GANYUAN FOODS CO.(SZ:002991) Guoxin Securities·2024-08-05 13:30Investment 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]