甘源食品：三季度业绩表现亮眼，多渠道协同共进

Investment Rating - The report maintains a "Buy" rating for Ganyuan Food with a target price of 87.80, compared to the last closing price of 70.40 [1][2]. Core Insights - Ganyuan Food's Q3 performance exceeded expectations, with revenue of 5.63 billion yuan, a year-on-year increase of 15.58%, and a net profit of 1.11 billion yuan, up 17.10% year-on-year [2][3]. - The company has shown strong growth in offline channels, particularly in snack wholesale and overseas markets, with significant progress in transitioning from distribution to direct sales in supermarkets [2][3]. - The gross profit margin for Q3 was 36.8%, a slight decrease of 0.75 percentage points year-on-year, attributed to changes in channel structure, while the net profit margin improved significantly [2][3]. Financial Forecasts - Revenue projections for Ganyuan Food are estimated to grow at rates of 23%, 19%, and 15% for 2024, 2025, and 2026 respectively, with net profit growth rates of 24%, 20%, and 14% for the same years [3][2]. - The earnings per share (EPS) are forecasted to be 4.39 yuan, 5.25 yuan, and 6.00 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 16x, 13x, and 12x [3][2].