资子公司完成工商变更登记 并换发营业执照的公告 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。 一、本次工商变更登记及备案情况 公司全资子公司杭州淳安甘源食品销售有限公司因业务发展 需要，对其经营范围进行了变更，并于近日完成变更登记手续， 取得了淳安县市场监督管理局换发的营业执照，相关的登记变更 信息如下： 类型：有限责任公司（非自然人投资或控股的法人独资） 法定代表人：严海雁 注册资本：贰仟万元整 成立日期：2021 年 12 月 31 日 住所：浙江省杭州市淳安县千岛湖镇梦姑路 490 号 11 幢 110-10 经营范围：许可项目：食品互联网销售；食品销售(依法须经 批准的项目，经相关部门批准后方可开展经营活动，具体经营项 目以审批结果为准)。一般项目：食品互联网销售（仅销售预包装 食品）；互联网销售（除销售需要许可的商品）；人工智能基础 软件开发；企业管理；社会经济咨询服务；品牌管理；市场营销 策划；工业设计服务；技术服务、技术开发、技术咨询、技术交 流 ...

Investment Rating - The investment rating for Ganyuan Foods is maintained as BUY with a target price of RMB 69.36, indicating a potential upside of 26% from the closing price of RMB 54.90 as of August 7, 2024 [8][9]. Core Insights - Ganyuan Foods experienced a quarter-on-quarter slowdown in revenue growth in 2Q24 due to off-season effects and personnel adjustments within the distribution team. However, year-on-year growth remains strong with revenue, attributable net profit, and recurring net profit for 1H24 increasing by 26.1%, 39.3%, and 40.0% respectively [3][4]. - The company’s gross profit margin (GPM) declined by 0.6 percentage points year-on-year in 2Q24, attributed to structural changes in product sales channels and weakening economies of scale. Despite this, the company expects to increase its payout ratio, enhancing shareholder returns [5][6]. - Ganyuan Foods' classic products, including green peas, melon seeds, and flavored nuts, showed robust revenue growth, with significant contributions from membership supermarkets and bulk sales channels [4][6]. Financial Performance Summary - For 1H24, Ganyuan Foods reported revenues of RMB 1,040 million, with a net profit of RMB 170 million. In 2Q24, revenues were RMB 460 million, reflecting a 4.9% year-on-year increase [3][4]. - The company’s revenue projections for the upcoming years are as follows: RMB 2,254 million for 2024, RMB 2,714 million for 2025, and RMB 3,193 million for 2026, with corresponding net profits of RMB 380.61 million, RMB 468.71 million, and RMB 551.05 million [7][9]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are RMB 4.08, RMB 5.03, and RMB 5.91 respectively, with a price-to-earnings (PE) ratio projected at 17x for 2024 [6][7].

Group 1: Financial Performance - The company's overseas export business revenue showed steady growth in the first half of 2024, with significant sales performance in bean products [2] - In Q2, revenue growth slowed due to market demand impacts, but overall sales maintained a year-on-year growth trend [2][3] - The e-commerce segment experienced a decline in gross margin due to an increase in high-cost products, but overall e-commerce business remained stable [4] Group 2: Market Expansion and Strategy - The company plans to deepen channel expansion and product diversification strategies in the second half of the year to drive performance growth [3] - Initial overseas market expansion will focus on the economically active Southeast Asia region, leveraging product development and manufacturing advantages [3] - The company is exploring brand promotion strategies, including collaborations with popular brands to enhance visibility among younger consumers [3][4] Group 3: Production and Capacity - The company employs a "sales-driven production" model to organize production based on market demand, ensuring efficient capacity utilization [4] - The fifth-phase factory construction is aimed at producing new products and enhancing storage capabilities, supporting the company's multi-category development strategy [4] Group 4: Brand Development - The company is actively enhancing brand awareness through innovative products and social media engagement, aiming to increase consumer interaction and brand recognition [5] - Efforts are being made to improve brand visibility and influence, with a focus on unique product flavors that have gained recognition among consumers [5]

Investment Rating - The investment rating for the company is "Accumulate - A" [1][2] Core Views - The company reported a 26.14% year-on-year increase in revenue for the first half of 2024, reaching 1.04 billion yuan, and a 39.26% increase in net profit attributable to shareholders, amounting to 167 million yuan [1] - The company is focusing on optimizing its channel layout and expanding into overseas markets, with a notable increase in revenue from e-commerce and other sales channels [1][2] - The company plans to distribute a cash dividend of 10.92 yuan per 10 shares, with a payout ratio of 60.07%, indicating a commitment to shareholder returns [1] Revenue Analysis - In H1 2024, the company achieved revenue of 1.042 billion yuan, with Q1 growth at 49.75% and Q2 slowing to 4.90% due to seasonal factors and channel adjustments [1] - The revenue from the core product