甘源食品：2024年三季报点评：收入环比改善，盈利能力增强

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4][8] Core Views - The company reported a revenue of 1.606 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.23%. The net profit attributable to shareholders was 277 million yuan, with a year-on-year increase of 32.10% for the same period [2][4] - In Q3 2024, the company achieved a revenue of 563 million yuan, up 15.58% year-on-year, and a net profit of 111 million yuan, up 17.10% year-on-year. The net profit margin for Q3 was 19.66%, an increase of 0.26 percentage points year-on-year [2][4] - The company is expected to benefit from a strong product innovation capability and a comprehensive channel strategy, with significant growth potential in the snack wholesale and overseas markets [3][4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.606 billion yuan, up 22.23% year-on-year, and a net profit of 277 million yuan, up 32.10% year-on-year. In Q3 alone, revenue was 563 million yuan, up 15.58% year-on-year, and net profit was 111 million yuan, up 17.10% year-on-year [2][4] - The gross profit margin for Q3 was 36.80%, with a year-on-year decrease of 0.75 percentage points but an increase of 2.44 percentage points quarter-on-quarter [2][4] Growth Drivers - The company is focusing on product innovation, having launched a new product in October 2024, which is expected to contribute to revenue growth. The snack wholesale channel and overseas market expansion are seen as key growth areas [3][4] - The company has optimized its tax rate, resulting in a Q3 income tax rate of 15.48%, down 7.79 percentage points year-on-year, which has positively impacted profit margins [2][4] Future Outlook - The company is projected to achieve revenues of 2.220 billion yuan, 2.652 billion yuan, and 3.080 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20%, 19%, and 16% [4][6] - The net profit attributable to shareholders is expected to be 401 million yuan, 472 million yuan, and 542 million yuan for the same years, with growth rates of 22%, 18%, and 15% [4][6]