Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company's Q2 growth was slightly below expectations, but its valuation is considered attractive. The revenue for H1 2024 reached 1.04 billion yuan, a year-on-year increase of 26.1%, while the net profit attributable to the parent company was 167 million yuan, up 39.3% year-on-year. Q2 revenue was 456 million yuan, growing 4.9% year-on-year, with net profit of 75 million yuan, a 16.8% increase year-on-year. The slower growth in Q2 is attributed to a high base from the previous year and a weak external consumption environment, along with changes in the company's traditional channel organization. The profit forecast for 2024-2026 has been adjusted, with expected net profits of 420 million yuan (-0.1), 520 million yuan (-0.3), and 640 million yuan (-0.3), representing year-on-year growth of 27.1%, 24.9%, and 22.2% respectively. The current stock price corresponds to P/E ratios of 12.2, 9.8, and 8.0 for the respective years, indicating a high valuation attractiveness. It is anticipated that with the recovery of consumption scenarios and the peak season in Q4, the company is likely to return to rapid growth, hence the "Buy" rating is maintained [2]. Financial Performance Summary - For H1 2024, the company achieved revenue of 1.04 billion yuan, a 26.1% increase year-on-year, and a net profit of 167 million yuan, up 39.3% year-on-year. Q2 revenue was 456 million yuan, a 4.9% increase year-on-year, with net profit of 75 million yuan, a 16.8% increase year-on-year [2]. - The company’s revenue by product for H1 2024 was as follows: comprehensive nuts (340 million yuan, +48.5%), green peas (240 million yuan, +16.9%), sunflower seeds (140 million yuan, +12.8%), broad beans (120 million yuan, +12.0%), and other products (200 million yuan, +24.2%). The growth in comprehensive nuts and other series was driven by new product launches [3]. - The company’s revenue by region for H1 2024 showed significant growth in East China (280 million yuan, +56.8%), Southwest (170 million yuan, +66.4%), and South China (70 million yuan, +45.1%). However, North China saw a decline of 27.6% [3]. Profitability Metrics - The gross margin for Q2 2024 was 34.4%, a decrease of 0.6 percentage points year-on-year, primarily due to product mix adjustments and a slight increase in palm oil prices. The selling expense ratio increased by 1.7 percentage points year-on-year due to higher salaries and promotional expenses, while the management expense ratio decreased by 0.3 percentage points, remaining relatively stable. The income tax rate decreased by 9.7 percentage points due to tax benefits from high-tech enterprise certification [4]. - The company’s projected financial metrics for 2024E include revenue of 2.375 billion yuan, a year-on-year growth of 28.6%, and a net profit of 418.4 million yuan, with a year-on-year growth of 27.1% [5]. Valuation Metrics - The company’s P/E ratios for 2024E, 2025E, and 2026E are projected to be 12.2, 9.8, and 8.0 respectively, indicating a favorable valuation compared to historical performance [5]. - The projected P/B ratios for the same years are 2.7, 2.2, and 1.8, reflecting a decreasing trend in valuation multiples [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][7][10] Core Views - The company reported a revenue growth of 26.14% year-on-year for the first half of 2024, with a total revenue of 1.042 billion yuan and a net profit of 167 million yuan, reflecting a 39.26% increase [1][4] - The company has announced a cash dividend plan, distributing 10.92 yuan per 10 shares, which represents 60.07% of the net profit for the first half of 2024, indicating a strong commitment to shareholder returns [6][7] - The company is expected to see improved revenue growth in the second half of the year following a team adjustment aimed at enhancing organizational capabilities [7] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 1.042 billion yuan, a year-on-year increase of 26.14%, and a net profit of 167 million yuan, up 39.26% [1][4] - The second quarter revenue was 456 million yuan, showing a slower growth of 4.90% year-on-year, attributed to seasonal factors and adjustments in the sales organization [1][4] - The gross margin for the first half of 2024 was 34.9%, a slight decrease of 0.7 percentage points year-on-year, influenced by rising production costs and lower selling prices in certain product categories [5][6] Sales and Product Performance - The comprehensive nut and bean series saw a significant revenue increase of 48.5% year-on-year, contributing the largest revenue increment, with sales volume up 123.2% [1][4] - The company’s traditional products, including green peas, sunflower seeds, and broad beans, maintained steady revenue growth of 16.9%, 12.8%, and 12.0% respectively [1][4] - The company is focusing on multi-category and omni-channel development, with plans to expand its presence in traditional and emerging sales channels [7]

Investment Rating - The report maintains a "Buy" rating for Gan Yuan Food (002991) [4] Core Views - Gan Yuan Food achieved revenue of 1.042 billion yuan in H1 2024, up 26.14% YoY, with net profit attributable to shareholders of 167 million yuan, up 39.26% YoY [2] - In Q2 2024, revenue was 456 million yuan, up 4.90% YoY, with net profit attributable to shareholders of 75 million yuan, up 16.92% YoY [2] - The company's product portfolio is well-rounded, with traditional products showing steady growth and new products like mixed nuts and colorful beans performing exceptionally well [6] - Channel optimization is accelerating, with a focus on expanding into high-end membership stores and snack retail chains, while also improving the efficiency of existing distributors [6] - Despite short-term pressure on product structure, the company is committed to cost reduction and efficiency improvement, with a net profit margin increase of 1.68 percentage points YoY to 16.49% in Q2 2024 [6] Financial Performance and Forecast - Revenue for 2024-2026 is projected to be 2.441 billion yuan, 3.031 billion yuan, and 3.609 billion yuan, with YoY growth rates of 32.13%, 24.17%, and 19.05% respectively [6] - Net profit attributable to shareholders for 2024-2026 is forecasted to be 403 million yuan, 502 million yuan, and 615 million yuan, with YoY growth rates of 22.33%, 24.69%, and 22.63% respectively [6] - EPS for 2024-2026 is expected to be 4.32 yuan, 5.38 yuan, and 6.60 yuan per share [6] Product and Channel Strategy - The company has a diversified product portfolio, with mixed nuts and beans, green peas, melon seeds, broad beans, and other series contributing significantly to revenue [6] - Traditional products like green peas, melon seeds, and broad beans continue to grow steadily, while new products like mixed nuts and colorful beans are showing strong growth [6] - The company is actively expanding its sales channels, including high-end membership stores and snack retail chains, while also optimizing its distribution network [6] - E-commerce revenue grew by 9.14% YoY in H1 2024, while distributor revenue grew by 27.72% YoY [6] Valuation Metrics - The current P/E ratio is 13.4x for 2024E, 10.7x for 2025E, and 8.7x for 2026E [7] - The P/B ratio is 2.9x for 2024E, 2.6x for 2025E, and 2.4x for 2026E [7] - EV/EBITDA is 8.0x for 2024E, 6.3x for 2025E, and 5.1x for 2026E [7]