lines, including sunflower seeds and green peas, showed steady growth, with the sunflower seed series generating 138 million yuan (+12.76%) and the green pea series 238 million yuan (+16.87%) [1] - The company is actively enhancing its e-commerce capabilities and expanding its product offerings to adapt to online sales [1][2] Profit Analysis - The gross margin for H1 2024 was 34.94%, a slight decrease of 0.66 percentage points year-on-year, while the net profit margin improved to 16.49% due to tax benefits [2] - The company expects to maintain a net profit growth trajectory, with projections for 2024-2026 showing a compound annual growth rate of 16.7%, 26.4%, and 20.4% respectively [2][3] Financial Data and Valuation - The company’s projected revenue for 2024 is adjusted to 2.339 billion yuan, with net profit expected to reach 384 million yuan [3] - The earnings per share (EPS) for 2024 is projected at 4.12 yuan, with a price-to-earnings (P/E) ratio of 13.5 [3] - The company’s return on equity (ROE) is expected to be 20.6% in 2024, indicating strong profitability [3]

Financial Data and Key Indicators Changes - In the first half of the year, the company achieved revenue of 1.042 billion yuan, a year-on-year increase of 26.14%; net profit attributable to shareholders was 167 million yuan, up 39.26% year-on-year; and net profit excluding non-recurring items was 144 million yuan, an increase of 40.02% year-on-year [1][3] - In Q2, the company recorded revenue of 456 million yuan, a year-on-year increase of 4.9% [1] Business Line Data and Key Indicators Changes - Revenue from various product lines in the first half included green peas (240 million yuan, +16.9%), sunflower seeds (140 million yuan, +12.8%), broad beans (120 million yuan, +12.0%), mixed nuts and beans (340 million yuan, +48.5%), and other products (200 million yuan, +24.2%) [1] - Revenue by channel in the first half was 870 million yuan from distributors (+27.7%), 140 million yuan from e-commerce (+9.1%), and 30 million yuan from other models (+67.7%) [1] Market Data and Key Indicators Changes - Revenue by region in the first half was 280 million yuan from East China (+56.8%), 120 million yuan from North China (-27.6%), 160 million yuan from Central China (+31.1%), 170 million yuan from Southwest China (+66.4%), 70 million yuan from South China (+45.1%), 50 million yuan from Northwest China (+2.1%), and 30 million yuan from Northeast China (+7.5%) [1] Company Strategy and Development Direction - The company continues to focus on product innovation and channel expansion, implementing a "multi-category + all-channel" strategy to drive growth [1][3] - The company is entering new channels such as Sam's Club and "Snacks Busy," which not only brings incremental revenue but also a broader consumer base [4] Management's Comments on Operating Environment and Future Outlook - Management noted that the adjustment in channels and personnel in the first half of 2024 impacted performance, but a recovery is expected in the second half of the year as adjustments are completed [1] - The company anticipates stable gross margins in the second half of 2024, despite slight increases in raw material costs [3] Other Important Information - The company has been recognized as a high-tech enterprise, benefiting from tax rate reductions and government subsidies, which positively impacted net profit margins [3] - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 2.244 billion, 2.694 billion, and 3.091 billion yuan, with net profits of 350 million, 427 million, and 487 million yuan respectively [4][6] Q&A Session Summary Question: What are the risks associated with the company's growth? - Risks include a potential decline in foot traffic at supermarkets, which could impact sales channels, and the possibility that new product launches may not meet expectations [5] Question: How does the company plan to address raw material price fluctuations? - The company is aware of the volatility in raw material prices, particularly palm oil, and is monitoring the situation closely to mitigate impacts on profitability [5]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 1.042 billion yuan in H1 2024, representing a year-on-year increase of 26.14%, and a net profit of 167 million yuan, up 39.26% year-on-year [1]. - The company is transitioning its supermarket channel from a distribution model to a direct sales model, which is expected to enhance product display and SKU variety [1]. - The company is actively expanding its overseas market presence, with significant growth in international sales [1]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 1.042 billion yuan, with a net profit of 167 million yuan and a non-recurring net profit of 144 million yuan, reflecting