研报掘金丨民生证券：维持甘源食品“推荐”评级，短期业绩承压，关注新品表现

Core Viewpoint - Minsheng Securities report indicates that Ganyuan Foods' Q2 revenue decline has narrowed sequentially, and the company is expected to see further year-on-year revenue improvement in the second half of the year [1] Group 1: Business Strategy - The company adheres to a "full-channel + multi-category" business strategy, enhancing core competitiveness through multi-dimensional strategic upgrades in quality control, products, branding, and management [1] - Ganyuan Foods aims to create a diversified, new-flavor, high-quality snack brand [1] Group 2: Short-term and Long-term Outlook - In the short term, the company's performance is impacted by channel adjustments, increased expenditure, and rising costs [1] - In the medium to long term, focus is on the sales performance of new products and the expansion of overseas channels [1] Group 3: Financial Projections - The firm projects Ganyuan Foods' net profit attributable to shareholders for 2025-2027 to be 240 million, 280 million, and 330 million respectively, reflecting year-on-year changes of -35.8%, 17.3%, and 16.8% [1] - Corresponding price-to-earnings ratios are expected to be 22, 19, and 16 times for the respective years [1] - The report maintains a "recommend" rating for the company [1]