甘源食品()_淡季渠道调整，需求承压

Financial Data and Key Indicators Changes - In the first half of the year, the company achieved revenue of 1.042 billion yuan, a year-on-year increase of 26.14%; net profit attributable to shareholders was 167 million yuan, up 39.26% year-on-year; and net profit excluding non-recurring items was 144 million yuan, an increase of 40.02% year-on-year [1][3] - In Q2, the company recorded revenue of 456 million yuan, a year-on-year increase of 4.9% [1] Business Line Data and Key Indicators Changes - Revenue from various product lines in the first half included green peas (240 million yuan, +16.9%), sunflower seeds (140 million yuan, +12.8%), broad beans (120 million yuan, +12.0%), mixed nuts and beans (340 million yuan, +48.5%), and other products (200 million yuan, +24.2%) [1] - Revenue by channel in the first half was 870 million yuan from distributors (+27.7%), 140 million yuan from e-commerce (+9.1%), and 30 million yuan from other models (+67.7%) [1] Market Data and Key Indicators Changes - Revenue by region in the first half was 280 million yuan from East China (+56.8%), 120 million yuan from North China (-27.6%), 160 million yuan from Central China (+31.1%), 170 million yuan from Southwest China (+66.4%), 70 million yuan from South China (+45.1%), 50 million yuan from Northwest China (+2.1%), and 30 million yuan from Northeast China (+7.5%) [1] Company Strategy and Development Direction - The company continues to focus on product innovation and channel expansion, implementing a "multi-category + all-channel" strategy to drive growth [1][3] - The company is entering new channels such as Sam's Club and "Snacks Busy," which not only brings incremental revenue but also a broader consumer base [4] Management's Comments on Operating Environment and Future Outlook - Management noted that the adjustment in channels and personnel in the first half of 2024 impacted performance, but a recovery is expected in the second half of the year as adjustments are completed [1] - The company anticipates stable gross margins in the second half of 2024, despite slight increases in raw material costs [3] Other Important Information - The company has been recognized as a high-tech enterprise, benefiting from tax rate reductions and government subsidies, which positively impacted net profit margins [3] - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 2.244 billion, 2.694 billion, and 3.091 billion yuan, with net profits of 350 million, 427 million, and 487 million yuan respectively [4][6] Q&A Session Summary Question: What are the risks associated with the company's growth? - Risks include a potential decline in foot traffic at supermarkets, which could impact sales channels, and the possibility that new product launches may not meet expectations [5] Question: How does the company plan to address raw material price fluctuations? - The company is aware of the volatility in raw material prices, particularly palm oil, and is monitoring the situation closely to mitigate impacts on profitability [5]