t a particle and SECURITIES CO .. L 证券研究报告 | 公司点评报告 2024 年 08 月 05 日 淡季经营调整,静待旺季经营修复 甘源食品(002991) | --- | --- | --- | --- | |-------------|--------|---------------------|---------------| | 评级 : | 买入 | 股票代码: | 002991 | | 上次评级: | 买入 | 52 周最高价/最低价: | 91. 36/51. 83 | | 目标价格: | | 总市值(亿) | 53. 77 | | 最新收盘价: | 57. 68 | 自由流通市值(亿) | 28. 66 | | | | 自由流通股數(百万) | 49. 69 | 事件概述 2024 年上半年公司实现营业收入 10.42 亿元，同比+26.14%；实现归母净利润 1.67 亿元，同比+39. 26%; 扣非归母净利润 1.44 亿元，同比+40.02%。 2024Q2 公司实现营业收入 4.56 亿元,同比+4.9%;实现归母净利润0.75 亿元,同比+16 ...

证券研究报告：食品饮料 | 公司点评报告 2024 年 8 月 4 日 公司基本情况 最新收盘价（元） 57.68 总股本/流通股本（亿股）0.93 / 0.50 总市值/流通市值（亿元）54 / 29 52 周内最高/最低价 90.48 / 52.40 资产负债率(%) 19.6% 市盈率 16.11 第一大股东 严斌生 股票投资评级 买入|维持 个股表现 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 2023-08 2023-10 2023-12 2024-03 2024-05 2024-07 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) 团队调整致收入短期承压，所得税优惠助力利润 表现 ⚫ 事件 公司2024年上半年实现营业总收入/营业收入/归母净利润/扣非 净利润 10.42/10.42/1 ...

甘源食品（002991.SZ）2024 年半年报点评 Q2 短期阶段性增速放缓，强化股东回报 2024 年 08 月 05 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司发布 2024 年中报，24H1 营收/归母净利/扣非净利分别为 10.4/1.7/1.4 亿，同比+26.1%/+39.3%/+40.0%；24Q2 营收/归母净利/扣非净 利 4.6/0.8/0.6 亿，同比+4.9%/+16.9%/+13.6%，收入增速放缓主因淡季消费 需求疲软以及公司组织人员调整等因素影响。 ➢ 经典老三样增长稳健，持续开发新产品拓充品类。分产品看，24H1 青豌豆 /瓜子仁/蚕豆/综合果仁及豆果/其他营收分别为 2.4/1.4/1.2/3.4/2.0 亿元，同比 +16.9%/+12.8%/+12.0%/+48.5%/+24.2%，公司在品种口味方面进行了多种 改良创新，开拓使用蟹黄味、芥末味、咸蛋黄味、台式卤肉味、酱汁牛肉味等新 式口味，不同风味匹配不同产品，在口味与产品丰富度的融合上进行了深度创新， 采取多品种差异化组合的方式充分迎合消费需求，大大降低了单一品类的市场波 动风险。分渠道看 ...

证 券 研 究 报 告 甘源食品（002991）2024 年半年报点评 推荐（维持） 淡季推进调整，Q2 环比降速 目标价：70 元 当前价：57.68 元 事项： 公司发布 2024 年半年报。24H1 实现营收 10.42 亿元，同比+26.1%；归母净利 润 1.67 亿元，同比+39.3%；扣非归母净利润 1.44 亿元，同比+40%。单 Q2 实 现营收 4.56 亿元，同比+4.9%；归母净利润 0.75 亿元，同比+16.9%；扣非归 母净利 0.61 亿元，同比+13.6%。同时，公司发布中期分红，拟向全体股东每 10 股派发现金红利 10.92 元（含税），分红率为 60%。 评论： 淡季需求走弱叠加销售团队人员调整，Q2 营收环比降速。分渠道看，24H1 经 销/电商/其他模式实现营收 8.69 亿/1.36 亿/0.33亿，同比+27.7%/+9.1%/+67.7%。 随着 Q2 进入淡季，叠加公司经销团队人员调整，致公司营收增速环比明显放 缓，其中，商超、电商及大客户渠道均相对承压，量贩渠道则凭借品类拓展而 延续稳健增长。分品类看，24H1 老三样/综合果仁及豆果/薯片花生等其他系列 ...

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甘源食品（002991） 公司点评 量贩高增，税收优惠贡献弹性 | --- | --- | --- | --- | |-----------------------------------------------------------------|-------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 甘源食品 2024Q2点评 | | 投资评级:买入(维持) | | ...

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