甘源食品：营收环比提速，盈利能力稳定

Investment Rating - The investment rating for the company is maintained at "Outperform" [5]. Core Insights - The company reported a revenue of 1.606 billion yuan for Q3 2024, representing a year-on-year increase of 22.23%. The net profit attributable to shareholders was 277 million yuan, up 29.48% year-on-year [5]. - The company is expected to achieve a revenue of 2.333 billion yuan in 2024, with a year-on-year growth rate of 26.3% [6]. - The company has expanded its product offerings beyond traditional bean products to include flavored nuts and baked snacks, enhancing its market presence [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 36.80%, a slight decrease of 0.75 percentage points year-on-year. The operating profit for the same period was 132 million yuan, reflecting a 6.6% increase [6]. - The company’s net profit margin improved to 19.66% due to a reduction in the corporate income tax rate to 15% [6]. Revenue and Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 401 million yuan, 501 million yuan, and 580 million yuan, respectively, with corresponding year-on-year growth rates of 22%, 24.9%, and 15.7% [6]. - The earnings per share (EPS) are expected to be 4.31 yuan, 5.38 yuan, and 6.22 yuan for the years 2024, 2025, and 2026 [6]. Market Position and Strategy - The company has successfully completed a multi-category and full-channel layout, actively expanding into new sales channels such as snack wholesale stores, live e-commerce, and high-end membership stores [5]. - The company’s stock price is currently trading at a price-to-earnings (PE) ratio of 15x for 2024, 12x for 2025, and 10x for 2026, indicating a favorable valuation [5].