GANYUAN FOODS CO.(SZ:002991) China Post Securities·2024-05-12 11:30Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Insights - The company is expected to achieve revenues of 2.463 billion, 3.130 billion, and 3.700 billion yuan for the years 2024, 2025, and 2026, representing year-on-year growth rates of 33.29%, 27.09%, and 18.22% respectively [1]. - The projected net profits attributable to the parent company for the same years are 411 million, 529 million, and 637 million yuan, with year-on-year growth rates of 24.81%, 28.81%, and 20.37% [1]. - The earnings per share (EPS) are forecasted to be 4.41, 5.68, and 6.83 yuan for 2024, 2025, and 2026, corresponding to price-to-earnings (PE) ratios of 19, 15, and 12 times respectively [1]. Financial Performance Summary - In 2023, the company reported revenues of 1.848 billion yuan, a year-on-year increase of 27.36%, and a net profit of 329 million yuan, which is a significant increase of 107.87% [12]. - The company achieved a gross margin of 36.24% and a net margin of 17.81% in 2023, with notable improvements in profitability due to reduced costs [12]. - For Q1 2024, the company reported revenues of 586 million yuan and a net profit of 91 million yuan, reflecting year-on-year growth rates of 49.75% and 65.3% respectively [12]. Revenue and Profit Forecast - The revenue forecast for 2024 is 2.463 billion yuan, with a growth rate of 33.29% [19]. - The EBITDA for 2024 is projected to be 565.35 million yuan, with a corresponding net profit of 410.71 million yuan [19]. - The company aims to enhance its product innovation and supply chain efficiency while focusing on optimizing organizational management capabilities [12].