甘源食品：经营修复，环比改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 1.606 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 22.23%, and a net profit attributable to shareholders of 277 million yuan, up 29.48% year-on-year. In Q3 2024, the revenue was 563 million yuan, with a year-on-year increase of 15.58%, and a net profit of 111 million yuan, growing 17.10% year-on-year [2][6] - The company benefits from tax incentives in advanced manufacturing, leading to a net profit margin increase of 0.26 percentage points to 19.66% in Q3 2024, despite a slight decline in gross margin [6] - The company is focusing on a "multi-category + all-channel" business model, enhancing product quality, brand management, and operational efficiency, which is expected to drive future growth [6] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 2.267 billion yuan, with a growth rate of 22.68%, and a net profit of 397 million yuan, reflecting a growth of 20.54%. The earnings per share (EPS) is expected to be 4.26 yuan [6][8] - The company’s financial metrics indicate a steady improvement, with a projected EBITDA of 574 million yuan for 2024, and a price-to-earnings (P/E) ratio of 15.0 [6][8] - The company’s total assets are expected to grow from 2.228 billion yuan in 2024 to 2.841 billion yuan by 2026, indicating a robust growth trajectory [8]