GANYUAN FOODS CO.(SZ:002991) EBSCN·2024-08-06 12:31Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 1.042 billion yuan in H1 2024, representing a year-on-year increase of 26.14%, and a net profit of 167 million yuan, up 39.26% year-on-year [1]. - The company is transitioning its supermarket channel from a distribution model to a direct sales model, which is expected to enhance product display and SKU variety [1]. - The company is actively expanding its overseas market presence, with significant growth in international sales [1]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 1.042 billion yuan, with a net profit of 167 million yuan and a non-recurring net profit of 144 million yuan, reflecting increases of 26.14%, 39.26%, and 40.02% respectively [1]. - For Q2 2024, the company recorded a revenue of 456 million yuan, a year-on-year increase of 4.90%, and a net profit of 75 million yuan, up 16.79% year-on-year [1]. Product and Channel Performance - Revenue from various product categories in H1 2024 includes: green peas (238 million yuan, +16.87%), sunflower seeds (138 million yuan, +12.76%), broad beans (122 million yuan, +12.00%), mixed nuts and beans (342 million yuan, +48.54%), and others (197 million yuan, +24.16%) [1]. - Revenue by channel in H1 2024: distribution (869 million yuan, +27.72%), e-commerce (136 million yuan, +9.14%), and other channels (33 million yuan, +67.66%) [1]. Regional Performance - Revenue by region in H1 2024: East China (275 million yuan, +56.83%), Southwest (174 million yuan, +66.36%), Central China (160 million yuan, +31.08%), North China (122 million yuan, -27.57%), South China (73 million yuan, +45.09%), Northwest (46 million yuan, +2.13%), Northeast (34 million yuan, +7.51%), and overseas (17 million yuan, +737.99%) [1]. Profitability and Cost Structure - The company's gross margin for H1 2024 was 34.94%, with a slight decrease in Q2 2024 to 34.36% due to changes in channel revenue composition [2]. - The net profit margin for H1 2024 was 15.98%, which improved to 16.49% in Q2 2024, reflecting a year-on-year increase of 1.68 percentage points [2]. Earnings Forecast and Valuation - The net profit forecasts for 2024-2026 have been revised down to 370 million, 449 million, and 522 million yuan, respectively, with corresponding EPS of 3.97, 4.82, and 5.60 yuan [2]. - The current stock price corresponds to P/E ratios of 14, 11, and 10 for 2024-2026 [2].