GANYUAN FOODS CO.(SZ:002991) Xin Lang Cai Jing·2026-01-06 12:39Group 1 - The core viewpoint is that the company is expected to achieve high growth in Q1 2026 due to the late timing of the Spring Festival, which will create a favorable comparison against the previous year's low base [1] - The company has a rich product matrix focusing on two core categories: legumes and flavored nuts, with innovations in health-oriented products and flavors expected to drive future growth [1] - The company has completed adjustments in traditional channels, which will enhance sales efficiency, and is also expanding into new channels, including online platforms and international markets [1] Group 2 - Palm oil prices have declined from high levels, which, combined with economies of scale, is expected to reduce the expense ratio and improve profit margins in 2026 [2] - The company faced pressure on gross margins in 2025 due to rising palm oil prices, but a decrease in prices is anticipated to lead to margin recovery in 2026 [2] - Revenue projections for 2025-2027 are estimated at 2.174 billion, 2.471 billion, and 2.814 billion yuan, with corresponding net profit estimates of 239 million, 318 million, and 374 million yuan [2]