increases of 26.14%, 39.26%, and 40.02% respectively [1]. - For Q2 2024, the company recorded a revenue of 456 million yuan, a year-on-year increase of 4.90%, and a net profit of 75 million yuan, up 16.79% year-on-year [1]. Product and Channel Performance - Revenue from various product categories in H1 2024 includes: green peas (238 million yuan, +16.87%), sunflower seeds (138 million yuan, +12.76%), broad beans (122 million yuan, +12.00%), mixed nuts and beans (342 million yuan, +48.54%), and others (197 million yuan, +24.16%) [1]. - Revenue by channel in H1 2024: distribution (869 million yuan, +27.72%), e-commerce (136 million yuan, +9.14%), and other channels (33 million yuan, +67.66%) [1]. Regional Performance - Revenue by region in H1 2024: East China (275 million yuan, +56.83%), Southwest (174 million yuan, +66.36%), Central China (160 million yuan, +31.08%), North China (122 million yuan, -27.57%), South China (73 million yuan, +45.09%), Northwest (46 million yuan, +2.13%), Northeast (34 million yuan, +7.51%), and overseas (17 million yuan, +737.99%) [1]. Profitability and Cost Structure - The company's gross margin for H1 2024 was 34.94%, with a slight decrease in Q2 2024 to 34.36% due to changes in channel revenue composition [2]. - The net profit margin for H1 2024 was 15.98%, which improved to 16.49% in Q2 2024, reflecting a year-on-year increase of 1.68 percentage points [2]. Earnings Forecast and Valuation - The net profit forecasts for 2024-2026 have been revised down to 370 million, 449 million, and 522 million yuan, respectively, with corresponding EPS of 3.97, 4.82, and 5.60 yuan [2]. - The current stock price corresponds to P/E ratios of 14, 11, and 10 for 2024-2026 [2].

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company reported a revenue of 1.04 billion yuan for H1 2024, representing a year-on-year growth of 26.1%, and a net profit attributable to shareholders of 170 million yuan, up 39.3% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 460 million yuan, with a growth of 4.9%, and a net profit of 80 million yuan, reflecting a 16.9% increase year-on-year [1]. - The growth in revenue is driven by strong performance in the mixed nuts and bean products categories, with significant increases in sales across various channels, including both online and offline [1]. - The company's gross margin for H1 2024 was 34.9%, a slight decrease of 0.7 percentage points year-on-year, primarily due to changes in product mix [1]. - The company has demonstrated strong confidence in its future by repurchasing 1.6 million shares, accounting for 1.72% of its total share capital [1]. Financial Summary - The company forecasts net profits of 400 million yuan, 500 million yuan, and 590 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.30 yuan, 5.31 yuan, and 6.34 yuan [2]. - The projected dynamic PE ratios for the years 2024, 2025, and 2026 are 13 times, 10 times, and 9 times respectively [2]. - Revenue is expected to grow from 1.85 billion yuan in 2023 to 2.27 billion yuan in 2024, with a growth rate of 22.83% [3]. - The net profit attributable to shareholders is projected to increase from 329 million yuan in 2023 to 401 million yuan in 2024, reflecting a growth rate of 21.89% [3].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Views - The company reported a revenue of 1.042 billion yuan for the first half of 2024, representing a year-on-year increase of 26.14%. The net profit attributable to shareholders was 167 million yuan, up 39.26% year-on-year [4] - The revenue and profit performance were below expectations, with a second-quarter revenue of 456 million yuan, reflecting a 4.9% year-on-year increase [4] - The company has adjusted its profit forecast downwards due to pressure on e-commerce channels, expecting net profits of 401 million, 501 million, and 580 million yuan for 2024 to 2026, with corresponding EPS of 4.31, 5.38, and 6.22 yuan [4][6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 1.042 billion yuan, with a year-on-year growth of 26.1%. The net profit was 167 million yuan, marking a 39.3% increase [6] - The second quarter saw a revenue of 456 million yuan, with a net profit of 75 million yuan, reflecting a year-on-year increase of 16.8% [4][5] Revenue Breakdown - Revenue from various product lines includes 342 million yuan from mixed nuts, 238 million yuan from green peas, and 197 million yuan from other series, with respective year-on-year growth rates of 48.54%, 16.87%, and 24.16% [5] - The sales channels reported revenue of 869 million yuan from distributors, 136 million yuan from e-commerce, and 33 million yuan from other models, with year-on-year increases of 27.7%, 9.1%, and 67.7% respectively [5] Profitability and Margins - The gross