甘源食品：公司信息更新报告：公司收入增长稳健，三季度利润率超预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in revenue, achieving 1.61 billion yuan in revenue for the first three quarters of 2024, a year-on-year increase of 22.2%, with a net profit of 280 million yuan, up 29.5% year-on-year. In Q3 2024, revenue reached 560 million yuan, growing 15.6% year-on-year, and net profit was 110 million yuan, an increase of 17.1% year-on-year. The profit margin slightly exceeded expectations [1][2] - The company maintains its profit forecast, expecting net profits of 420 million, 520 million, and 640 million yuan for 2024-2026, representing year-on-year growth of 28.7%, 23.3%, and 22.5% respectively. The current stock price corresponds to P/E ratios of 15.5, 12.6, and 10.3 times for the respective years [1][2] Revenue Growth - The company has achieved stable revenue growth, with Q3 2024 revenue increasing by 15.6%. The snack wholesale channel and Southeast Asia expansion have performed well. The recent launch of new products in membership stores and ongoing optimization of e-commerce product offerings are expected to drive future revenue growth [2] Profitability Metrics - In Q3 2024, the company's gross margin reached 36.8%, a year-on-year decrease of 0.7 percentage points, primarily due to slight impacts from raw material prices. However, the gross margin improved by 2.4 percentage points quarter-on-quarter, indicating a positive trend. The net profit margin for Q3 2024 was 19.7%, up 0.3 percentage points year-on-year, exceeding expectations [3] Financial Projections - The company is projected to achieve revenues of 2.3128 billion, 2.884 billion, and 3.5405 billion yuan for 2024, 2025, and 2026, with year-on-year growth rates of 25.2%, 24.9%, and 22.6% respectively. The net profit is expected to reach 423.5 million, 522.4 million, and 640.1 million yuan for the same years, with growth rates of 28.7%, 23.3%, and 22.5% respectively [4]