GANYUAN FOODS CO.(002991) 东海证券·2025-04-22 09:01Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company has reached a profit bottom, and is actively expanding into overseas markets [2] - The company reported a revenue of 2.257 billion yuan in 2024, representing a year-on-year increase of 22.18%, and a net profit of 376.19 million yuan, up 14.32% year-on-year [6] - The first quarter of 2025 saw a revenue decline of 13.99% year-on-year, with a net profit decrease of 42.21% [6] - The company is focusing on expanding its product matrix and emerging channels, particularly in Southeast Asia, which has shown significant growth [6] Financial Performance Summary - Revenue Forecasts: - 2024A: 2,257 million yuan - 2025E: 2,655 million yuan (17.63% YoY growth) - 2026E: 3,051 million yuan (14.91% YoY growth) - 2027E: 3,492 million yuan (14.46% YoY growth) [4][7] - Net Profit Forecasts: - 2024A: 376.19 million yuan - 2025E: 424.01 million yuan (12.71% YoY growth) - 2026E: 497.60 million yuan (17.36% YoY growth) - 2027E: 571.19 million yuan (14.79% YoY growth) [4][7] - Earnings Per Share (EPS): - 2024A: 4.04 yuan - 2025E: 4.55 yuan - 2026E: 5.34 yuan - 2027E: 6.13 yuan [4][7] - Price-to-Earnings (P/E) Ratios: - 2025E: 16.18 - 2026E: 13.79 - 2027E: 12.01 [4][7] Market and Product Insights - The company has seen strong performance in its mixed nuts and bean products, with significant growth in overseas sales, particularly in Southeast Asia [6] - The domestic revenue reached 2.174 billion yuan in 2024, up 18.4% year-on-year, while overseas revenue surged to 83.19 million yuan, a staggering increase of 1761.5% [6] - The company is adjusting its sales strategy to improve margins, particularly in the e-commerce sector, where gross margins have increased [6]