GANYUAN FOODS CO.(SZ:002991) Minsheng Securities·2024-10-23 15:30Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company reported a revenue of 1.61 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.2%. The net profit attributable to shareholders reached 280 million yuan, up 29.5% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 560 million yuan, a 15.6% increase year-on-year, and a net profit of 110 million yuan, reflecting a 17.1% year-on-year growth [2]. - The company is focusing on optimizing its product structure and enhancing collaboration with snack wholesale stores and supermarket membership stores, which has contributed to the recovery of high growth in Q3 [2]. - The gross margin for the first three quarters of 2024 was 35.6%, slightly down by 0.7 percentage points year-on-year, attributed to increased competition and promotional expenses [2]. - The company has announced a shareholder return plan for 2024-2026, committing to a dividend payout ratio of no less than 50% or 70% depending on the occurrence of significant investment plans or cash payments [2]. Financial Forecast - The company is projected to achieve revenues of 2.2 billion yuan, 2.6 billion yuan, and 2.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20%, 16%, and 14% [3][6]. - The net profit attributable to shareholders is expected to be 390 million yuan, 440 million yuan, and 510 million yuan for the same years, with growth rates of 20%, 12%, and 15% [3][6]. - The current price-to-earnings (P/E) ratios are projected to be 17, 15, and 13 for the years 2024, 2025, and 2026, respectively [3][6].