GANYUAN FOODS CO.(SZ:002991) Southwest Securities·2024-08-06 10:03Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company reported a revenue of 1.04 billion yuan for H1 2024, representing a year-on-year growth of 26.1%, and a net profit attributable to shareholders of 170 million yuan, up 39.3% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 460 million yuan, with a growth of 4.9%, and a net profit of 80 million yuan, reflecting a 16.9% increase year-on-year [1]. - The growth in revenue is driven by strong performance in the mixed nuts and bean products categories, with significant increases in sales across various channels, including both online and offline [1]. - The company's gross margin for H1 2024 was 34.9%, a slight decrease of 0.7 percentage points year-on-year, primarily due to changes in product mix [1]. - The company has demonstrated strong confidence in its future by repurchasing 1.6 million shares, accounting for 1.72% of its total share capital [1]. Financial Summary - The company forecasts net profits of 400 million yuan, 500 million yuan, and 590 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.30 yuan, 5.31 yuan, and 6.34 yuan [2]. - The projected dynamic PE ratios for the years 2024, 2025, and 2026 are 13 times, 10 times, and 9 times respectively [2]. - Revenue is expected to grow from 1.85 billion yuan in 2023 to 2.27 billion yuan in 2024, with a growth rate of 22.83% [3]. - The net profit attributable to shareholders is projected to increase from 329 million yuan in 2023 to 401 million yuan in 2024, reflecting a growth rate of 21.89% [3].