margin for Q2 was 34.36%, a decrease of 0.57 percentage points year-on-year, attributed to rising raw material costs and a higher proportion of low-margin channels [5] - The company’s net profit margin improved to 16.49% in Q2, up 1.69 percentage points year-on-year, due to a reduction in the corporate income tax rate to 15% [5] Future Outlook - The company plans to distribute a cash dividend of 10.92 yuan per 10 shares, totaling 100 million yuan, which represents 60% of the half-year net profit [8] - The company has outlined a three-year shareholder return plan, committing to a minimum dividend payout ratio of 70% when profits are positive and no major investments are planned [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock performance in the coming months [4]. Core Insights - The company reported a total revenue of 1.042 billion yuan for H1 2024, representing a year-on-year increase of 26.14%. The net profit attributable to shareholders was 167 million yuan, up 39.26% year-on-year [1]. - The second quarter of 2024 saw revenues of 456 million yuan, a 4.90% increase year-on-year, with a net profit of 75 million yuan, reflecting a 16.79% year-on-year growth [1]. - The gross margin for H1 2024 was 34.94%, slightly down by 0.66 percentage points year-on-year, while the net margin improved to 15.98%, up by 1.51 percentage points year-on-year [3]. - The company is focusing on product structure adjustments, with strong sales in lower-priced products contributing to revenue growth, despite a slight decline in gross margin [3]. - The company is expected to achieve net profits of 393 million yuan, 496 million yuan, and 616 million yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 19.52%, 26.09%, and 24.29% [5]. Summary by Sections Financial Performance - H1 2024 total revenue: 1.042 billion yuan (+26.14% YoY) - H1 2024 net profit: 167 million yuan (+39.26% YoY) - Q2 2024 revenue: 456 million yuan (+4.90% YoY) - Q2 2024 net profit: 75 million yuan (+16.79% YoY) [1][3] Profitability Metrics - H1 2024 gross margin: 34.94% (-0.66 pct YoY) - H1 2024 net margin: 15.98% (+1.51 pct YoY) [3] Revenue Breakdown - H1 2024 revenue by product categories: - Mixed nuts and beans: 342 million yuan (+48.54% YoY) - Green peas: 238 million yuan (+16.87% YoY) - Sunflower seeds: 138 million yuan (+12.76% YoY) - Broad beans: 122 million yuan (+12.00% YoY) - Other series: 197 million yuan (+24.16% YoY) [5] Sales Channels - H1 2024 revenue from distribution: 869 million yuan (+27.72% YoY) - H1 2024 revenue from e-commerce: 136 million yuan (+9.14% YoY) - H1 2024 revenue from other channels: 33 million yuan (+67.66% YoY) [5]

Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.042 billion CNY, an increase of 216 million CNY, representing a year-on-year growth of 26.14% [2] - The net profit for the same period was 167 million CNY, an increase of 46.95 million CNY, with a year-on-year growth of 39.26% [2] - The net profit after deducting non-recurring gains and losses was 144 million CNY, up by 41.28 million CNY, reflecting a year-on-year growth of 40.02% [2] Revenue Analysis - Key products contributing to revenue growth include classic snacks (green peas, broad beans, sunflower seeds), mixed nuts, and overseas channels [2] - The company reported a net profit margin of 13.85%, an increase of 1.37% compared to the same period in 2023, influenced by gross margin, sales expense ratio, and income tax expense [3] Operational Developments - The company has maintained steady growth in overall operations, with significant progress in sales channels and product expansion [3] - New sales channels such as discount systems, membership stores, overseas exports, live e-commerce, and convenience stores have shown notable performance in the first half of the year [3] - The company has announced plans to increase shareholder returns, including a profit distribution plan for the first half of 2024 and a three-year dividend plan from 2024 to 2026 [3] Market Expansion - The overseas market has been identified as a new growth channel, with a focus on Southeast Asia, where stable partnerships have been established [4] - The company aims to enhance its product offerings in the e-commerce sector by introducing healthier and more youthful products to attract online consumers [4] Cost Management - The company has implemented cost optimization strategies, achieving certain results in procurement cost management during the first half of the year [4] - Future procurement strategies will be adjusted flexibly based on market conditions to enhance competitive advantages [4] Production Capacity - The Anyang factory has achieved profitability since the second half of 2023, with plans to expand its production lines based on market demand [4]