GANYUAN FOODS CO.(SZ:002991) Donghai Securities·2024-08-06 09:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock performance in the coming months [4]. Core Insights - The company reported a total revenue of 1.042 billion yuan for H1 2024, representing a year-on-year increase of 26.14%. The net profit attributable to shareholders was 167 million yuan, up 39.26% year-on-year [1]. - The second quarter of 2024 saw revenues of 456 million yuan, a 4.90% increase year-on-year, with a net profit of 75 million yuan, reflecting a 16.79% year-on-year growth [1]. - The gross margin for H1 2024 was 34.94%, slightly down by 0.66 percentage points year-on-year, while the net margin improved to 15.98%, up by 1.51 percentage points year-on-year [3]. - The company is focusing on product structure adjustments, with strong sales in lower-priced products contributing to revenue growth, despite a slight decline in gross margin [3]. - The company is expected to achieve net profits of 393 million yuan, 496 million yuan, and 616 million yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 19.52%, 26.09%, and 24.29% [5]. Summary by Sections Financial Performance - H1 2024 total revenue: 1.042 billion yuan (+26.14% YoY) - H1 2024 net profit: 167 million yuan (+39.26% YoY) - Q2 2024 revenue: 456 million yuan (+4.90% YoY) - Q2 2024 net profit: 75 million yuan (+16.79% YoY) [1][3] Profitability Metrics - H1 2024 gross margin: 34.94% (-0.66 pct YoY) - H1 2024 net margin: 15.98% (+1.51 pct YoY) [3] Revenue Breakdown - H1 2024 revenue by product categories: - Mixed nuts and beans: 342 million yuan (+48.54% YoY) - Green peas: 238 million yuan (+16.87% YoY) - Sunflower seeds: 138 million yuan (+12.76% YoY) - Broad beans: 122 million yuan (+12.00% YoY) - Other series: 197 million yuan (+24.16% YoY) [5] Sales Channels - H1 2024 revenue from distribution: 869 million yuan (+27.72% YoY) - H1 2024 revenue from e-commerce: 136 million yuan (+9.14% YoY) - H1 2024 revenue from other channels: 33 million yuan (+67.66% YoY) [5]