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 ...

证券代码：002991 证券简称：甘源食品 公告编号：2024-056 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张锦胜为 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：____________________________ ...

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：2024-053 甘源食品股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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 22 日召开第四届董事会第十七次会议，审议通过了《关于 召开 2024 年第四次临时股东大会的议案》，会议决定于 2024 年 11 月 8 日召开公司 2024 年第四次临时股东大会，现将本 次会议的有关事项通知如下： 一、本次会议召开的基本情况 1.股东大会届次：2024 年第四次临时股东大会 2.会议召集人：公司董事会 3.会议召开的合法、合规性：本次股东大会会议的召集、 召开程序符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 4.会议召开时间 （1）现场会议召开时间：2024 年 11 月 8 日（星期五） 下午 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行 网络投票的具体时间为 2024 年 11 月 8 日上午 9:15—9:25， 9:30—11:30 ...

证券代码：002991 证券简称：甘源食品 公告编号：2024-057 甘源食品股份有限公司 独立董事候选人声明与承诺 声明人刘江山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，已充分了解并同意由提名人甘源食品股份有限公司第四届 董事会提名为甘源食品股份有限公司（以下简称"该公司"）第五届董 事会独立董事候选人。现公开声明和保证，本人与该公司之间不存在 任何影响本人独立性的关系，且符合相关法律、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、本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，提名人与本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、本人不存在《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：____________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳 证券交易所业务规则规定的 ...