甘源食品(002991)：收入恢复增长 利润率环比改善 期待经营持续改善

Core Insights - The company reported Q3 2025 revenue of 588 million, a year-on-year increase of 4.37%, while net profit attributable to shareholders was 82 million, a decrease of 26.31% [1] - The gross profit margin improved to 37.15%, up 0.35 percentage points year-on-year [2] - The company expects to see gradual improvements in operational effectiveness due to completed channel adjustments and new product launches [2] Financial Performance - Q3 2025 operating revenue was 588 million, with a year-on-year growth of 4.37% [1] - Net profit attributable to shareholders was 82 million, down 26.31% year-on-year, while the non-recurring net profit was 76 million, also down 26.47% [1] - The gross profit margin for Q3 2025 was 37.15%, reflecting a year-on-year increase of 0.35 percentage points [2] - The net profit margin attributable to shareholders was 13.88%, a decrease of 5.78 percentage points year-on-year, but an increase of 8.92% quarter-on-quarter [2] Expense Management - The total expense ratio for Q3 2025 was 21.88%, an increase of 5.99 percentage points year-on-year [2] - Sales expense ratio was 17.33%, up 5.91 percentage points year-on-year, attributed to optimized spending on platforms like Douyin [2] - Management expense ratio was 3.71%, slightly down by 0.02 percentage points year-on-year, while R&D expense ratio was 1.19%, up 0.03 percentage points [2] Future Outlook - Revenue projections for 2025-2027 are 2.174 billion, 2.471 billion, and 2.814 billion, with expected year-on-year changes of -3.70%, +13.67%, and +13.86% respectively [3] - Expected net profits for the same period are 239 million, 318 million, and 374 million, with year-on-year changes of -36.55%, +33.13%, and +17.70% respectively [3] - The company maintains a "recommended" rating with projected P/E ratios of 21.2, 16.0, and 13.6 for 2025-2027 [3]